'Save to Win' Now Legal
RALEIGH, N.C.-North Carolina Gov. Beverly Perdue has signed a bill that makes "Save to Win" programs available to credit unions, following unanimous passage in the state's House of Representatives.
The bill, which was supported by the state's CUs, exempts savings promotion raffles such as Save to Win from the two-raffle- per-year limit imposed on credit unions. "Gaining the exemption was necessary to allow for monthly prize drawings in Save to Win campaigns, which encourage credit union members to develop a regular habit of saving," the league said.
The bill also defines a savings promotion raffle under the general statutes governing credit unions, requiring that money be deposited into a special savings account to win.
The league reported that about 10 North Carolina credit unions plan to roll out the first Save to Win campaign, which will likely happen early in 2012.
In 2009, Michigan conducted the first Save to Win program in the U.S. Working with the Doorways to Dreams Fund, the Michigan CU League and the Filene Research Group; eight credit unions launched Save to Win in January 2009. In that year-long campaign, 11,000 CU members saved nearly $9 million. The Michigan program has subsequently been renewed and grown steadily, with more than 28,500 accounts opened and $37 million saved.