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.
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