Word: amex
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Dates: during 1990-1999
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There are the traditional payroll-savings plans, and they make lots of sense. But in May, American Express quietly began offering something new: Membership Savings. Under this plan, Amex bills you monthly for whatever amount you'd like to set aside, from $50 to $5,000, then deposits that money in a financial institution it owns in Utah, federally insured...
Perhaps to avoid riling the banks that sell its traveler's checks, Amex is planning to run ads only in Atlanta for now. Elsewhere the push will be through the mail. If you are a cardholder in one of the initial markets (Georgia, Maryland, Massachusetts, New Hampshire, Ohio, Oregon, Virginia, Wisconsin and the District of Columbia), don't be surprised to find an offer in your June statement...
...just because Karl Malden won't be brought to overbear on this doesn't mean Amex considers it unimportant. "Membership Savings will be the basis for establishing a broader financial relationship with Cardmembers," reads an internal marketing piece. "In time, we plan to offer several savings and investment products" -- IRAs and annuities, for example. With millions of affluent cardholders, Amex can quickly accumulate tens of billions of dollars in deposits with nary a bank branch or broken ball-point...