In November 2017, Wisconsin joined 20 other states in authorizing banks, credit unions, and savings institutions to conduct prize-linked savings promotions. Savings promotion contests are designed to encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes. Savings promotion contests in other states and countries have produced an increase in the average number of savings accounts and funds in those savings accounts.
Read a Legal Q&A on prize-linked savings accounts from the WBA Legal Team here.
WBA first reported on this law (then just a bill) last year.
Read the full text and history of the law here.
For more information, read insights from WBA Bronze Associate Member Godfrey & Kahn, s.c.