X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com 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 Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.