You undoubtedly have heard that old advertising gimmick: “A dollar and a dream”. The idea is that you buy a lottery ticket, like millions of New Yorkers do daily, and you have an almost insurmountable chance of winning the ‘big’ prize.
Yes, they advertise and parade the big winners in TV ads and on the news, but what New Yorkers do not see is the millions of people hoping beyond hope to hit the jackpot and coming up with nothing but a useless piece of paper.
It has been tallied that a person earning $10,000, or less in a year, spends about $600 per year of that sub-standard wage hoping to make it big. The numbers do not fare well for many at, or just above the poverty level when it comes to lottery playing.
New York spends millions on trying to break the habit of habitual gamblers, but at the same time promotes a variety of scratch-off games, lotto and mega lotto games to entice a person to forsake buying necessities, or saving for a rainy day.
The New York State legislature must have developed some kind of conscious throughout their days in Albany.
A pro-credit union bill that will allow New York credit unions and other financial institutions to establish prize-linked savings accounts was signed into law on Tuesday by New York Governor Andrew Cuomo. With the new law in place, credit unions in New York will be able to offer raffle-style programs that encourage sound, consistent saving habits among members.
The Assembly version of the legislation was introduced by Assemblywoman Annette Robinson (D-Brooklyn), and the Senate version was introduced by Sen. Andrew Lanza (R-Staten Island). The bill passed the Legislature May 28-just weeks after hundreds of credit union advocates gathered at the state Capitol to discuss the legislation with lawmakers during the Credit Union Association of New York’s (CUANY) State Governmental Affairs Conference.
Similar legislation passed both houses of the Legislature last year with strong bipartisan support before being vetoed by Cuomo, who requested language revisions. CUANY worked closely with the governor’s office, state regulators and top lawmakers to ensure the law’s passage this year.
“This important law will encourage New York consumers to save money more often and more regularly,” said CUANY President and CEO William J. Mellin. “Ultimately, prize-linked savings accounts will benefit the working- and middle-class families who continually struggle to put money away for the future. It is encouraging to see the Governor and Legislature working together to pass meaningful laws that will provide financial relief to those who need it the most.”
According to Deborah Hellert, the Marketing Director for Reliant Community Credit Union, the ‘lottery’ will allow Reliant to offer chances to those making deposits in their savings accounts. Each deposit gives the depositor a chance to win the top prize offered at the end of a time period. People take a chance to win with every deposit into their savings account. “We will definitely be looking at it,” said Hellert.
The law, open to the public, has some tweaking and defining before it takes effect Sept. 23, 2015.