Savings Raffle Campaigns Show Progress Nationally
The credit union campaign to win new lawmaker support for savings promotion raffles picked up steam last week with advances in at least three states–Nebraska, North Carolina and Washington–all coming despite a bank-led rebuke in Iowa.
And two of the champions of the raffles, the Michigan Credit Union League with its "Save to Win" prize drawings and a Boston-area nonprofit, the Doorways to Dreams Fund, voiced optimism that the lobbying efforts on the enabling bills in targeted states can succeed during the remainder of 2011.
Firing back, the Iowa League, in ads appearing in newspapers accused bankers of "greed" by blocking competition and blasted banking’s role in the financial crisis.
Despite differing lawmaker attitudes and dynamics between neighboring Iowa and Nebraska, Brandon Luetkenhaus, governmental and public affairs director of the Nebraska League, said he is optimistic that state’s bill will have a more favorable result in the final outcome.
In Michigan, the state league said that "Save to Win," which got fully under way last year, has proved a success for the 40 participating CUs, drawing 56% of new participants who were not regular savers in the past.
"Every credit union member in this program keeps the money they save in a special certificate of deposit, and the only chance involved with this program is the opportunity to win more with monthly prize drawings and the $100,000 grand prize," noted David Adams, president/CEO of the Michigan League, stressing that members' deposits are never at risk.