Can ‘Lotteries’ at Banks Get People to Save More?

If a bank or credit union invites you to enter a lottery that it says “you just can’t lose,” don’t worry, odds are it’s not a scam or a blatant case of misleading advertising. A law passed late last year is a first step toward allowing banks to set up contests in which consumers can […]

If a bank or credit union invites you to enter a lottery that it says “you just can’t lose,” don’t worry, odds are it’s not a scam or a blatant case of misleading advertising.

A law passed late last year is a first step toward allowing banks to set up contests in which consumers can earn cash prizes for contributing to savings accounts—a type of program already offered by some credit unions. In most cases, banks will still need state legislative action before they can proceed. Read more

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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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