TD launches Money Lounge on Facebook

TD Canada Trust is on the social media scene, targeting college and university students with Facebook-based financial management tools (and giveaways)...

TD Canada Trust is tapping into the Canadian student demo on Facebook through its newly launched TD Money Lounge Facebook group. The bank is betting students spending hours in online social space will jump on the chance to talk about money and share budgeting strategies.

The TD Money Lounge launched on Facebook on August 13 as part of a six-month pilot project designed to engage students online. The marketer has packed the Facebook group with advice, contests and giveaways tied to iTunes, Empire Theatres, Best Buy, Roots and Zellers. TD has also developed ‘Split It,’ a budget sharing tool that helps users split bills with roommates and friends.

As of noon yesterday, the group had 3,018 members. TD will be running banner ads on Facebook for the length of the six-month pilot. Promotion will also consist of media relations, word-of-mouth and viral marketing initiatives.

TD Canada Trust VP of customer segments and strategy Su McVey says the initiative is about more than helping students juggle finance issues with dorm life and a busy social sked. There’s a bit of a market research motive in that the group will give TD ‘an opportunity to connect with students in their own space to better understand what they need and want from their bank, and we want to hear it. We created this group to listen to young Canadians, to help them hone their money management skills and to learn from them.’