ATLANTA (February 7, 2017) | Senate President Pro Tempore David Shafer (R – Duluth) along with representatives from the Georgia Bankers Association, Community Bankers Association, Georgia Credit Union Affiliates, and Members First Credit Union, as well as United Way, Operation Hope, and Urban Asset Builders held a press conference to introduce the “Save Earn Win Act” today.
“Our country is facing a crisis and we have stopped saving,” said Sen. Shafer. “Most Americans are living paycheck to paycheck and do not have enough to pay for a $400 emergency. I am proud to introduce the “Save Earn Win Act” which will serve as an incentive for people to save more and to invest in their future.”
The “Save Earn Win Act” would authorize banks and credit unions to offer a new type of savings account in which depositors are entered into a drawing that pays a prize to the winner. The bill would incentivize earners who are otherwise predisposed to spend their income on immediate thrills to save. These depositors would have the thrill of a lottery or raffle, but instead of being left with nothing but an empty slip when they lose, they would still have their savings. The prize-linked savings accounts authorized by the Save Earn Win Act could be interest bearing or non-interest bearing. It would be up to the financial institutions in question to organize their raffle as they deem fit.
The “Save Earn Win Act” was dropped in the Senate Hopper earlier this afternoon and will be available on the Senate Website tomorrow morning.
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For Immediate Release:
February 7, 2017
For Information Contact:
Ines Owens, Acting Director
ines.owens@senate.ga.gov
404.656.0028