Indiana Credit Unions Ready Prized-Linked Savings Program

The group of institutions will launch the savings program next month, called Save to Win. For each $25 that a member puts into savings, he or she will be entered into a drawing for monthly and quarterly prizes, including a prize of up to $5,000.

“Save to Win offers an option for developing good savings habits and improving people’s financial situations,” John McKenzie, president of the Indiana Credit Union League, said in a news release.

Other states, including Michigan, have allowed savings programs that include a prize element. The Louisiana House of Representatives this week unanimously approved legislation to create a prize-linked savings plan for credit unions.

Participating institutions include the $485 million Crane Credit Union in Odon; $1.2 billion Evansville Teachers Federal Credit Union in Evansville; $512 million Financial Center First CU in Indianapolis; and $91 million Members Advantage CU in Michigan City.

Andy Peters

twitter

MORE FROM AMERICAN BANKER

Payments

JPMorganChase 'narrowing' its bitter Viva Wallet dispute

The bank, which owns 48.5% of the Greek fintech, is battling with the company's owners over how to determine valuation, among other disputes. JPMorgan says it is reviewing aspects of the legal case but is still seeking a $1 billion claim in Greece.

By John Adams

May 14
M&A

Big payouts to credit union execs after merger draw flak

Three executives at Space City Credit Union in Houston will get a total of $6.75 million if the cooperative's members approve a merger. The 12,000 or so members will split $5 million.

By Kevin Wack

May 14
CFPB News & Analysis

CFPB kills proposal to rein in data brokers

The Trump administration has withdrawn from the Federal Register a proposed rule that sought to protect consumers from having their sensitive financial information sold.

By Kate Berry

May 14
Litigation

NY attorney general sues Capital One over savings accounts

New York Attorney General Letitia James is accusing Capital One of deliberately deceiving customers and obscuring higher interest rates. The lawsuit comes less than three months after the CFPB dropped a similar case against the bank.

By Allissa Kline

May 14
Fraud

Check fraud ring exposed in Oklahoma mail theft case

As banks face mounting check fraud, a newly unsealed indictment reveals how one criminal ring exploited weak spots in the system.

By Carter Pape

May 14
Monetary policy

Study: Tokenization not a threat to monetary policy control

A joint study by the Federal Reserve Bank of New York and the Bank for International Settlements found that a shift to widespread tokenization would not impact central banks' ability to transmit monetary policy, and that the technology could even prove beneficial.

By Kyle Campbell

May 14