Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
IBloombergI PowerBall advice Use Save to Win instead
NEW YORK (12/4/12)--States nationwide should consider expanding prize-linked savings (PLS)--such as Save to Win, a PLS program for Michigan credit unions launched by the Michigan Credit Union League--according to a Thursday Bloomberg column by Zara Kessler.

The article was written after two people split the record $587.5 million Powerball jackpot last Wednesday (Michigan Monitor Dec. 3.).

PLS is better than a lottery because those who don't win with PLS can keep the money they deposit in their accounts, Kessler wrote.

"In January 2009, the Doorways to Dreams Fund helped launch 'Save to Win,' (STW) the first scaled PLS program in the U.S., in eight Michigan credit unions," Kessler said. "Members of the credit unions were given the chance to save in a one-year, balance-building share certificate that earned interest; the accounts required only $25 to open, and each $25 added gave the account-holder a raffle entry (up to 10 per month) for monthly prizes and a $100,000 annual grand prize.

"By 2011, STW Michigan had over 25,000 unique accounts, with over $40 million saved at dozens of participating credit unions," Kessler continued. "This year, the prize design was altered to offer more chances to win at lower levels and a STW program was launched in Nebraska credit unions. North Carolina and Washington state will launch STW programs in 2013."

Because many states have legal hoops on lotteries, she suggested a federally sponsored program might be possible.

To read the column, use the link.
Other Resources

RSS





print
News Now LiveWire
.@symantec : 59% of compromised info linked to retailer breaches #NewsNow http://t.co/7pvCs6S6xJ
21 minutes ago
.@CUNA's Ryan Donovan discusses House and Senate activities CUNA will be following this week. https://t.co/CVZimYWrc5
25 minutes ago
.@Bankrate breaks down 5 top fee-fighting #creditunions http://t.co/MNyj3uWeVs
1 hour ago
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
16 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
20 hours ago