Funds Flow Into CU's 'Lucky 13' Certificate
During a seven-week promotion, Mon-Oc FCU said it attracted $3.5 million in total deposits in a special 13-month certificate and IRA. Dubbed the "Lucky 13," the product offered in addition to the 13-month term an APY of 3.13% and required a minimum deposit of $13,000. Thirty-two of the 102 accounts opened were from new members who joined the CU. The average service balance on the certificates was $41,821; the average service balance on the IRAs was $33,706. Advertising included local newspapers, branch posters, flat-screen branch displays, web graphics and more.
The $182-million Mon-Oc said it was seeking deposits as the result of tight liquidity stemming from strong loan demand.