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Members Go Crazy Over 'Crazy 8' CD Promotion

E53 Federal Credit Union had no idea that its "Crazy 8" certificate of deposit promotion would yield as much activity as it did.

By Staff Writer | Updated on October 09, 2007

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.

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