Using Your Savings Account May Qualify You To Win Prizes

SACRAMENTO (CBS13) - Banks and Credit Unions may be able to offer prize opportunities for those who use their savings accounts.

The current Banking Law "makes it a crime for a person to contrive, prepare, set up, propose, or draw any lottery, whether it is called a lottery, raffle, gift enterprise, or other name."

Senate Bill 1055 would change that. It would allow banks and credit union meeting certain requirements to offer depositers the chance to win designated prizes. The bill would still "prohibit these savings promotions from being considered a lottery or raffle."

Those who participate would not be required to pay a fee in order to enter the savings promotion and each entry would need to have an equal chance of winning.

SB 1055 unanimously passed the Senate in April. it's being heard by the Assembly Banking and Finance Committee on Monday.