Prize Linked Savings Coming to Ohio Credit Unions
Tuesday, October 29, 2019
St. Paul, Minn. – The Minnesota Credit Union Network (MnCUN) is partnering with the Ohio Credit Union League (OCUL) to offer prize-linked savings accounts.
WINcentive® Savings was developed by MnCUN to encourage healthy savings habits. 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. Since the program began in 2016, Minnesota credit union members have opened more than 7,500 WINcentive Savings accounts, saving nearly $7 million through the program.
The OCUL program will be branded “Bucks for Buckeyes.” MnCUN and its wholly-owned subsidiary, TruLync, will provide technology management for OCUL including prize drawing administration, reporting, and technical support for Ohio’s participating credit unions.
“We are excited to partner with the Ohio league and their credit unions in administering prize-linked savings,” said John Ferstl, Vice President of the Minnesota Credit Union Network Service Corporation. “Not only does this help consumers, but also creates greater efficiencies and opportunities within the credit union system.”
“The Ohio Credit Union League is proud to cooperatively partner with the Minnesota Credit Union Network to help promote healthy consumer savings habits. Bucks for Buckeyes is a creative solution that incentivizes consumers to build tangible savings while also empowering individuals to take control of their financial future,” said Paul Mercer, Ohio League President. “Moving forward, Bucks for Buckeyes will only enhance the Ohio Credit Union Movement’s commitment to advocating for consumers through superior member service.”
In addition to the new partnership with OCUL, MnCUN and TruLync administer prize-linked savings programs for credit union leagues in Louisiana, Montana, New York, and Wisconsin and City of Boston and Del-One Federal Credit Union. In Minnesota, 23 credit unions currently offer WINcentive Savings accounts to members.
More information is available on the WINcentive website.
TruLync™, a wholly owned subsidiary of the Minnesota Credit Union Network, offers credit unions and other financial institutions nationwide a complete suite of cost-effective technology solutions which improve operational efficiency, increase financial performance, reduce risk, and enrich member relationships. For more information, visit trulync.com.
About Minnesota Credit Union Network
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 $24 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve 1.8 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.
About the Ohio Credit Union League
With offices in Columbus, OCUL is the state trade association representing the interests of 261 credit unions and their more than 3 million members. Credit unions are not-for-profit financial institutions owned and democratically-controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their member-owners. To learn more, visit www.yourmoneyfurther.com.