PROPOSITION 7 will allow credit unions and other financial institutions to offer savings promotions that include the chance to win prizes. PRIZE-LINKED SAVINGS ACCOUNTS are innovative incentive-based programs that encourage savings and develop the habit of saving. PLSAs are safe and sound and have no extra fees or terms. Every entry has an equal chance to win. Studies show that more than half of American households lack savings necessary to cover 3 months of basic expenses. Approval of prop 7 will give Texans new incentives to save. Your vote for proposition 7 will make saving easy, fun and safe!
Savers earn chances to win prizes simply by depositing money into their accounts. In most existing plans in other states, the minimum amounts are small, usually $25. Each deposit of the designated amount provides an opportunity to win prizes of cash or merchandise. The participants' savings are never at risk. The deposited funds remain in their savings, whether they win a prize or not. For more information: http://www.votetexas.gov/