Dollars and Jens
Thursday, January 15, 2004
Washington Mutual auctions off CDs
This looks interesting:
Washington Mutual is teaming up with eBay to make available an unprecedented promotion -- offering certificates of deposit (CDs) via an online auction format. Called the Bid Your Rate promotion, shoppers can begin bidding online starting Jan. 15 through the end of February. The limited offering of these CDs is accessible on a special auction website and is powered by eBay technology.FYI, I own shares of WaMu.
During the promotion, approximately 600 six-month CDs of $1,000 each will be made available for bidding during a six-week period, with approximately 100 CDs listed each week. Shoppers will be able to bid on the interest rate of their CDs -- with bidding starting at higher interest rates, and subsequent bids bringing down the interest rate until the auction listing closes. If the final bid meets an undisclosed reserve, the successful bidder is expected to get a competitive interest rate on his or her CD.
