Associated Bank adds Brewers to checking themes

Bank customers in Wisconsin now can write checks that reflect more of their team loyalties.

Associated Bank in July unveiled its latest sports sponsorship, Milwaukee Brewers Checking. The baseball-themed checking account follows a similar program with the Green Bay Packers and Wisconsin Badgers.

Associated has offered Packers Checking for years, and started the Badgers program last year.

Team sponsorship "is one way to bring awareness of our services to a targeted group of people," said Paul Beideman, president and chief executive officer of Associated Banc-Corp, the parent of Associated Bank.

The teams, too, see advantages in partnering with banks.

"We certainly derive a benefit to have our mark on their checks," said Jason Hartlund, director of corporate marketing with the Brewers. "And they view us as a valuable outlet to get their name out in southeastern Wisconsin. We're happy to be associated with Associated."

Known in the banking industry as affinity marketing, the accounts feature the logo of a favorite group or a sports team on checks and check cards. Affinity marketing was pioneered by MBNA in 1983, when it offered a credit card in partnership with Georgetown University. The idea took off nationwide.

Banks pay the teams to participate.

Consumers like affinity cards because they are tied to something they feel strongly about. Industry officials like affinity card users because they tend to carry larger balances, pay bills more promptly and keep the same card longer.

Banks often offer customers — and the fans — rewards for using the cards.

Associated card users are eligible for perks that include discounts at the Packers Pro Shop at Lambeau Field and Fan Zone at Miller Park.

For Associated, the sponsorships also include signs and advertising at the stadiums.

Associated sees the relationships with Wisconsin sports teams as a way to separate it from competitors.

"Many of our customers say the sports-themed checking account is a top reason they bank with us," Beideman said. Packers Checking, for example, has been popular and now has 85,000 customers statewide, he said.

Associated also pledged to donate $10 for each Brewers Checking account — for a minimum $5,000 donation — to help the Felix Mantilla Little League in Milwaukee.

Ricardo Diaz, executive director of Milwaukee's United Community Center, which oversees the Little League, said Associated has been a partner for years on many endeavors.

"It will be a great contribution and help tremendously. These dollars will be used to buy uniforms, upgrade our field and purchase equipment for the kids," Diaz said. In the past, Associated staffers also helped as volunteers through the United Way.

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.