PLEASANTON & SAN FRANCISCO, CALIFORNIA, June 18, 2019 — Starting today, Patelco Credit Union, a top Northern California credit union is launching Play. Save. Win. to empower families to build better saving habits. Patelco is partnering with SaverLife by EARN, an award-winning national nonprofit helping Americans take charge of their financial lives with technology. The program encourages Patelco members to set up automatic transfers into their respective Patelco savings account by offering cash prizes.
“Patelco is a forward-thinking credit union, committed to investing in the long-term financial success of their members,” says Leigh Phillips, CEO of EARN.org. “By offering their members access to a proven solution to help people start and keep saving, they are paving a path to prosperity.”
SaverLife uses proven behavioral techniques to build a savings habit. SaverLife’s instant win games provide a fun, immediate reward for saving, leading to a significant increase in savings rates. With the introduction of SaverLife’s popular Scratch and Save game in 2018, savings activity shot up by as much as 30%. Scratch & Save has been played over 50,000 times.
“Patelco is committed to helping our members achieve lifelong financial well-being.” said Erin Mendez, President and CEO of Patelco Credit Union. “Many working families have a hard time saving — 39% of Americans do not have $400 saved to cover emergencies. We want to help people take control of their financial future and start saving more. Saving regularly, however big or small, can make a big impact over time in people’s financial lives. We’re here to help them get started, while making it fun and rewarding.”
Patelco’s Play. Save. Win. game is the first of its kind, designed to reward members for establishing good savings habits. By saving a minimum of $5 a week, the member will get to play a digital scratcher game for a chance to win $5, $25, $50 or $100. They will also be entered automatically into the monthly grand prize drawing for a chance to win $10,000.
The program is open to both new and existing Patelco members with checking and savings accounts, and runs from June 17 to Sept 30, 2019. All participants must be legal California residents who are 18 years of age or older.
EARN.org is an award-winning nonprofit that transforms lives through the power of saving. Since 2001, we have helped over 150,000 families across the country save for a better future through SaverLife, our flagship program. SaverLife starts small and builds a habit of saving, creating long-term financial security, confidence, and pride. Almost half of Americans don’t have $400 saved for an unexpected emergency. The constant financial instability this creates leads to fear and anxiety for families. Saving helps focus on the future and creates a path to prosperity that affects multiple generations. EARN.org SaverLife.org
About Patelco Credit Union
Pleasanton, California-based Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and well-being of its membership. With more than 350,000 members primarily in and around northern California, Patelco is committed to fueling hope and opportunity for its members by offering personalized solutions, advice, and expertise that empower them to achieve personal financial freedom. Founded in 1936 with $500 in assets by employees of the Pacific Telephone and Telegraph Company, Patelco is in the top one percent of U.S. credit unions with more than $6.9 billion in assets. For more information, visit https://www.patelco.org/.