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|The Pulse | 01-23-2018|
Volume 7, Issue 4
WINcentive® Surprises Grand Prize Winner, Reaches $4.8 Million in Savings
Last week, staff from the Minnesota Credit Union Network visited Fulda Area Credit Union to surprise the $5,000 annual prize winner. Thanks to her parents focus on teaching good savings habits, two-year-old Amelia P. was the happy recipient of the grand prize.
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 consumers have saved more than $4.8 million through WINcentive Savings accounts.
“We love WINcentive Savings and have opened accounts for every member of the family,” said the winner’s mother “Receiving the annual prize is an exciting way to show our three young daughters the benefits and rewards of saving a little bit each month.”
WINcentive Savings incentivizes consumers to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders qualify for up to four chances per month for each $25 increase in their month over month savings balance.
WINcentive Savings is offered at 21 credit unions in Minnesota and Del-One Federal Credit Union in Delaware. In addition, MnCUN and TruLync administer the New York Credit Union Association prize-linked savings program, Lucky Savers and the Louisiana Credit Union League program, Lucky Lagniappe Savings.
More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org.
A task force, which included a representative from MnCUN, that was set up to study and develop recommendations regarding Residential Property Assessed Clean Energy (PACE) lending programs has submitted its’ report to the state legislature.
PACE programs are a mechanism for financing energy efficiency and renewable energy improvements on private property. PACE programs exist for both residential and commercial properties and allow a variety of government entities to fund the up-front cost of energy improvements, which are paid back over time by the property owners.
While supportive of the expansion of clean energy, MnCUN has serious issues with PACE programs as currently constructed in the marketplace because state law allows a PACE lien against a property to be superior to any other liens, including one held by a credit union. Additionally, both FHA and FHFA do not permit properties that carry a PACE lien to be insured through them, meaning a homeowner must pay off the lien before selling the home. There are also significant consumer protection issues to be addressed as PACE participants in other states have been coerced into taking on a PACE lien without being fully aware of the price and or repercussions of their decision.
“MnCUN’s concerns were included in the task force’s report and Network staff has been continually meeting with legislators on both sides of the aisle to discuss potential legislative fixes,” said Director of Government Affairs Ryan Smith. “We will continue to push for changes to the PACE statutes that protects the interest of credit unions and their members.”
The Minnesota state legislature reconvenes on Tuesday, Feb. 20.
The Minnesota Credit Union Network Service Corporation (NSC) has partnered with the Montana credit union league to expand the state’s vendor engagement program. Minnesota Credit Union Network (MnCUN) director of business development Kris Jacobson will be working to expand Montana’s credit union partner relationships through their LSG program.
“Choosing the right vendor takes time and resources,” said Network Service Corporation Vice President John Ferstl. “The Network Service Corporation is proud to partner with Montana’s Credit Unions to provide due diligence on product and vendor partners. By negotiating on behalf of credit unions, the NSC is able to ensure access to a variety of products and services at an unbeatable price.”
Participants in the MnCUN and Montana programs have a history of offering professional services and product lines. These companies must appreciate the characteristics that make credit unions unique and understand the importance of providing the best service possible to Minnesota’s credit union members.
With questions, please contact Kris Jacobsen by email, or call the Network office at 651-288-5170.