“I look forward to getting into the field to engage with our members, learn more about the issues that matter most to them, and look for ways to enhance their careers and lives.”
Thus spoke Seth Waugh — the former Deutsche Bank Americas CEO — in August, 2018 when he assumed the CEO position of the PGA of America. Yesterday, at the PGA Merchandise Show in Orlando, the press release below detailed a new program to make good on Waugh’s goal to “enhance the careers and lives” of PGA Professionals.
FOR IMMEDIATE RELEASE
JANUARY 22, 2020
The PGA of America has reached an agreement with Deutsche Bank to provide free* checking accounts to its membership of 29,000 PGA Professionals.
“We’re excited to offer this great new benefit to our members,” said Seth Waugh, PGA of America CEO. “Because of my past relationship with Deutsche Bank Americas, I was able to contact the home office in Frankfurt and hammer out a deal with my good buddy, Wolfgang Von Strasser, the head of DB’s retail banking division.
“It was important to me that our members not be charged fees … and that their PGA dues could be automatically deducted from their Deutsche Bank checking account. Going forward, this enhancement to the financial tool box of PGA Professionals will help to maintain their economic viability … and continue to grow the game that we all love. Frankly, I couldn’t be more thrilled for our members.”
*PGA member must travel to the Deutsche Bank branch in Düsseldorf on Saturday (3rd round) of the Masters golf tournament to open the free checking account. Lufthansa is offering $100 off the price of a round-trip ticket from Portland, Oregon, connecting in Dallas for a flight to Düsseldorf (after an 8-hour layover in Reykjavík, Iceland). PGA member must have signed for a PAT score of 130 or lower (original scorecard required, fully attested and laminated to prevent fading) to receive free checking … OR an average monthly balance of $15,999 must be maintained in the checking account to avoid fees and surcharges. Cash withdrawals can be made at any Fourth Reich Network ATM machine in the U.S. There is a $5 convenience fee for each ATM withdrawal. Free checking account holders in good standing may, after one year, apply for a no-fee Deutsche Bank VISA card with an introductory rate of only 24.9%. Late or missed payments will result in the interest rate being raised to 67.3%. PGA members who declare bankruptcy with the intention of refusing to pay the outstanding balance on their no-fee Deutsche Bank VISA card will be publicly censored by the Executive Director of the member’s local PGA Section for having a “wristy” golf swing.
