Following exciting momentum from the passage of the federal American Savings Promotion Act, which removed federal barriers that prohibited banks and thrifts from offering prize-linked savings (PLS) accounts, Michigan passed two laws that expand opportunities for residents to save money
Yesterday, December 10, the Senate unanimously passed the American Savings Promotion Act, legislation that expands the ability of financial institutions to offer innovative prize-linked savings (PLS) accounts.
D2D’s longtime partnership with Staples was featured as a case study in the CFPB report “Financial Wellness at Work”. The case, titled “Leveraging Technology to Lower Costs and Deliver Scale,” highlighted D2D’s work with Staples to build a gamified financial wellness program for their employees.
Research shows that low-to-moderate income households have limited access to savings for short-term needs and often rely on their social networks when a financial emergency hits. Crowdfunding sites are increasingly being used for pressing financial needs and can be used to expand one’s social networks to raise funds.