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A bill designed to make operating prize-linked savings accounts easier for federally-insured financial institutions was introduced by members of Congress on Tuesday.
October 31 -
American Express can provide affordable products to the unbanked and still make a profit, company executive Dan Schulman said at the Emerge conference. He was vague on details but hinted that its prepaid cards built on an lower-cost software platform are part of the answer.
June 5 -
Union Bank in San Francisco has teamed up with a pair of children's authors to publish a rhyming book that teaches the importance of saving.
July 29
New York Gov. Andrew Cuomo has signed into law a measure that allows financial institutions to offer raffle-style programs to encourage saving.
The law, which takes effect in September 2015, gives credit unions and banks the ability to offer prize giveaways to consumers who deposit funds into their savings accounts. Such prize-linked savings programs have become
Industry officials said incentives are needed to encourage consumers to save for the future.
"This bill, applicable to all financial institutions in the state, meets this goal and will give New Yorkers another tool to manage their personal finances," Michael P. Smith, president and chief executive of the New York Bankers Association, said in an email.
"This important law will encourage New York consumers to save money more often and more regularly," William J. Mellin, president of the Credit Union Association of New York, said in a news release. "Ultimately, prize-linked savings accounts will benefit the working and middle-class families who continually struggle to put money away for the future."
Cuomo's office did not immediately respond to a request for comment.
Similar measures have also gained popularity at the national level. The House
