LINDEN, N.J. — For one day, members and nonmembers played leap frog in a big way at E53 Federal Credit Union.
The $65 million credit union ran a promotion on Feb. 29 that featured a certificate of deposit with an unheard of 29% annual percentage yield. Tagged to leap year–the calendar correction that occurs every four years–the marketing campaign created local buzz and brought in new members and credit card users.
The one-day promotion was limited to one four-month CD tracked through each member's unique Social Security number. A minimum and maximum deposit of $500 was required to open, and the offer was available on a first come, first serve basis for the first 300 members requesting the 29% Leap Year CD. To qualify for this special rate, a member also needed to apply for an E53 Visa credit card that day or bring a coworker or family member to open a new account that day.
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