DOVER, Del.–Del-One FCU has become the first credit union in this state to announce it will launch a prize-linked savings program.
The credit union’s announcement came one day after Gov. John Carney signed a bill into law allowing financial institutions to offer cash prizes to savers who make regular deposits into their accounts. The bill signing was held at the Del-One Federal Credit Union branch in Dover.
“Delawareans across all income levels are facing a significant level of financial volatility and come up $1,800 short when faced with a large, unexpected expense,” said Carney. “This program is a great way to save and possibly get rewarded with a cash prize for doing so.”
Delaware will become the 15th state to launch this “prize-linked savings” program and the 22nd state to pass legislation allowing financial institutions to participate.
Dion Williams, Del-One president and Chief Executive Officer, said he is excited that Del-One will be the first financial institution in Delaware to offer the program.
“We are thrilled to offer this enticing savings program to all Delawareans and to join our colleagues across the country that have done so much to boost savings rates in their communities,” Williams said.
The program is currently in development, and the opening date will be announced on Del-One’s website, www.del-one.org.
In making the announcement, Del-One pointed to Michigan, where the program started in 2009 and where 60,000 people have since saved over $140 million with an average account balance of $2,000.
$tand By Me, a statewide financial empowerment partnership administered by the DE Department of Health and Social Services and United Way of Delaware is supporting this effort as part of its work to increase financial well-being for all Delawareans.
The $420-million Del-One FCU has 55,000 members.