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Washington Mutual Teams Up With eBay to Offer 'Bid Your Rate' Certificate of Deposit Promotion; eBay's Technology to Power Bidding on WaMu's $1,000, Six-Month CDs

SEATTLE--(BUSINESS WIRE)--Jan. 15, 2004--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.

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.

The promotion will be highlighted with banners and links on the eBay site.

    Why is WaMu doing this?

    --  "We're always looking for innovative ways to deliver our
        products, and with the popularity of online auctions, we
        decided to explore the possibilities."

    --  "Our customers are everyday people who are looking for a good
        deal. What better place to give them one -- and have some fun
        -- than on eBay?"

    What you'll get:

B-roll, video news release, sound bites with WaMu and eBay executives.

Footage includes: Online bidding, screen shots, executive interviews.

Sound bites from: Clark Collins, senior vice president of consumer group marketing at Washington Mutual, and Don Albert, senior director of strategic partnership at eBay.

Via Satellite, C-Band Feed:
    Thursday, Jan. 15, 2004
    0500-0515 EST, 0800-0815 EST, and 1300-1315 EST
    C-Band / Telstar 6
    Transponder 9
    Downlink Freq. 3880 (V)
    Audio 6.2 & 6.8

             Mary Kelley, 206-377-6878
             Jennifer Caukin, 408-376-7432

    SOURCE: Washington Mutual