Eight Washington State credit unions confirmed their interest Wednesday in piloting a co-op campaign to offer prize-linked savings accounts to members starting early in 2012. That follows last May's enactment of a new enabling law allowing monthly drawings and cash prizes for account openings.
Under the arrangement, the prize pool will be funded by credit unions “so the money invested in the savings accounts stays in the accounts,” noted the Northwest Credit Union Association.
“Most of the credit unions planning a possible launch are small to medium-sized,” noted NWCUA, adding that these CUs expect to “reach out to larger credit unions to bring on their participation and bring down the administrative costs.”
Meanwhile, Doorways to Dreams, the Boston-based non-profit that promotes the Save to Win package debuted two years ago by the Michigan Credit Union League, said 42 CUs have now opened 16,000 accounts “with savings of over $28 million.”
D2D said it will be hosting its first Prize-Linked Savings Conference Nov. 18 in Boston bringing together public policy makers, researchers and legal experts to discuss the future of the program and ways to motivate innovative models on a national scale.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
