Cash Mobs have been around for a few years. They’re a bit like flash mobs – but instead of singing, the group spends cash at a local business. They are generally organised by a local chamber of commerce or booster group. The group chooses a local business and then mobs it with shoppers who buy something with their own money.
Cash Mobs happen worldwide, everywhere from Martinique to Sweden. Even Seoul, South Korea has been Cash Mobbed. This website gives how-tos for people who want to start their own.
The First National Bank of Central Texas has created its own Cash Mob program that is a twist on the usual chamber of commerce Cash Mob. The bank itself will supply the cash or at least spendable vouchers. The first Cash Mob was July 23 at the Waco Downtown Farmers Market. Beginning at 10 a.m., bank employees circulated through the crowd passing out $2,000 worth of vouchers in $10 denominations. The vouchers could be spent as cash at any one of the 50 vendors at the market.
“It’s going to surprise some of our customers, obviously in a good way, and I think it’s going to be a really fun thing for our community and a good way to support our vendors.” said Kristi Pereira, manager of the Downtown Farmers Market, before the event.
CEO of First National Bank of Central Texas, Monte Hulse, the man behind this real-world example of a community banking provider who has done something interesting has this to say:
“Community banks like ours play a vital role in helping locally owned small business grow and prosper, these cash mobs are a fun way for the bank to give small businesses an influx of cash and give them some well-deserved publicity.”
First National will sponsor a Cash Mob every other month at a location it will make known via social media, providing local businesses with a cash influx, local shoppers with some fun, and First National with good will and some great publicity.