Get Social with Your Money

Woman at Desk

You like your friends, you like “The Breakfast Club,” and you like “Glee” (admit it). Maybe it’s time to start liking your bank.

On Facebook, that is. While only 25% of financial firms report using social media to connect to customers, an estimated 90% are earmarking funds for just that purpose this year.

Here’s what you stand to gain:

Got a problem? Now you can skip the hold music and tweet your complaint for faster service.

And some banks are using social media to spur new product and service innovations. Now’s your chance to lobby for mobile check deposit.

Many banks are experimenting with “refer-a-friend” contests and rewards.

  • Discover pays cardholders $50 for every new account opened as a result of a Facebook referral. Citi does the same thing but donates the $50 to your favorite charity.
  • MasterCard gave out free lunches to New Yorkers who tweeted their hashtag, and Chase recently gave away $500 every hour to Facebookers who “liked” them.

And we like that. (While you're at it, don't forget to like us!)

Tell the world. What do you like/hate about online banking?