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 January 15 through the end of February. The limited offering
of these CDs is accessible on a special auction website
(www.wamucdauction.com) and is powered by eBay technology.
During the Bid Your Rate 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, according to WaMu.
"We approach our business, first and foremost, as a retailer of
financial services," said Doug Marshall, senior vice president and
manager of deposit strategy and product management at Washington
Mutual. "As such, we are always looking at innovative ways to deliver
financial products to our customers. Selling CDs on eBay is yet
another extension of our retail approach to banking."
Clark Collins, senior vice president of consumer group marketing
at Washington Mutual, added, "With the popularity of online auctions,
we see the Bid Your Rate promotion as an opportunity to reach online
consumers and generate greater interest in our financial products --
as well as to give consumers a fun and innovative way to shop for a
competitive deal on a six-month CD."
"eBay is helping to bring a new avenue of business to companies
like Washington Mutual, giving them even more unique ways to reach
customers while tapping into the excitement and dynamic nature of the
eBay marketplace," said Gary Dillabough, eBay's vice president of
strategic partnerships. "We are dedicated to bringing value and unique
offers to the eBay community, while providing customized solutions
that help our marketing partners reach their goals."
As part of the agreement, the promotion will be highlighted with
banners and links on the eBay site. eBay also provides a customized
reverse-auction solution to power the bidding on the CD products. The
term of each FDIC-insured CD is six months and is subject to the rules
and regulations of Washington Mutual's CD products.
eBay is The World's Online Marketplace(R). Founded in 1995, eBay
created a powerful platform for the sale of goods and services by a
passionate community of individuals and businesses. On any given day,
there are millions of items across thousands of categories for sale on
eBay. eBay enables trade on a local, national and international basis
with customized sites in markets around the world. Through an array of
services, such as its payment solution provider PayPal, eBay is
enabling global e-commerce for an ever-growing online community.
About Washington Mutual
Washington Mutual takes a "un-bank-like" approach to financial
services and is recognized both nationally and internationally for its
signature brand of retail banking. Washington Mutual was named
recently by U.S. Banker as the "Top Retail Banking Team" in its
All-Star Banking Team ranking announced in November 2003. The company
also earned top marks in two other 'all-star' rankings -- which meant
it swept more categories than any other financial institution in the
In addition, Washington Mutual was recognized as "Best Retail Bank
- Americas" in the Lafferty International Retail Banking Awards
announced recently. The company was noted for trailblazing an
innovative brand of retail banking - one that is warm and inviting and
takes its cues from top-notch retailers.
With a history dating back to 1889, Washington Mutual is a
retailer of financial services that provides a diversified line of
products and services to consumers and small businesses. At September
30, 2003, Washington Mutual and its subsidiaries had consolidated
assets of $286.63 billion. Washington Mutual currently operates more
than 2,700 consumer banking, mortgage lending, commercial banking,
consumer finance and financial services offices throughout the nation.
Washington Mutual's press releases are available at www.wamu.com.
Note: video feed for this announcement will be available Thursday,
Jan. 15, 2004. It will include B-roll showing online bidding,
executive interviews, screen shots and more. Digital photos are also
available via e-mail by calling 206-377-6201 or by e-mailing
Via Satellite: Thursday January 15, 2004
0500-0515 EST, 0800-0815, and 1300-1315 EST
C-Band / Telstar 6
Downlink Freq. 3880 MHz (V)
Audio 6.2 & 6.8
Mary Kelley, 206-377-6878
Jennifer Caukin, 408-376-7432
SOURCE: Washington Mutual