LINDEN, N.J. -- E53 Federal Credit Union had no idea that its "Crazy 8" certificate of deposit promotion would yield as much activity as it did.
For one eight-hour day, the $66 million credit union offered an eight-month CD that paid 8% annual percentage yield with a minimum and maximum deposit of $1,008 required on a "first come, first serve" to the first 300 members. The one day promotion increased the number of outstanding CDs with the credit union by 33% with 250 new accounts opened, according to Michael Greenwood, president/CEO of E53 FCU. Overall, the credit union took in about $250,000.
"We wanted to generate excitement and reward our loyal members. We succeeded on both counts," Greenwood said.
The eight-month CD was offered on Sept. 21. Greenwood said in addition to generating "a huge buzz" about the credit union, the promotion brought new business in the form of new members, new checking accounts and an increase in other products and services. Greenwood said while "it is hard to give a firm number" on new accounts, the promotion "increased the awareness of the credit union throughout the various SEG groups."
This is not the first time E53 FCU ran such a promotion. Last year, it offered a 10% CD and plans are in place to run a 9% deal in October,
E53 FCU serves more than 5,300 members including employees of ExxonMobil, ConocoPhillips, Infineum and several select employee groups.