Lucky Savers

Lucky Savers

It Pays to Save. The Lucky Savers program is a 12-month share certificate account that enters account holders into monthly cash drawings dependent on their deposit activity for every $25 increase in balance month over month. Members are limited to ONE Lucky Saver Certificate no matter how many credit unions they do business with in New York State.

Lucky Savers Certificate Benefits:

  • Automatically entered into monthly cash drawings for every $25 increase in balance
  • Maximum of 10 entries per member per month
  • Allowed one withdrawal per 12 month term for fee of $25
  • Automatic renewal at maturity

Link to Rates

Lucky Savers Prize Linked Savings Promotion Raffle

OFFICIAL ACCOUNT AND PRIZE ENTRY RULES

  1. How to Enter: The Lucky Savers Prize Linked Savings Promotion Raffle (“Raffle”) begins on October 1, 2016 and ends September 30, 2017 (“Raffle Period”). 

Automatic Entries: An eligible member of a participating credit union automatically receives Raffle entries based upon the following:

State Monthly Prize Drawings: One (1) entry for every $25 increase in the monthly balance for the member in a Qualifying Certificate Account at month’s end, with a maximum of ten (10) entries per month per member. There is a maximum monthly deposit of $250.00.

Credit Union Monthly Prize Drawings: One (1) entry for every $25 increase in the monthly balance for the member in a Qualifying Certificate Account at month’s end, with a maximum of ten (10) entries per month per member. Credit Unions may change their monthly drawing prize structure at any time during the year, so long as notification of the change is provided to all Lucky Savers accountholders.

State Quarterly Prize Drawing: One (1) entry for every $25 increase in the monthly balance for the member in a Qualifying Certificate Account at each month’s end, with a maximum of ten (10) entries per month per member. Participating members are limited to a total of 30 entries during the Raffle Period for the Central Quarterly Prize Drawings.

Automatic Entries will be recorded by participating credit unions once the balance is calculated at month-end processing. Qualifying deposits/balances must be received and posted by the participating Credit Union by midnight Eastern Time on the last day of each month end. Automatic entries are only eligible to win during the drawing period covered.

  1. Qualifying Certificate Account: A Qualifying Certificate Account is a share certificate. A participating member is limited to one (1) Qualifying Certificate Account at one (1) participating credit union, with a minimum opening deposit of $25. Participating members may deposit up to $250 per month in a Qualifying Certificate Account. Should a member deposit in excess of $250 in any month, the excess will be transferred to their primary share savings. A participating member may make a maximum of one (1) withdrawal from their Qualifying Certificate Account during any twelve (12) month period, with an early withdrawal penalty fee of $25. More than one (1) withdrawal within any twelve (12) month period will result in the disqualification of the participating member’s Qualifying Certificate Account from consideration for subsequent prizes and the participating member’s forfeiture of any and all entries for monthly and quarterly prizes and will result in the closure of the Qualifying Certificate Account. Once a Qualifying Certificate Account of an accountholder has been closed, there will be a 6 month waiting period before that accountholder can open a new Qualifying Certificate Account.
  1. Prize Eligibility: Corporations, limited liability companies, partnerships, associations, sole proprietorships, trusts, business and labor organizations, other public or private entities, as well as officers, directors and employees of (i) participating credit unions and (ii) vendors of such credit unions are not eligible to receive Monthly or Quarterly prizes from the central or credit union drawing. Also not eligible are immediate family members (spouse, child) of the individuals described in the preceding sentence, nor any person residing in the same household as any such individual. All participants must be at least of sufficient age to enter into a binding contract (18 in most states) and be a member with a regular share account (the account which qualifies the individual for membership), in good standing in the participating credit union. To win a prize in a drawing, a participant’s Qualifying Certificate Account must be open and active through the drawing period. A participating member is limited to winning one State Monthly Prize per month and one State Quarterly Prize per quarter. A participating member is not eligible to win both a State Prize and an Olean Area Federal Credit Union Prize in the same drawing month. If the Qualifying Certificate Account is owned by more than one member, only the member under whose taxpayer identification number earnings on the account would be reported to the Internal Revenue Service should such reporting be required for the account is entitled to win a Prize. Before receiving any prize, a participant must confirm eligibility by verifying identity and age. If a member with a Qualifying Certificate Account is ineligible for the Raffle, such member will continue to be the account holder but deposits to the account will not constitute qualifying Raffle entries.
  1. Prizes: All Prizes from the State Drawings and Prizes from the Credit Union Drawings are cash prizes and will be deposited into the winner’s primary share account. Prizes may NOT be deposited in the member’s Qualifying Certificate Account. All winners from the State Drawings and winners from the Credit Union Drawings will be selected from among all participants in the Raffle Drawings. The State Monthly Prize Drawings will be conducted within fourteen (14) days of the conclusion of the previous month and the State Quarterly Prize Drawings will be conducted within fourteen (14) days of the conclusion of the previous quarter, for which valid entries will be determined. Winners will be notified via telephone, email, or standard U.S.P.S. mail. Prizes are non-transferrable. Prize winnings will be reported as income on IRS 1099 form. Each Credit Union is responsible for providing this form to its members who have received a Prize from the State Drawings or a Prize from the Credit Union Drawing. Amounts for Credit Union Prizes are listed below. A complete list of State Drawing Prizes as applicable from time to time will be listed on the consumer website at www.nycua.org.

OLEAN AREA FEDERAL CREDIT UNION MONTHLY PRIZE DRAWINGS (Separate from the Central Drawings): Credit Union Drawing totaling $600.00 with prizes each month will be awarded to winning members as follows:

TWO (2) WINNING ENTRIES WILL BE RANDOMLY SELECTED TO RECEIVE A $25 CASH PRIZE

  1. Odds: Actual odds of winning are based upon the number of eligible entries received. Each eligible entry shall have a chance of winning State Monthly Prizes that is equal to that of all other entries in the Raffle. For Olean Area Federal Credit Union Prizes, each eligible entry shall have a chance of winning that is equal to that of all other entries within the same participating credit union. Each eligible entry shall have a chance of winning State Quarterly prizes that is equal to that of all other entries in the Raffle.
  1. Prize Administration and Research Study. Lucky Savers entries and prize drawings are submitted to and conducted by Minnesota Item Processing Corporation (MnIPC), pursuant to an agreement with the New York Credit Union Association (NYCUA). The Lucky Savers program is part of an ongoing research effort of NYCUA and D2D Fund, Inc. (D2D), which entails the study of information about prize-linked savings programs and savings habits of consumers. To participate in the raffle, the entrant’s social security number is transmitted by the Credit Union via a secure data sharing process then replaced with a new unique identifier by MnIPC for raffle and reporting purposes. The entrant’s social security number will be deleted from the file by MnIPC as soon as it is securely encrypted and is not stored on any third party system or accessible by third party administrators. Non-personally identifiable information provided to MnIPC by the credit unions for entrants under the Lucky Savers program will be shared with D2D for research purposes. D2D will be permitted to compile and analyze the data and to share the data and analysis in furtherance of its charitable purposes. In the event that the data includes any personally identifiable information D2D will not share it with any other entity or use it for any other purpose, unless an individual program participant has authorized disclosure of such information in writing to D2D and any third parties, and only to extent of such authorization.
  1. Decisions: By entering into the Raffle, entrants agree to abide by and be bound by these Official Rules and to accept the decisions of NYCUA and the participating credit unions as final. Entrants also agree to hold each participating credit union, and each third party contributing funds and/or services to the Raffle (collectively and hereinafter referred to as the “Parties”) and each of their officers, directors, employees, shareholders, members and representatives, and agents harmless from any liability arising from participation, or the acceptance of a prize. The Parties and each of their officers, directors, employees, members, and representatives, and agents are not responsible for any negligence, claims, liability, injury, property loss, or other damages of entrants and/or winners arising from, or in connection with, acceptance of prizes awarded or participation in this Raffle. The participating credit unions reserve the right to disqualify entrants who fail to follow these Official Rules or who make any misrepresentations relative to the Raffle and prize redemption.
  1. Publicity: Each winner agrees to permit the Parties to use his/her name and likeness in promotional and other materials, without additional compensation or permission, except where prohibited by law. Each winner also agrees that his/her name and prize amount will be given to other entrants upon request.
  1. Compliance with Law: All issues and questions concerning the construction, validity interpretation, and enforceability of these Official Rules, or the rights and obligations of entrant and the Parties in connection with the Raffle, shall be governed by, and construed in accordance with, the substantive laws of the State of New York, without regard to its choice of law principles. Matters solely between a participating credit union and its members and matters concerning the legality of a participating credit union participating in the Raffle shall be governed by, and construed in accordance with, the substantive laws of the state in which the credit union’s principal place of business is located without regard to its choice of law principles. This raffle is void where and to the extent prohibited by law.
  1. Taxes: Winner is solely responsible for all applicable federal, state and local taxes and any expenses associated with the prize, unless otherwise indicated.
  1. Miscellaneous: The Parties may agree to substitute prizes of equivalent value, amend the rules or discontinue the Raffle at any time. The Parties disclaim any responsibility to notify entrants of any aspect related to the conduct of the Raffle. Written copies of these rules are available during normal business hours at any Olean Area Federal Credit Union location and on the credit union website www.oleanareafcu.org. Copies of the authoritative and updated rules are available at www.nycua.org. In the event of any conflict between the rules posted on the consumer facing website and any other version of the rules, the version posted on the website will be considered the definitive and controlling version.

Rev. 9/8/16

Federally Insured by NCUA