Press
Piedmont Advantage Credit Union member wins $10k grand prize in “Save to Win” raffle
Winner is one of three in North Carolina, the third state in US to offer the prize-linked savings program
WINSTON-SALEM, NC (February 26, 2015) — James Tucker from Greensboro, North Carolina, a member of Piedmont Advantage Credit Union, Monday was presented a $10,000 grand prize in the North Carolina Save to Win prize-linked savings program.
Tucker is one of more than 1,900 participating credit union members who have saved more than $3.8 million at seven (7) North Carolina credit unions since 2013, the first year of the savings raffle. At 612 Save to Win accounts, Piedmont Advantage Credit Union boasts the greatest number of participants, and they have saved more than $1.2 million and won other total prizes of $7,425 along with a 2014 grand prize. The program supports positive savings habits for North Carolina participants, more than half of whom had not saved regularly prior to opening their Save to Win accounts and gives them a fun way to do it.
On hand to promote savings and the roles Piedmont Advantage and the Save to Win program play, Earline Parmon attended on behalf of Congresswoman Alma Adams and Brad Langston represented Congressman Mark Walker. Adams and Parmon were supporters of the legislation in 2011 that made the Save to Win program possible.
The presentation comes during America Saves Week, which began February 23. America Saves (www.americasaves.org) is an independent campaign of the nonprofit Consumer Federation of America (CFA) dedicated to helping individuals save money, reduce debt, and build wealth.
“The Save to Win program means so much to us as an organization, simply because it means so much to our members,” said Piedmont Advantage Credit Union CEO, Judy Tharp. “It aligns with our vision and is just part of our commitment to enhance the lives of our members. Encouraging members to save and offering prizes along the way creates a fun way to make saving a part of their lifestyle and an effective way to watch their money grow. We couldn’t be more thrilled that one of the $10,000 grand prize winners, Mr. Tucker, is a member here with us at Piedmont Advantage.”
With each $25 deposit in a Save to Win savings account, a member is entered into monthly, quarterly, and grand prize drawings. Most importantly, each saver’s deposits remain his or her own. In North Carolina, 52 percent of participants had not saved regularly prior to joining the program, while 54 percent reported household income of less than $40,000—and 17 percent earn less than $20,000.
Save to Win came to North Carolina in 2011 on the shoulders of several credit unions committed to working together on the program. Their testimony aided introduction, co-sponsorship, and unanimous passage of state legislation on “savings promotion raffles,” excluding them from the NC Charitable Raffle Laws and defining them within general statutes to require deposits in special accounts. The action permitted North Carolina to become the third state in the country to offer the savings program. More states seek to pass legislation and join North Carolina, Michigan, Nebraska, and Washington.
Featured in the Wall Street Journal, New York Times, and on Fox Business, Save to Win was developed by Harvard Business School Professor Peter Tufano and managed by the Doorways to Dreams Fund (D2D). Save to Win was piloted in 2009 in Michigan, where laws permitted such programs, and a survey that year found that 59 percent of participants had spent money on the lottery over the previous six months and that 55 percent had not saved money regularly before opening Save to Win accounts. Today, 62 credit unions among the four states offering Save to Win have secured more than $38 million in deposits for an average of $2,300 per member account.
“We saw great results in the first year, and seeing North Carolinians build on those is heartwarming for those of us who want the best for members and consumers,” Carolinas Credit Union League CEO John Radebaugh noted on the program statistics. “It follows the core message of Save to Win, that with whatever amount you begin, a positive habit creates positive results.”
Attached image: From left to right: Dan Schline, Carolinas Credit Union League; James Tucker, Save to Win Winner and wife, Janet Tucker; Earline Parmon representing Congresswoman Alma Adams; Brad Langston representing Congressman Mark Walker; Judy Tharp, President and CEO, Piedmont Advantageb
Save to Win and its prizes are underwritten and managed by the participating credit unions and the Carolinas Credit Union League. Learn more about the program at www.savetowin.org.
Piedmont Advantage Credit Union is a member-owned, cooperative financial institution headquartered in Winston-Salem, NC with $300MM in assets. The Credit Union serves 46,000 members across the country and around the world through its online product offerings and extensive network of shared branching and CO-OP ATMs. Piedmont Advantage Credit Union currently operates in 9 North Carolina branch locations, with 5,000(+) Credit Union Service Center branches, and 30,000(+) surcharge-free CO-OP ATMs locations nationwide. For more information, visit: www.pacu.com.
The Carolinas Credit Union League was established in 2014 with a commitment to the cooperative spirit and the common goal of credit union growth. The Carolinas Credit Union League is the primary advocate for credit unions and much more, helping promote credit union success through regulatory compliance support, product enhancement, service delivery, and employee education.
The D2D Fund works with the financial services industry, national non-profit groups, grassroots community agencies, and public policy organizations to increase financial security among low income families by generating and testing promising financial services and products and building awareness of the financial needs and potential of low-income communities. D2D is working with credit unions, credit union leagues, legislators, and the asset-building field to grow the Save to Win program nationally. In addition, D2D continues to collaborate on Save to Win innovations geared toward attracting and retaining financially vulnerable consumers.