Forget the China and Crystal, Register Instead for a Home
May 12, 2011
BankAmerica Mortgage in Uniondale, N.Y., has 30 couples on its two-year-old Home Bridal Registry, a free service. The bank sets up a money-market account in the lovebirds' name, provides engraved announcements and handles all deposits and paperwork. ``The announcements explain that the accounts are set up for couples to save for the down payment of a home,'' says Vivienne Grimsley, the bank's spokeswoman. ``But couples don't have to use the money for that, and they don't even have to apply for a loan at BankAmerica. If they do, though, we'll kick in $100 toward closing costs.'' So far, however, the bank hasn't had to pony up. Though it offers the program in six states -- Massachusetts, New Jersey, New York, Connecticut, Pennsylvania and Delaware -- and has dispatched loan officers to dozens of bridal shows, not a single registered couple has taken out a BankAmerica mortgage. ``It doesn't matter,'' Ms. Grimsley insists. ``We use the registry mainly to increase our visibility.'' Most couples empty their accounts after the wedding somewhat short of their down payment goals. Yet Audrey and Danae Raylene, New York residents who married last October, praised the registry even though it attracted only one $50 contribution. ``Probably our guests didn't want to fill out any forms,'' Mrs. Raylene says. ``But it did alert people in a tasteful way that our first priority was buying a home. At the wedding, we received $6,000 in cash.'' The Rays hope to purchase their first home this spring. --Junie Florentino
