COLUMBIA, S.C.-- Gov. Nikki Haley recently signed S.652 – savings promotion contests legislation – after unanimous passage this May by both houses of South Carolina's state legislature.
The new law allows "credit unions to offer prize-linked savings accounts through programs like Save to Win," according to the Carolinas Credit Union League.
Save to Win is a nationally recognized program that promotes families saving money. North Carolina passed similar CCUL advocated legislation in 2013. Since then, "North Carolina credit union members have deposited $5.4 million into savings accounts which averages $2,500 per account," the league said.
"By incorporating prizes, Save to Win is an exciting way to incentivize and teach good habits when a member's goals, motivation and resources may be limited," said Faye Crocker, president/CEO of the Abbevile, S.C.-based Greater Abbeville FCU.
The CEO of the $16 million CU, which serves 3,200 members, also thanked the league for their "proactive leadership in having this legislation introduced and helping bring it all the way through the legislative process."
CCUL will be hosting a webinar June 22 to give more information for CUs interested in participating in the Save to Win program.
