NY Times Praised Credit Union’s Unique Approach to Encouraging Savings
In an article in the Sunday New York Times, credit unions were praised for using a unique approach to encourage their low-income members to save. Prize-linked savings accounts, which are permitted now in several states, treat every deposit as the purchase of a ticket for a prize-winning lottery. Legislation is pending at the federal level that would make these types of accounts available for more financial institutions. [9/2/14]