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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.