I don't think so, FilerBill.
>>pathetick reverse discrimination<<
It's not so much an offering of financial services to gays to the exclusion of straights as it is an offering of financial services that are generally more difficult for them to obtain in the market place.
My understanding is that mortgages and other joint loans are more difficult for gay couples to obtain than married couples. Lots more red tape, security, legal requirements, etc. Unless the couple lives in a gay tolerant metro area such as SF, Miami, NY, etc. they're dealing with local yocal banks that generally are not so understanding of their situations. And, of course, if they're in the closet they really don't want to be talking to their local loan officer about their "special situation".
>>Not to pop your bubble, but I think the marketing thing only works locally for the most part<<
Wrong! I don't do any of my trading with a local broker, my credit cards are not local, my mortgage is not held locally. Their business model wouldn't be viable were it not for the popularity of the internet. And what is one of the largest identifiable user groups on the internet? The gay community. It's one of the few "public" places they can interact and maintain their privacy.
AOL's advertising rate card touts 8 mil hits per week on their gay section, and they will guarantee 15,000 hits to your site for $10,000. That's $.70 for each customer that visit's your online store. There is no other advertising medium that comes anywhere near that kind of price or delivery performance.
Atlanta Internet Bank is the best evidence of the viability of internet banking that exists right now. No bricks and mortar, just full service banking more conveniently and at better rates. These guys are offering interest checking and making a profit. Check Barrons' January article on the subject. Look at first call's projections, and look at NTBK's stock price appreciation.
>>What's wrong with the gays banking with us straights anyway<<
Nothing, of course. But if given a choice between XYZ Bank and a gay friendly bank soliciting their business and catering to their needs who do you think they'll choose. They'll place their deposits, loans, and flip their credit cards if for no other reason than to make a statement or just to give their business to an institution that publicly says they want it. I'll bet there is one hell of a big pile of deposits, mortgages, and credit card business just waiting to be scooped up. Citicorp is trying to do this right now by target marketing the gay community.
>>These guys aren't opening this business for any other reason than to make money<<
Now there you a correct, sir. And that's the point.
Les |
