AmSouth Bank goes beyond banking

For Robby and Mary Frances Spaeth, their first baby boy, Robert Barrett Spaeth, came with a $50 savings bond.

"We just happened to be in the right place at the right time," Robby Spaeth said.

The right place was Montgomery, and the right time was Tuesday. That's because AmSouth bank was right in the middle of "Do More than Expected Week," and was handing out $50 bonds to all Montgomery newborns that day.

"It's the first investment for my child's education," Spaeth said. "I've got a long way to go, but at least he's very young."

AmSouth tackled a number of projects throughout the week, such as buying coffee in several different coffee shops here, rolling back the price of gas by a dollar, paying tolls for commuters and giving out hotdogs at two football games Friday night.

"I guess I was surprised," said Jennifer Dukes, who also got a $50 savings bond after she gave birth to her daughter, Jalyrika Williams, on Tuesday. "I didn't understand why they were doing that at first."

AmSouth officials say the entire week was dedicated to doing more than expected as a community service, and to uphold one of the bank's core values. But there was another benefit.

"I think it's great that they are doing it," said Robby Spaeth, who banks with AmSouth. "This will definitely keep me on. They've always had great service. They always give great quality service when they are there."

Company employees were aware of the good will created during the week.

"It was very good for AmSouth," said Jason Gardner, branch manager at the Arrowhead branch in Montgomery. "We had a blast. I think the community definitely appreciated us going out of our way to do that."

Gardner spent a couple of hours on the Emerald Mountain Parkway on Wednesday morning. AmSouth gave out free tolls to about 750 motorists, he said.

"The most we would hear is, 'Are you serious? We don't have to pay my toll today?'" Gardner said.

When AmSouth "rolled back gas prices" at the Mom and Pop Exxon on Atlanta Highway, the response was similar. At any one time, about 30 or 40 automobiles were lined up, wrapped around the gas station waiting for $1-cheaper gas.

One thousand AmSouth employees participated in 300 events throughout the state during the week, company officials said. AmSouth's Michael Hart was on the toll road.

"You would have thought we were handing out $100 bills," he said.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.