RALEIGH, N.C. – Credit unions, fresh off new legislation enabling savings contests, are working to develop a statewide savings sweepstakes that could award savers a $100,000 grand prize.
The Save to Win contest is being modeled after a similar sweepstakes operated by Michigan credit unions and could be launched as soon as the beginning of next year, according to Lauren Whaley, the lobbyist for the North Carolina CU League who helped get last month’s legislation approved. “They had great success with it and we’re hoping to duplicate it,” she said of the Michigan sweepstakes.
The North Carolina league has received commitments from as many as a dozen credit unions and another dozen have indicated some interest in participating too, said Whaley.
“This is definitely a long-term savings initiative that I think credit unions can really get behind,” said Whaley.
