The Minnesota Credit Union Network is expanding its prize-linked savings program through the Louisiana Credit Union League and Dover, Del.-based Del-One Federal Credit Union.
MnCUN’s program, called WINcentive Savings, automatically enters members into monthly, quarterly and annual cash prize drawings if they deposit a set amount of funds into their prize-linked savings account.
Minnesota consumers have saved more than $4 million through WINcentive Savings accounts since the program started in 2016.
Through LCUL, the program will be called Lucky Lagniappe Savings. Lagniappe is a French word meaning "a little something extra." MnCUN and TruLync, MnCUN’s wholly-owned subsidiary, will provide technology management for LCUL including prize drawing administration, reporting and technical support for Louisiana’s participating credit unions.
The $440 million Del-One FCU, the first financial institution in Delaware to provide the program, will offer the account under the WINcentive Savings brand, funded by their own prize-pool.
“We are excited to support leagues and credit unions in administering prize-linked savings,” John Ferstl, Vice President of the Minnesota Credit Union Network Service Corporation, said in a press release. “Not only does this help consumers, but also creates greater efficiencies and opportunities within the credit union system.”
Prize-linked savings initiatives continue to expand across the country, led by credit union efforts. More than 20 states already allow some sort of PSL product, and six more states have bills drafted that would permit them. Among those six states is Texas, where a ballot initiative on the matter will soon go up for a vote.
