LANSING, Mich. (6/10/09)--Michigan credit union members have made more than $1.8 million in deposits through “Save to Win,” a program that eight Michigan credit unions have offered with the Michigan Credit Union League (MCUL) since February. For every $25 members put into a special savings account, they receive a chance at more than $400 in prizes each month and an entry into a $100,000 grand prize drawing, taking place in January. Members can receive up to 10 prize entries per month. Among the eight credit unions, 5,947 accounts have been opened through the program (Michigan Monitor
June 8). Data on those using “Save to Win” indicate broad appeal among credit union members and also reveal that low- to moderate-income households are being encouraged to make deposits through the program, the league said. Among the program’s statistics:
* About 27% of participants have financial assets--excluding mortgages--and savings of $2,000 or less; * Roughly 42% of participants report household income of less than $40,000; 15% report less than $20,000; and * About 60% of participants say they spent money on the lottery or gambling in the past six months.
The program is part of a broader “Prize-Linked Savings” initiative that Michigan credit unions use to attract consumers to the concept of saving as an alternative to gambling or purchasing lottery tickets. It also gives credit unions a chance to educate members and potential members about other savings products and building personal assets. Credit unions participating in the program include:
* Central Macomb Community CU, Clinton Township; * Christian Financial CU, Roseville; * Communicating Arts CU, Detroit: * E&A CU, Port Huron; * ELGA CU, Burton; * Frankenmuth CU, Frankenmuth; * NuUnion CU, Lansing; and * Option 1 CU, Grand Rapids.