RKEY Credit unions in Iowa think so, and they’re pushing a proposal here that would allow credit unions and banks to offer savings accounts linked to prize drawings,abercrombie pas cher.
Senate File 490 passed the Iowa Senate by a vote of 30-20 on Tuesday – despite opposition from the Iowa Bankers Association – and awaits approval in the House,abercrombie.
They’re allowed to withdraw from the account once a year,abercrombie & fitch, but two withdrawals mean they’re out of the raffle,abercrombie 2013, said Justin Hupfer, vice president of government affairs for the Iowa Credit Union League.
Money for the prizes generally comes from the credit unions’ operating budgets,abercrombie, Hupfer said.
Names are drawn monthly for cash prizes between $100 and $1,abercrombie,000, and one name is drawn annually for a larger prize,abercrombie pas cher.
The $100,abercrombie,000 winner in 2010 was a grandmother and retired cafeteria worker from St,abercrombie paris. Joseph,abercrombie and fitch pas cher, Mich.
Regardless of whether participants win a prize,abercrombie femme, they keep their savings and whatever interest accrues,Credit unions try raffles to lure savers,abercrombie.
Credit union lobbyists say that in 2010, more than 16,500 Michigan residents opened accounts through the contest,abercrombie pas cher,Credit unions try raffles to lure savers.
Those people saved $28 million they probably wouldn’t have saved otherwise,abercrombie pas cher, the argument goes,abercrombie pas cher.
Iowa credit unions want to start a similar program,abercrombie.
Credit unions point out that some Iowa banks already hold prize drawings connected with debit card usage or online bill paying,abercrombie and fitch soldes. The idea of linking savings to a small-scale lottery is a concept that has intrigued many policymakers nationally,abercrombie pas cher.
Peter Orszag, former director of the Office of Management and Budget for President Obama and now an executive for Citibank, argued for the idea in a February op-ed piece in the Financial Times.Related articles:
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