VANCOUVER, Wash. – With the Pacific Northwest known for its rainy weather, members Columbia CU were given a chance to "Earn More If It Pours" with a bump-up certificate that paid them 6.10%.
The Rainy Day CDs, which bumped up from its 5.55% APR rate if it rained more than 5.55 inches in November or December, brought in $20 million of deposits in a single day, October 18–International Credit Union Day.
Lines formed early as members descended on branches and carrying umbrellas and employees handed out rain gauges and rain bonnets.
The 5.55% bump-up was set to coincide with the credit union’s 55th anniversary in 2007 and to create a personal connection to the Pacific Northwest.
So, the initial rate of the five-month CDs was 5.55% APR, with a bump-up po 0.55% APR if rainfall exceeded 5.55 inches in November, and another 0.55% if rainfall exceeded 5.55 inches in December. That bumped the rate up to 6.10% APR.
Wouldn’t you know it, it was an unusually dry November, with rain falling less than 5.55 inches. But December more than made up with it with nine inches of precipitation.
