Banks initially opposed Prize Linked Savings Accounts..
- Yes those big bad banks initially opposed Prize Linked Savings Accounts because they gave Credit Unions an unfair advantage and fostered a gambling mentality.
- interestingly Banks were initially prohibited from offering the banking product because of legal prohibitions against banks offering Lotteries.
- But once State Legislatures decided the Prize Linked Savings Accounts weren’t Lotteries in the traditional sense, as in people lost money, they decided to allow banks to offer them.
- one of the very first US States to offer them was Michigan. The Credit Union called the accounts Save to Win accounts and opened 11,666 of them the first year. Which was a record at the time. The average account holder saved 734 dollars per year. The Save to Win program has given away more the 1.4 million dollars in prizes to over 14,000 people, in 14 States.
Save to Win pilot project was launched in Michigan in 2008. At the time, Michigan had the only statutory provision that authorized credit unions to hold savings promotion raffles. The pilot project could not include banks or other financial institutions because they were prohibited from operating lotteries. At the end of the first phase of the pilot, 11,666 new accounts had been opened, and each account holder had saved an average of $734. Save to Win has awarded more than $1.4 million in prizes to more than 14,000 members in four states since 2009.
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The No Loss Lottery
- A Prize Linked Savings Account Exists on Hive, and it is called the No Loss Lottery.
- ‘The No Loss Lottery works just like the original Prize Linked Davings Accounts:
Prize-linked savings (PLS) accounts encourage people to save money by adding a lottery-like feature to certain accounts. Deposits into savings accounts or certificates of deposit (CDs) are held in a financial institution risk-free (just like traditional savings accounts or CDs), and depositors are entered into a drawing based on the number or size of their deposits during a given period. They then have a chance to win prizes, which are funded through the interest that accrues across the pool of prize-linked accounts.
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How to enter
- Send a minimum of one Leo to @nolosslottery via wallet transfer.
- ‘The number of lottery entries you have is the same as the number of Leo.
- You are eligible every week, as long as you leave the money in the @nolosslottery account.
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