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2012 Implementation Overview
Implementation Webinar
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Product Review
Implementation Guide Overview
Program Resources
Q&A
PRODUCT REVIEW2012 Implementation Webinar
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Product Details
What is the Save to Win Account?
The Save to Win account is12-month share certificateaccount with unlimiteddeposit capabilities.
12-month Share Certificate Structure • Ongoing deposit functionality• Interest rate and payments set
independently by each CU• Minimum opening deposit is $25• No minimum deposits per month• No maximum deposits per month• No cap on account value (unless
imposed by your CU)• One withdrawal permitted per 12 mo.
period for $25 fee
Deposits = Entries• One entry into the monthly and
annual prize drawings for every $25 in month-over-month balance increase
• Maximum of 10 entries per member per month
• Account must be open to be eligible for monthly or grand prize drawings
Account Qualifications
What is Different About this Account?
The Save to Win account isa prize-linked savings product subject to Michigan laws.
Account holders must be: • 18 years or older
• Legal resident of MichiganMichigan law allows us to offer this. Our laws don’t apply to residents of other states
• Employees may not winCUs may set up separate prize pools for employees, funded by credit union
Family members need to save too, and are allowed to participate. However, CUs have the option to disqualify family members of their own employees
• Not available for business accounts
• Not available for trust accounts
Prize Structure
What Can My Credit Union Members Win?
New for 2012: 10 Save to Win account holders will win a $10,000 grand prize!
Total annual prize pool is $150,000
Prizes randomly selected and administered centrally
Monthly Prizes80 -- $50 prizes per month January through August
90 -- $50 prizes per month September through December
Annual Grand Prizes10 -- $10,000 prizes
Research shows preference for more prizes
$10,000 and $50 prizes identified as clear preferences
*Credit Unions may also offer a monthly prize drawing exclusively to their members (optional)
IMPLEMENTATION GUIDE OVERVIEW2012 Implementation Webinar
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Becoming a Save to Win C.U.
Board ResolutionYour Board of Directors is required to sign a resolution prior to product implementation due to safety and soundness rules.
Product Overview Letter to Board Board Resolution
Participation AgreementThe participation agreement outlines your requirements and financial commitment. There are no participation fees for Save to Win!
Participation Agreement and Confidentiality Agreement combined
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ImplementationCredit unions have reported 1-4 weeks implementation time for the Save to Win product. Implementation Guide Overview follows….
Your Implementation Team
Key StakeholdersA successful launch requires an integrated effort across your organization, including: Operations Marketing Information Technology Finance Security and Risk Legal Member Service Branch Management
Ongoing RolesThe following roles should be established for ongoing product management:
Product Manager-implementation, marketing, contact for the MCUL
Data Manager-data quality, uploads, credit union drawings
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Rules and Disclosures
Official RulesThe MCUL and Affiliates counsel has provided a complete rules template. Your credit union will customize the following areas:
Credit Union Name Credit Union Specific Prizes Share Certificate Terms Credit Union Specific Limitations
Truth in SavingsA Truth-in-Savings disclosure template is provided. Your credit union will customize the following areas:
Effective Date Interest Rate Minimum Balance Withdrawal Penalty Transaction Limitations
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Operations and Systems Requirements Create a unique share certificate account with unlimited deposit capacity Allow the share certificate account to automatically renew after each 12
month period so that members retain the same certificate account/share ID Invoke a $25 penalty for the first withdrawal before the 12-month certificate
period ends, and close the account upon the second withdrawal Transfer funds into the account automatically and on an “as-requested”
basis, as directed by the account holder Easily change the amount of an automatic transfer Generate a consolidated deposit account statement detailing each of an
individual’s deposit accounts and his or her transactions Allow account holder access to account balances and deposit activity via
assisted and remote access channels If capability exists, automate pop-up messages to remind credit union staff
to discuss Save to Win with account holders/targeted members
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Order in CSV File Field
1 First Name
2 Last Name
3 Street Address
4 City
5 State
6 Zip Code
7 Total Amount Deposits for Month
8 Total Amount Withdrawals for Month
9 Month End Balance
10 Previous Month Balance
11 # of Withdrawals
12 # of Deposits
13 Account Open/Closed
14 New Member
15 CU Employee
16 STW Account Open Date
17 Accountholder Birthdate
18 SSN (see security, next slide)
Data Requirements
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Data QualityThe legality, success, and reputation of the program count on quality data delivery.
Data Uploads
Data uploads are completed by credit unions by the 8th day of each month so that the drawings may occur by the 14th. No central drawings or credit union drawings can be performed until all data has been uploaded and accepted.
Prior to submitting data, a quality check should be performed. All data errors will be sent back to the credit union to correct before the data upload process is considered complete.
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Data Security1. Your members’ SSNs will be included on the standard monthly data report that you generate at your credit union.
2. When you enter the Save to Win administrative area and choose to upload data, the data will be protected by an SSL Certificate. This change is easily recognizable as the URL will change to begin with “https” and a small lock will appear in the lower right hand corner of your screen.
3. As the data is transmitted securely, a one way hash algorithm will encrypt the SSN and store that in a temporary table, which will be unique for each user/SSN combination.
4. The data uploaded will be destroyed, and the hash in the temporary table will be used during the rest of the import process.
5. The final upload file to MCUL and Affiliates will include only the hash value. This will be used to cross-reference monthly data, flag data errors, and report product data.
Marketing Requirements
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Item Amount Required Frequency
22x28 Lobby poster 1 per branch 6 months per year
8.5x11 rules poster (customized) 1 per branch All year
Statement stuffer 1 per account 2x per year
8.5x11 teller poster 1 per window 2 months per year
Newsletter article 2 per year
Web banner & link All year
Announce monthly winners (make cash payouts an event; pictures in branch; web site, etc.)
Each month
Announce grand prize winner Jan/Feb 2011
4-panel brochure 20% of membership All year in lobbies
Take ones 20% of membership All year in lobbies
Turn-Key Program Resources
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• Complete operations guide and checklists• Board notification and resolution• Disclosure templates for TIS and official rules
Implementation Resources
• Product training PowerPoint• Train-the-trainer guide• Product “one-sheet” for branch team members
Sales and Training Resources
• Shared consumer facing website• Professionally produced marketing collateral• Downloadable art and graphics
Marketing Resources
• Administrative web site• Data uploads and prize selection• Reports• Support and marketing materials
• Central prize winner selection completed by MCUL & CUcorp• Tools provided to credit unions to self-manage CU specific prizes
Ongoing Administrative Support
Resources and Information
Save to Win information page:http://www.mcul.org/Save_to_Win_2367.html
Save to Win contacts:
Jessica Demorest | [email protected] | 800.262.6285 x458
Karen Biestek | [email protected] | 800.262.6285 x536
Maureen Lafrinere | [email protected] | 800.262.6285 x242
Martha Ninichuk | [email protected] | 800.262.6285 x445
Full list of Save to Win credit unions:http://www.savetowin.org/Participating_Credit_Unions_18.html
