Schmitt et al. (2011) (SSV) compare contribution margin, churn, and customer value of bank customers acquired through a referral reward program to those of non-referred customers. This article replicates their study with a product that is less complex and risky. Consistent with SSV, referred customers churn less, but in contrast to SSV, they exhibit smaller contribution margins than non-referred customers. New customers referred via email have a lower customer value than non-referred new customers.