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FDIC Consumer News Spring 2011 – Special Edition: Shop and Save…at the Bank Cross-Selling: Think Before Buying "Extras" Offered with Loans and Credit Cards You're standing at the cash register ready to make a purchase and the sales person asks if you want to buy an extended warranty. Or, you're about to place an online order and the Web site informs you that "other customers who bought this item also bought this." It's known as "cross-selling," which means trying to make two sales instead of one by marketing "add-ons" that could complement or protect the original purchase. "Cross-selling is everywhere, from retailers to restaurants to banks," said Alice Beshara, Chief of the FDIC's section that monitors banks for compliance with consumer regulations. She added, "Don't be afraid to just say no if you're contacted to purchase a product you do not want, and be careful how you ask for additional information so the salesperson cannot construe your request as a 'yes.'" Because these additional products and services may be beneficial to certain consumers, how can you tell if that second offer from your bank may be right for you? Here are two products that are commonly cross-sold, plus information to keep in mind.
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Last Updated 6/12/2014 |
communications@fdic.gov |