RALEIGH and ASHEVILLE, N.C. (2/25/14)--North Carolina's inaugural year of participation in the "Save to Win" program resulted in nearly $2.5 million deposited in 1,908 savings accounts and $30,000 to a member of Telco Community CU.
"Seeing these positive results in North Carolina is reward enough for those of us who want the best for members and consumers," said Carolinas Credit Union League CEO John Radebaugh. "Seeing firsthand the grand prize go to a fellow North Carolinian is added proof that 'Save to Win' has been worth the effort for everyone involved."
According to the Carolinas Credit Union League, Cindi Campbell, a member of $109 million-asset Telco Community CU in Asheville, was the winner of the grand prize drawing of $30,000.
The prize-linked savings program encourages members to save by offering cash prizes to randomly drawn members who earn an entry with each $25 deposit. The average balance per account was $1,246.
In North Carolina, 52% of participants had not saved regularly prior to joining the program. Fifty-four percent reported household income of less than $40,000, and 17% of participants earn less than $20,000.
More than the prizes, the value of the program is all deposits made by the member are owned by the member.
"Save to Win" started on its path to reality in North Carolina in 2011 when credit unions worked together to support the introduction and passage of state legislation to allow "savings promotion raffles." In 2013, North Carolina then joined Michigan, the progenitor of the program, Nebraska and Washington in offering "Save to Win."