FNBO Direct Maximizes YouTube to Kick Off Pay Yourself First Challenge
Consumers Share Savings Stories on YouTube for a Chance to Have Their
Savings Matched and Win a Once in a Lifetime Getaway
OMAHA, Neb. (Business Wire EON/PRWEB ) May 6, 2008 --
First National Bank of Omaha, member FDIC, a subsidiary of First
National of Nebraska, Inc., the largest privately owned banking company
in the United States, today announced its official Pay Yourself First
Challenge on YouTube. The Challenge will follow five everyday people in
their quest to save money and win by using the Pay Yourself First
method. First National Bank's FNBO Direct Online Savings Account (OSA)
will match, dollar-for-dollar (1), the amount each of the five finalists
has saved at the end of the Challenge. The grand prize winner will also
be whisked away to a luxurious spa destination to restore his or her
personal balance (2).
Pay Yourself First means depositing your paycheck into an FNBO Direct
OSA. When bills are due, you simply transfer just what you need from
savings to your FNBO Direct Online BillPay account. Whatever's left over
-- whether it's $25 or $500 -- stays in your OSA and earns an interest
rate that is seven times higher than traditional saving accounts (3).
“In December, we asked consumers to change the
way they think about saving money by automatically depositing their
paychecks into online savings accounts, instead of traditional checking
accounts," said Rajive Johri, president, First National Bank of Omaha. “But
today, we're taking that challenge to the next level by launching an
official contest so America can track the success of five individuals on
a savings journey and learn valuable money saving tips along the way.”
FNBO Direct has teamed up with Liz Pulliam Weston, the Internet's
most-read personal finance columnist, to promote the bank's Pay Yourself
First Challenge. She has written numerous books and columns about online
banking as an effective and efficient savings tool. FNBO Direct believes
that Weston's experience and perspective will bring an exciting element
to this strategic marketing campaign.
“Saving money has become a lost art as America
has increasingly become a consumption-based society,”
said Liz Pulliam Weston. “FNBO Direct's
consumer Challenge is designed to show the public how important it is to
save, and that it can be done easily and conveniently online.”
It takes even more discipline in these difficult economic times to save
money. FNBO Direct recognizes the hardship that comes with increasing
costs for gas, food and other basic necessities. According to a Federal
Reserve study, about 43 percent of U.S. families spend more than they
earn. In February 2008 alone, consumer debt continued to grow as
Americans tacked on nearly $5 billion in net new debt (Source: Federal
Reserve; revised figures as of 4/7/08). The main idea behind the Pay
Yourself First Challenge is to deposit paychecks into an OSA, but the
end goal is for consumers to see the value of growing their money
through a disciplined approach to saving.
Are You Ready for the Challenge?
Starting today, May 6 until July 31, 2008, consumers can go to http://www.pyfchallenge.com
and upload a one-minute video to YouTube about what they're saving for
and how they're doing it -- or not doing it -- to win. Whatever
the reason, FNBO Direct wants to hear about it. Individuals are
encouraged to share a savings goal that's compelling, original and
creative. FNBO Direct is looking for five contestants to go on a
money-saving journey over six months. One challenger will win top prize
and walk away with savings success and a once in a lifetime getaway (1).
The top five finalists chosen for the Challenge will embark on their
savings journey, which will be documented real-time at http://www.pyfchallenge.com
from October 2008 - April 2009. To review the Official Rules, including
more information about the YouTube contest selection criteria, visit http://www.pyfchallenge.com/officialrules.
Restore Your Balance with a Spa Vacation
The grand prize winner and one guest will enjoy ultimate relaxation at
one of the world's top spa destinations. After maxing out their savings
goals, guests will be rewarded with a wealth of activities including
luxurious spa treatments, fitness classes and outdoor adventures. Golf
enthusiasts won't have to spend a lot of green to play a world-class
course, and food connoisseurs will enjoy the rich cuisine and atmosphere
of local restaurants. Hard work will definitely pay off for the grand
prize winner, and one guest, as they restore balance during this
all-expense paid vacation. (2)
The grand prize winner will be selected based on the following criteria:
-
Saved the most money during the Challenge -- based on percentage
increase, rather than total dollar amount saved (50% of final score)
-
Adherence to contest requirements, including active participation in
the Challenge activities such as blogging on www.pyfchallenge.com,
and other promotional activities (25% of final score)
-
Vote by American public via a www.pyfchallenge.com
poll that judges the challengers' saving skill level, including
tactics for saving, ability to meet savings goal and sharing savings
challenges and solutions with the Challenge community (25% of final
score)
FNBO Direct will also award each of the five contestants with a cash
prize, matching the amount that each individual has saved during the
challenge, up to $5,000 each.
Multimedia Elements
About FNBO Direct
FNBO Direct (http://www.fnbodirect.com)
is an Internet bank that offers consumers innovative online banking
products. FNBO Direct is part of First National Bank of Omaha, a
subsidiary of First National of Nebraska, Inc. First National of
Nebraska has grown into the largest privately owned banking company in
the United States. First National and its affiliates have $21 billion in
managed assets and more than 8,000 employee associates located in 35
states. Primary banking offices are located in Nebraska, Colorado,
Illinois, Iowa, Kansas, South Dakota and Texas.
1. FNBO Direct will match what each finalist saves, up to a maximum of
$5,000 per finalist.
2. The Grand Prize winner will receive an all-expense paid vacation,
worth up to $7,500.
3. The national APY for traditional savings is based on the Statement
National Average published in the 2007 passbook/statement savings study
located on bankrate.com at http://www.bankrate.com/brm/publ/passbk.asp?caret=2
as compared to our OSA rate as of 4/30/08.
Release Summary:
Now through July 31, 2008, consumers can go to http://www.pyfchallenge.com
and upload a one-minute video to YouTube about what they're saving for
and how they're doing it -- or not doing it -- to win.
Keyword Tags:
osa, save money, win, youtube, youtube contest, youtube video
MULTIMEDIA GALLERY http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5677247
See the original story at: http://eon.businesswire.com/releases/challenge/first/prweb920594.htm
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