Auctioning CDs Over the Internet
Washington Mutual has teamed with e-Bay to make an unprecedented offer: an online auction of Certificates of Deposit. During the six-week promotion, about 600 six-month CDs of $1,000 each are available at a special auction site run by e-Bay. Shoppers bid on interest rates starting at higher rates. Subsequent bids bring down the rates until the auction is closed. The bank says the auction is a way to reach online consumers and to generate greater interest in its offerings.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 13, No. 12, 2/04
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