VANCOUVER, Wash. - Rainy weather usually does not bring smiles, yet many members of Columbia Credit Union here have found themselves rooting for many a dark and stormy night.
The unusual pairing of precipitation and celebration was caused by Columbia CU’s “Rainy Day Certificates.” With the credit union marking its 55th anniversary, it wanted to tie promotions to the number 55. Its fall headliner was the offer of a CD with a base rate of 5.55% APY, with rate bumps of 0.55% possible for November and December–if rainfall in the area exceeded 5.55 inches in either or both months. The Rainy Day Certificates were available on one day only, but offered to pay as much as 6.65% APY if Mother Nature cooperated.
Marketing was built around the theme, “Earn More if it Pours.”
The goal of the Rainy Day Certificates was to bring in $10 million in new money. According to Nancy Olmsted, Columbia’s vice president of marketing, the CU’s members – who were lined up before the doors opened at its branches on Oct. 18, which was International Credit Union Day, opened more than 1,200 certificates for a total of $20 million. Fifty percent of the certificates represented new money, thereby meeting the target.
About the only part of the promotion that did not go to plan was the happenstance of one of the driest Novembers ever in the area, Olmsted recalled.
“It did not rain close to 5.55 inches in November, but in December we had crazy rain. There were 9.15 inches of rain in December. It rained so much there was flooding in some surrounding areas, which we weren’t happy with, but at least we were able to give our members a bump in their rate. Luckily, Vancouver did not get flooded.”
The Oregon Water Science Center’s website was designated as the “official” source for rainfall totals, said Olmsted. Columbia told its members to watch the site to monitor the progress each month. Olmsted said some members called during the November dry spell to complain, “It isn’t raining much,” and “Sure, when we want it to rain, it doesn’t rain.”
“Whenever you do a great promotion, you worry about losing money in lower-rate accounts. But this was a one-day special on Credit Union Day,” Olmsted said. “Our branches were decorated with umbrellas and paper raindrops, and the tellers wore crazy rain bonnets. It was fun and members enjoyed it.”
