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.  

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