For immediate release:
April 4, 2016
INDIANAPOLIS — Efforts by State Rep. Gail Riecken (D-Evansville) to encourage more Hoosiers to save money began to bear fruit on April 1, when a group of Indiana credit unions started offering a new program that encourages savings and offers prizes.
Spurred by a state law (House Enrolled Act 1235) that Riecken authored in 2014, the Indiana Credit Union League and 12 credit unions across the state have joined forces on a program called Save to Win. By making a $25 deposit, members at these credit unions will be entered into drawings that will enable them to win cash prizes throughout the year.
Among those participating in the program are three Evansville-area institutions: the Evansville Federal Credit Union, the Evansville Teachers Federal Credit Union, and the Sterling United Federal Credit Union.
“This legislation started with discussions that I had with constituents about their concerns that they don’t have the chance to save money like they should,” Riecken said. “In many cases, people must pursue high-interest loans to pay for everyday emergencies like plumbing problems at home or fixing your car.
“The key was trying to find a way that encourages people to get savings accounts that can help them when they must face unexpected expenses or have a sudden drop in their income,” she continued. “The effort to find an answer drew support from a large bipartisan coalition of lawmakers in both the Indiana House and Senate. The result was HEA 1235, and now people across Indiana will have the chance to take part in this program.”
Riecken said one of the key benefits to the program is that once people open a savings account, they can never lose their account balances or the interest they accrue, and they can have a chance to win more money while they learn to save.
“What I like the most about this is that it helps encourage people to save money, and learn to budget,” Riecken said. “Even better, you learn there are benefits for saving. It is always a delight to see an idea that started with constituents become reality, with major benefits coming as a result.”