North Carolina CUs Latest To Gamble On Savings Lottery
RALEIGH, N.C. – Credit unions in the Tar Heel state are the latest to ask lawmakers to allow them to organize a joint savings contest that will award thousands of dollars to members who build their savings accounts.
State law allows credit unions to conduct two raffles a year. Bills with bi-partisan support that would let the state’s credit unions offer the prize-driven promotion have been introduced.
The effort comes as credit unions in Iowa, Washington, Nebraska and Rhode Island are lobbying state lawmakers for legislation that will allow them to launch savings contests.
The contest would be modeled after Michigan’s successful “Save to Win” lottery, which awarded a grand prize of $100,000 and helped attract $9 million in savings.
Credit unions in North Carolina plan to offer members one chance to win a prize for every $25 set aside for a special certificate of deposit, up to a maximum of 10 chances per month.