WINcentive prize-linked savings accounts coming to Montana
Thursday, September 20, 2018
Credit Union Journal (September 19, 2018) - Montana’s Credit Unions on Tuesday said the association has partnered with the Minnesota Credit Union Network and TruLync to offer WINcentive prize-linked savings accounts to credit unions in the Treasure State.
The program will be branded Montana WINcentive. The MnCUN and its wholly-owned subsidiary, TruLync, will provide technology management for Montana’s Credit Unions, including prize drawing administration, reporting and technical support for the six initial participating credit unions.
The first WINcentive Savings drawing will be held on Oct. 15.
In addition to Montana, TruLync manages prize-linked savings programs for credit unions in Delaware, Louisiana, Minnesota, Wisconsin and New York.
According to officials, prize-linked savings accounts encourage healthy savings habits by offering risk-free rewards. When credit union members deposit a set amount of funds into their prize-linked savings account, they are automatically entered in monthly, quarterly and annual cash prize drawings.
“We are so pleased legislation passed last year in Montana that will allow our credit unions to offer this savings program to their members and community,” Karen Smith, VP advocacy for Montana’s Credit Unions, said in a statement. “It is exciting to have six of our Montana credit unions launch the Montana WINcentive program this year, and we are proud to be part of their efforts to help Montanans improve their saving habits.”
Based in Helena, Mont., Montana’s Credit Unions supports and promotes 52 credit unions, which have 124 branches in communities across the state. Those credit unions currently serve more than 393,421 Montanans.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in asets, Minnesota credit unions serve more than 1.7 million members at almost 400 branch locations around the state.