Proposition 7: Earning prizes while saving money - Newschannel 6 Now | Wichita Falls, TX

Proposition 7: Earning prizes while saving money

WICHITA FALLS, TX (KAUZ) -

More than 1,500 Texomans have already cast their ballot as of Wednesday in Wichita County.

One of the propositions on the ballot would give financial institutions the ability to organize raffles.

The Texas Constitution bans lotteries in the state but that could soon change if Proposition 7 passes.

Credit unions, banks, savings banks and savings associations would be exempt from the Lone Star state's constitution to legally conduct savings promotion raffles, also known as prize-linked savings accounts.

"Here in Texas, one-third of the residents don't have a savings account in the general," Teea Reed the Union Square Vice President of Marketing and Business Development said. "(The idea) is to encourage folks to get savings accounts to prepare for those times they'll need those extra expenses."

The way it works is when customers deposit money into their savings account, their name gets put into a lottery for a prize.

Every dollar that goes in is an entry and Monica Davis the Union Square Senior Vice President of Risk Management said more savings equals more chances to win.

Financial organizations won't be allowed to require additional fees to enter a raffle and they cannot mislead customers or depositors.

One other note is that most earn no interest on money in a prize-linked savings account. As of last year, 20-states in the country allowed them.  

Copyright 2017 KAUZ All Rights Reserved
 

  • News HeadlinesNewsMore>>

  • New air conditioning unit stalled at Wichita Co. Courthouse

    New air conditioning unit stalled at Wichita Co. Courthouse

    Tuesday, August 14 2018 6:52 PM EDT2018-08-14 22:52:10 GMT
    The new unit was installed on Tuesday morning. (Source: KAUZ)The new unit was installed on Tuesday morning. (Source: KAUZ)
    The new unit was installed on Tuesday morning. (Source: KAUZ)The new unit was installed on Tuesday morning. (Source: KAUZ)

    A large temporary unit has been parked outside the courthouse for several weeks.

    A large temporary unit has been parked outside the courthouse for several weeks.

  • US students turn grief into tech startup after France attack

    US students turn grief into tech startup after France attack

    Saturday, August 11 2018 11:34 AM EDT2018-08-11 15:34:37 GMT
    Tuesday, August 14 2018 6:40 PM EDT2018-08-14 22:40:36 GMT
    (AP Photo/Marcio Jose Sanchez). University of California students, from left, Anjali Banerjee, Alice Ma and Tyler Heintz walk near the university's campus Wednesday, June 6, 2018, in, Berkeley, Calif. The students who were in Nice, France when a terror...(AP Photo/Marcio Jose Sanchez). University of California students, from left, Anjali Banerjee, Alice Ma and Tyler Heintz walk near the university's campus Wednesday, June 6, 2018, in, Berkeley, Calif. The students who were in Nice, France when a terror...

    University of California, Berkeley students who were in the French city of Nice when a man drove a 19-ton truck through the crowd, killing their classmate and 85 other people, have turned their grief into building...

    University of California, Berkeley students who were in the French city of Nice when a man drove a 19-ton truck through the crowd, killing their classmate and 85 other people, have turned their grief into building a tech startup to fight terrorism.

  • City of Vernon to demolish Gibson's discount center

    City of Vernon to demolish Gibson's discount center

    Tuesday, August 14 2018 6:31 PM EDT2018-08-14 22:31:59 GMT
    A large discount center in Vernon that closed sixteen years ago is set to be demolished next week. (Source: KAUZ)A large discount center in Vernon that closed sixteen years ago is set to be demolished next week. (Source: KAUZ)
    A large discount center in Vernon that closed sixteen years ago is set to be demolished next week. (Source: KAUZ)A large discount center in Vernon that closed sixteen years ago is set to be demolished next week. (Source: KAUZ)

    The City of Vernon announced their plan to have Gibson's demolished. 

    The City of Vernon announced their plan to have Gibson's demolished. 

Powered by Frankly