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.


NOT FOR REPRINT

© 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.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.