No lie, I had an irrational fear that authorities would be summoned the first time I tried to deposit a large check (from consulting). I asked for a private conference with a banker so that I could explain the circumstances. Whereupon we had a very classic conversation:https://twitter.com/cperciva/status/1036423661673009153 …
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I sometimes wish I worked at BigBank so I could see what branches brought people who eventually got $$$$ into the ecosystem. The bank branch for broke college students directly above our campus cafeteria can't possibly cover its own costs but 17 years later I still bank at BoA.
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I can't believe mine is nearly the most lucrative account sourced to the cafeteria branch.
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Ooh I know this one. It’s prime real estate; lots of accounts are opened there because of young customer base, and the LTV of a bank customer is enormous, so they build that into CAC and pay millions to colleges for locations near food courts etc.https://www.wsj.com/articles/banks-pay-big-bucks-for-top-billing-on-college-campuses-1517148001 …
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They have to make public disclosures, so you can’t see the cost of running a branch (could estimate) but you can see how much they spiff unis for the privilege of doing so
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Saving the Internet a Google: https://www.consumerfinance.gov/data-research/student-banking/marketing-agreements-and-data/ … ; the data really is fascinating.
End of conversation
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