The prize-linked savings program, “Save to Win”, launched two years ago by Filene Research Institute and the Michigan Credit Union League, is winning support from an Atlanta anti-poverty group, Urban Asset Builders Inc., which is holding a separate presentation for Georgia credit unions next week.
“We see prize-linked savings as an excellent savings incentive for low-to-moderate income individuals and we always wondered why Georgia wasn’t using this product,” said Venus Lockett, founder of Urban Asset.
The group, which has been engaged in economic improvement projects, said it has invited Georgia credit union execs to a seminar Thursday called “Prize-Linked Savings-A Doorways to Dreams Product” at the Georgia Center for Non-Profits in Atlanta.
Encouraging participation at the June 14 session is the Georgia Credit Union Affiliates, whose Atlanta chapter distributed e-mails this week to area credit unions to learn about prize-linked savings as a means of encouraging savings and enhancing member ties.
Participants expected include representatives from the $1.7 billion Georgia’s Own Credit Union.
“We think prize-linked savings can gain new customers for credit unions as well as savings for loans,” Lockett said. “It is a win for customers because they have chances to win prizes but still have the savings and the interest.”
Moreover, the program “will be a great complement to the Mayor’s Bank On initiative for Atlanta which is now in progress,” she said. Registration information is online.