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|The Pulse 02-02-17|
Volume 6, Issue 5.5
WINcentive Savings Celebrates First Year Success, Grand Prize Winner
This week, WINcentive® Savings celebrated the program’s first complete year. During a press event at the Minnesota State Capitol, Minnesota Credit Union Network President & CEO Mark Cummins, Citizens League Executive Director Sean Kershaw, legislators and program supporters spoke about the success of the prize-linked savings program.
“Whether it’s for a car repair, college for yourself or your children, or maybe a vacation, we want to encourage people to plan ahead,” said Senator Jennifer Loon (R-Eden Prairie). “this is a great program that is getting people to save.”
WINcentive Savings’ first grand prize winner, Affinity Plus Federal Credit Union Member Laura Helmbrecht voiced her appreciation for WINcentive Savings.
“WINcentive Savings helped me not necessarily need a specific reason to save,” Laura said. “Saving for the future seems a distant and hard to do but WINcentive made it fun by being part of a contest.”
In order to increase her chances of winning, Laura took advantage of the four prize entries she was eligible for each month. For each additional $25 saved, WINcentive Savings account holders are entered in to the monthly, quarterly and annual prize drawings.
In 2015, Gov. Mark Dayton signed a Minnesota Credit Union Network-sponsored bill that allows Minnesota’s credit unions to offer prize-linked savings (PLS) accounts. Credit union in Minnesota began offering WINcentive Savings account in January of 2016. During the first year of the program, 4,031 account have been opened and $86,000 in prizes were awarded.
More information about WINcentive Savings, including our year-end statistics report, can be found on the website.
Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Communications Specialist Laura Whittet.
On Wednesday, Feb, 15, MnCUN will be holding a Minnesota Credit Union Women’s Leadership Network meeting at Pinstripes in Edina. The event is schedule from 10 a.m. to 1 p.m. The event will feature: a presentation by Lisa Hayes, leadership coach and facilitator; lunch; and time for networking. Registration for the event closes tomorrow, Feb. 3.
Program topics will include:
Donations encouraged for Dress for Success - accessory and clothing drives help to support the Business Attire Program. Your donations allow Dress for Success to suit women professionally and boost their confidence. They accept donations from size 00-5X. In addition to traditional business attire, they are always in need of handbags, shoes and jewelry, winter coats, hats, and gloves.
Credit union can now apply for a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (the Foundation) through March 31. The Foundation is looking to distribute up to $75,000 in grant funds to credit union organizations as part of this effort.
Biz Kid$ Financial Education Grants may be used to fund innovative programs that improve the financial education of youth through the use of the Biz Kid$ program. Projects may engage teachers, students, education leaders, local PBS stations, or community stakeholders through events, activities, and/or curriculum distribution. Each project should create innovative and engaging activities incorporating Biz Kid$ materials. Funds may not be used as a cash donation to a third party.
“We are excited to once again offer these Biz Kid$ Financial Education Grants to improve the financial futures of the next generation through the award-winning Biz Kid$ program,” said Danielle Brown, the Foundation’s Director of Development & Donor Relations. “In the past five years we’ve distributed these grants, we have seen credit union organizations find creative ways to use the Biz Kid$ program. We look forward to seeing the impact of these new grants over the next year.”
The Foundation has been highlighting Biz Kid$ grantees that have been leveraging Biz Kid$ and its curriculum to build students financial literacy and economic education skills. The application can be found online.
Questions about Biz Kid$ or the grant process can be directed to Danielle Brown by email or by phone at (608) 556-2406.