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A Prize-Linked Savings Program for Michigan Credit Unions 

Save to Win is an attention-getting innovation available only at credit unions. A provision in the Michigan Credit Union Act allows state and federal-chartered credit unions to offer savings raffles to their members in which a savings deposit can constitute entry into a raffle drawing. In 2011, more than 16,000 Michigan credit union members have combined to save over $2.7 million! In our current slow-growth economy, this is a huge accomplishment for Michigan families and for Michigan credit unions!

This program works as a part of Michigan's Community Reinvestment Initiative, because it's closely tied to our mission of "People Helping People," by giving members a way to build good savings habits and enjoy a more responsible game of chance. This unique product was borne out of Doorway to Dreams, The Filene Research Institute, and your Michigan Credit Union League.

Key Program Facts:

• As of May 2012, 56 credit unions of all sizes across the state are Save to Win partners, but there's still plenty of room for more.
   
• Participation fees are waived for 2012 - you only pay for marketing expenses for your credit union and any additional monthly prizes your credit union wants to award your members.
   
• Monthly and grand prizes are funded by MCUL & Affiliates - (80) $50 prizes will be awarded monthly, January through August and (90) $50 prizes will be awarded monthly, September through December. Also, (10) $10,000 grand prizes will be awarded at the end of the year.
   
• The Michigan Credit Union League promotes Save to Win through mass media buys and national PR campaigns. You may have heard our radio commercial in Fall, 2011 or even read about our program in the Wall Street Journal and AARP Magazine.

 More Information: 

• Doorway to Dreams Prize Linked Savings Study
   
• Save to Win Administration Site  (accessible by participating CUs only)
   
• Learn More About Prize-Linked Savings in the U.S.
   

Sign Up for Save to Win:

• Product Implementation Overview
• 2012 Participation Agreement
• Letter to Board
• Board Resolution
• CU Information Sheet 

For more product information please contact Jessica Demorest, Save to Win Coordinator, at Jessica.Demorest@mcul.org  or 800-262-6285 extension 458.

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