OKLAHOMA CITY, Okla.–Oklahoma has become the latest state to approve prize-linked savings accounts.
Gov. Kevin Stitt signed into law legislation that will permit financial institutions in the state to offer the prize-linked accounts, which reward consumers for savings. Effective Nov. 1, credit unions will be able to conduct savings promotions to incentivize savings.
The legislation had the backing of the state’s credit unions and the Cornerstone Credit Union League.
“I am so glad we were able to get Prize-Linked Savings put into law,” said Nate Webb, executive director with the Oklahoma Credit Union Association, the member organization of the CCUL. “It’s a wonderful way to incentivize savings and let credit unions do what they do best—help our members and our communities. The success of the PLS bill is one of the many encouraging developments in our legislative agenda.”
Prize-linked savings accounts got their start in Minnesota, where credit unions pioneered the offering and the Minnesota CU Network offers its WINcentive Savings solution.