Advance Financial FCU reported it doubled its deposit goal following a certificate promotion. Called the 7-11 Certificate, the credit union was offering seven-month (4.25% APY) and 11-month (4.50% APY) terms along with a $25 gas card to all depositors. The goal had been $2 million over a 12-week period, but it hit that goal after two weeks. By the end of the promotion AFFCU had attracted $4.976 million in deposits, two-thirds of which was new money, according to Marketing Director Samantha Knight. The campaign also drew 99 new members. Marketing included posters, statement stuffers, movie theater slides, newspaper ads and website promotion and was created by agency Heisler Gordon & Assoc., Chicago. The central marketing message: "It's no gamble. Take a spin with Advance Financial's lucky 7-11 CDs ... At AFFCU, you're always in the winner's circle."
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3