A Wisconsin credit union CEO has advice for peers - take full advantage of Wisconsin's prize-linked savings (PLS) program, Saver's Sweepstakes™. But act quickly, she urges, so your members have a chance to win cash as part of the inaugural prize drawing set for October 18 (International Credit Union Day).
Kelly McDonough (right), President/CEO of Glacier Hills Credit Union, urges Wisconsin credit unions to sign up quickly - in early June.
Kelly cites the amazing visibility and member participation her former Minnesota-based credit union experienced when it offered members chances to win jackpots for saving regularly as part of a prize-linked savings program.
PLS accounts are special deposit accounts that pay dividends for savers while automatically entering them in monthly, quarterly and annual cash prize drawings. Each saver earns one entry into the monthly and quarterly sweepstakes for every $25 in month-over-month balance increase, up to six entries per month. Credit unions can offer their own members-only prize opportunities, if they wish, creating additional visibility opportunities.
"The time from signing the agreement to opening member accounts was just a couple of months," Kelly says. "The program worked great. We opened hundreds of prize-linked saving accounts the first month and it was a roaring success."
"Knowing now what I didn’t know then, I would plan better for how attractive this program was to members and how many people took advantage of it. I would do more to market the program and be prepared to better capitalize on the ongoing opportunities for free media attention that other credit unions captured around the state," she adds.
She says that her credit union at the time - with around $160 million in assets - saw its members win as part of the prize drawing more than a few times; opportunities for members to win weren't skewed to just the bigger credit unions in the state.
"I was also surprised to see how many members opened college savings accounts for their kids with the money they saved from their PLS account," she added. "Right away you'll see this program enable positive financial decisions for your members."
Credit unions are urged to sign on now - preferably in early June - to complete certain technical and training tasks prior to offering members PLS accounts, starting in September.
Contact Tara Krejcarek, League VP - Strategic Partnerships.
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