July 3, 2007:   For the past three and one half years, I've been collecting and cataloging each and every piece of bank mail sent to my home or business address.  I include mail addressed to my children and spouse, and business offerings addressed to my business partner.  I'm looking at volume, how the letters are addressed, and the product offered.  

From January 1 through June 30, 2007, I've received 138 solicitations from financial institutions to which I have no banking relationship.  While the first quarter of the year tends to carry heavy volume, Q1-07 has set a new record. 

Also noticeable is that this heavy volume follows on the heals of Q4-06 during which I received 127 solicitations, suggesting that the use of direct mail for banking services continues to grow.  Still, credit card offers dominated the product offers, accounting for 79% of my bank mail.  This ratio is up about 10% when compared to the same period last year.

The usual mailers continued to be the most active: Chase (43 letters), American Express (16), Citibank (14) and Capital One (14) generated almost two-thirds of the volume.   Compared to previous years, the volume for Chase is significantly up, while AmEx, Citibank and Capital One have declined slightly.

Interestingly, Washington Mutual has significantly increased the number of offers sent, 14 during the quarter, more than doubling the typical volume.   Bank America during this same period sent 9 letters.  Only three letters arrived from an institutions I would consider "local."

Also down during the first quarter compared to the same period in previous years are home equity loan solicitations.   Often considered a good time to market equity loans for debt consolidation purposes, just 5% of the product offers this year were for home equity.  Usually, I see between 7.5% and 10% of first quarter offers related to home equity loans.

Lastly, letters to my children, both high school students, account for 10% of the credit card solicitations.