Washington Mutual to Trial CD Auctions Using eBay

Washington Mutual has announced that it will be trialing the sale of $1,000 CD's using an auction process powered by eBay.

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.

To view the WAMU CD auction site, see: http://www.wamucdauction.com.