LANSING, Mich. (2/20/13)--Ten Michigan credit union members each will receive a $10,000 check this week as grand-prize winners in Michigan's Save to Win program.
The checks will be delivered by the group of the Prize Squad, a group of Michigan Credit Union League employees, during the "Week of Winning" statewide tour.
In 2012, members from 58 credit unions that participated in Michigan's Save to Win program saved $43.6 million, with an average account balance of more than $2,872--both up from the $37.3 million saved in 2011, when the average account balance was $2,235.
In February 2009, the league launched the Save to Win program, which focuses on how much money people save, in contrast to most reward-type programs based on how much people spend (News Now
Feb. 11, 2009).
Credit unions in other states such as Nebraska, Washington and North Carolina have adopted the program.
For every $25 that goes into a certificate of deposit, a credit union member gets one chance at winning a weekly lottery and one entry for an annual grand prize of $100,000.
Most participating credit unions also individually award prizes to members who sign up for Save to Win, with prizes varying from credit union to credit union. All Save to Win deposits generate interest and build savings.
"Save to Win is the consummate example of Michigan credit unions doing what they do best: helping members to better their lives," said David Adams league president/CEO. "Through Save to Win, members are learning a critical life skill, growing their personal wealth, and having fun all at the same time."
Credit unions with grand-prize winners include:
- Besser CU, Alpena;
- ELGA CU, Fenton;
- Community Alliance CU, Dearborn;
- Peninsula FCU, Escanaba;
- Grand Rapids (Mich.) Family CU;
- Ishpeming (Mich.) Community FCU;
- Lake Trust CU, Lansing;
- U.P Catholic CU, Marquette;
- Royal Oak, OUR CU, Royal Oak; and
- Christian Financial CU, Roseville.