Credit Union Awards a $10,000 Prize to Local Saver
American First Credit Union awarded their third quarterly $10,000 prize to winner Steven F. of La Habra, CA. The prize is the latest to be offered as part of Big Prize Savings, a savings account that awards monthly, quarterly, and yearly cash prizes to accountholders who maintain and increase their savings.
BREA, Calif., October 28, 2019 (Newswire.com) - Upon receiving his prize, surrounded by family, Steven remarked: “Growing up in La Habra, I drove past here and was curious about the difference between a bank and credit union. At AFCU, people know me by name and always give me great service.”
Steven plans to not only keep on saving but also to give back to the community: “As this is an unexpected blessing, I plan on donating half to the city of La Habra—to the Gary Center and Meals-on-Wheels.”
The Big Prize Savings initiative is based on research conducted by Harvard Business School and made possible due to recent changes in California state legislation, which now allow for the establishment of prize-linked savings accounts. This research shows that bank-sponsored cash incentive programs help encourage savers to develop and maintain healthy, consistent money-saving habits.
At the time of each monthly drawing, all American First Credit Union members maintaining an average monthly daily savings balance of $500 or more are entered into the contest. Savers receive one entry for every $25, so the more money they save, the more chances they’ll have to win. For example, a saver who maintains a daily average of $500 over the course of the month will receive 20 entries into the drawing, while another who saves $525 will receive 21.
In addition to the quarterly $10,000 prize, the Big Prize Savings program also rewards a $1,000 monthly prize, and a $50,000 yearly grand prize. Big Prize Savings accounts are available to all American First members in Southern California. Others who qualify for credit union membership through family, their employer or a community group are also eligible to participate. The Big Prize Savings account has no fees and pays interest on qualified balances.
“We’re thrilled to grant the latest Big Prize Savings reward to a La Habra local, [Steven]. Good financial decisions lead to rewards, whether they’re from the result of an incentive prize like this or from the steady, responsible saving we hope it encourages,” said Jon Shigematsu, CEO/President of American First Credit Union. “We started Big Prize Savings to give back to people who save and are particularly excited to give back to [Steven] because of the longevity of his savings with us.”
American First Credit Union will be announcing their first $50,000 winner in January 2020. To find out how you can open a Big Prize Savings account, visit bigprizesavings.com or call American First Credit Union at (800) 290-1112.
About American First
American First Credit Union is based in Orange County, California. We provide competitive savings and financing services for individuals and businesses alike. Since 1952, our credit union has operated under a “people helping people” philosophy, prioritizing community involvement through volunteer hours, cooperation with numerous charitable causes and financial initiatives that help broaden opportunities so that all can prosper. To learn more about us, visit amerfirst.org.
Source: American First Credit Union
Categories: Consumer Banking