LANSING, Mich. — An elderly member of NuUnion CU was named winner today of the first $100,000 Save to Win contest sponsored by eight Michigan credit unions.
The contest gave consumers a chance to win cash prizes for every $25 they deposit. The $100,000 prize is the biggest yet awarded as part of a growing concept of offering financial inducements to promote saving.
Billie Smith, an 86-year old NuUnion member from Lake, Michigan, won the draw and was awarded a check today by NuUnion CEO Steve Winninger in a ceremony here this morning.
The contest attracted 11,600 savers who saved $8.6 million during its 11-month run.
Each $25 deposit in a federally-insured CD account specially designed for the project, capped at ten deposits per month per saver, gave savers one grand-prize entry. In addition, savers became eligible for monthly drawings ranging from $15-$400 at their individual institutions.
Participating in the contest were: Central Macomb Community CU, Christian Financial CU, Communicating Arts FCU, E&A FCU, ELGA CU, Frankenmuth CU, NuUnion CU and Option CU CU.
Nineteen credit unions are scheduled to participate in this year’s contest.
The project was coordinated by the Filene Research Institute and the Michigan CU League in conjunction with the Door to Dreams Fund, known as D2D.
