It’s official: prize-linked savings accounts are now available for Washington consumers. Six credit unions launched “Save to Win” yesterday, putting a lot of marketing muscle into promoting a program expected to encourage under-banked consumers to save.
As Washington’s prize-linked savings program continues to build steam, with two Washington credit unions pledging to offer programs in 2013 and more continuing due diligence, the Nebraska credit unions that launched programs this year have surpassed the million-dollar milestone.
Washington credit unions may finally be well-positioned to offer prize-linked savings accounts, thanks to funding approved by the Northwest Credit Union Association board and a new operations model offered by the Michigan Credit Union League.
Less than two weeks after North Coast Credit Union became the first Northwest credit union hit with an opportunistic lawsuit regarding ATM fee posts, two Michigan credit unions settled similar suits in federal court.
A survey of Washington credit union CEOs revealed 12 interested in offering prize-linked savings programs to members by early 2012. An â€œIdea Exchangeâ€ at the NWCUAâ€™s Convention and Annual Business Meeting will provide more information for industry leaders.
Prize-linked savings accounts have turned un-banked consumers into savers in Michigan. Some Washington credit unions are considering launching similar programs by taking advantage of legislation passed this year. The NWCUA will lobby for a similar law in Oregon next year.