Nine-Mo. CD at 9% Wins `Best Idea"
LAS VEGAS - A nine-month certificate with a 9.3% rate and a $1,500 maximum-targeted as a new member promotion-was judged the "the best new idea" by credit union directors at the National Directors' Convention. Winning the top cash prize during the annual "Breakfast of Champions" was the $68 million Premier Financial CU of Clinton Township, Mich. and accepting the honor was the CU's president, James Safian. He joined a group of 20 CU directors and CEOs informally making product and service suggestions during a morning session at the conference. Apart from drawing new members "at a cost of $100 a member," Safian said the product would also help fund loans. Sean Smith, manager of marketing and business development for the suburban Detroit CU, said the product was introduced Aug. 1 and "we're already seeing that it is starting to work." "We're not advertising it widely but we are putting it on our scrawl and hope to promote it with our SEGs and at the Chamber of Commerce," said Smith noting a goal is to build traffic at a newly opened branch. "We're hoping this will generate some additional relationships." The 9% offer is only applicable to new money, said Premier.