Can ‘Lotteries’ at Banks Get People to Save More?
If a bank or credit union invites you to enter a lottery that it says “you just can’t lose,” don’t worry, odds are it’s not a scam or a blatant case of misleading advertising.
A law passed late last year is a first step toward allowing banks to set up contests in which consumers can earn cash prizes for contributing to savings accounts—a type of program already offered by some credit unions. In most cases, banks will still need state legislative action before they can proceed. Read more