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SAVER’S SWEEPSTAKES™ ACCOUNT AGREEMENT
Introduction. Glacier Hills Credit Union (the “Credit Union”) offers Saver’s Sweepstakes® prize-linked savings accounts through the Wisconsin Credit Union League (“WCUL”). Saver’s Sweepstakes accounts are share savings accounts that help you save and earn chances to win prizes. By signing below, you agree to the terms in this contract, which governs your Saver’s Sweepstakes account (the “Account”).
12-month savings period. You agree to participate in a 12-month savings period. After that, you can continue to save and use the Account for following 12-month savings periods, unless the Saver’s Sweepstakes program ends or the Account is closed. The Account will automatically renew at the end of each savings period.
Eligibility. The primary Account holder must be a Credit Union member. Also:
- The primary Account holder must reside in Wisconsin, Minnesota, or Illinois. If the primary Account holder moves outside those states, you must notify the Credit Union, which will close the Account.
- Only individuals can hold Saver’s Sweepstakes accounts (as primary or joint account holders) – not businesses, estates, trusts, or other organizations. No one can use the Account for non-consumer purposes.
- Depending on the Credit Union’s policies, a minor can be 1) a joint Account holder if the primary Account holder is at least 18; or 2) a sole or primary Account holder with a parent’s or legal guardian’s written permission; or 3) a beneficiary on a custodial Account.
A person can be the primary account holder on just one Saver’s Sweepstakes account in this Credit Union but can be joint on more than one.
Rates & fees. Rates, fees, and other Account terms are described in the Credit Union’s Truth in Savings disclosure and in any other membership or account ownership agreement(s) from the Credit Union.
Deposits, balances and drawing entries. You need a minimum deposit of $5.00 to open the Account, and you must maintain at least a $5.00 balance.
The Account may have joint owners. Any of them can make deposits to the Account, as often as they like and in any amount, but only the primary Account holder is entered in prize drawings and eligible to win.
For every $25 increase in month-over-month balance in the Account, the primary Account holder will get one entry into each upcoming statewide prize pool (and in any members-only prize pool that the Credit Union may offer). No matter how much the balance increases, the total number of entries that a primary Account holder gets is capped at: 6 entries per month; 18 entries per quarter; and 72 entries per 12-month savings period. If the primary Account holder has Saver’s Sweepstakes accounts at other credit unions, it will not increase these caps.
As a bonus to you to reward savings over a 12-month period, any balance that remains in the Account at the end of the anniversary month (month 13) will be treated as a new deposit for eligibility into prize pools for the subsequent 12-month savings period (subject to the caps described in the previous paragraph).
Withdrawals. You (or a joint Account holder) can make withdrawals from the Account, but this can impact whether you earn drawing entries. For example, if you deposit $25 but withdraw $5 in the same month, your balance will not increase enough to earn a drawing entry.
Joint owners. Unless the Credit Union’s account ownership agreement clearly shows that more than one signature is required, any joint Account holder can act for you on this Account, and on his/her own may transact any business on this Account, including but not limited to withdrawing, transferring funds, closing the Account, or pledging the Account as security, without your consent. The Credit Union has no duty to notify you of any joint Account holder’s actions.
Prize eligibility. For the primary Account holder to be eligible to win a prize in a drawing, this Account must be open throughout the drawing period.
Primary account holders are only eligible to win once per drawing pool; for example, an account holder, regardless of the number of entries, may only win one (1) monthly drawing per month, one (1) quarterly drawing per quarter, and one (1) annual drawing.
Before receiving a prize, the primary Account holder must confirm eligibility and verify identity with the Credit Union. If the Credit Union determines that the primary Account holder was ineligible at the time of the prize drawing, that person will forfeit any prize(s) won, and the Credit Union will close the Account.
Prizes. All Saver’s Sweepstakes prizes are cash prizes. The primary Account holder may accept prizes in the form of cash, credit union check, or deposit into a membership share account, even if that account has joint account holders. Prizes will not be deposited into your Saver’s Sweepstakes Account; however, you are encouraged to consider saving part of any prize winnings by making a deposit into your Saver’s Sweepstakes Account. If the primary Account holder does not claim a prize in another manner from Credit Union within thirty (30) days of winning, any prize will automatically be deposited into the primary Account holder’s membership share account, even if that account has joint account holders.
Statewide prize pool sizes vary, depending on the number of participating credit unions contributing to the prize pools. All statewide drawings and prize amounts are listed and updated from time to time on The Wisconsin Credit Union League website, https://www.theleague.coop/solutions/savers-sweepstakes/savers-sweepstakes-winners. Information about Credit Union members-only prize drawings (if any) is available from the Credit Union.
All Saver’s Sweepstakes winners are randomly selected from among all eligible participants in the drawing pool. Drawings are done on or about the 15th of each month, or the next business day, for the previous month, quarter-end, and/or year. Additional special drawings, in amounts to be determined, may be announced from time to time. Winners are notified via telephone, email, or standard USPS mail. Prizes are non-transferrable.
Chance of winning. Actual odds of winning are based on the number of eligible entries received. Each eligible entry in a drawing has an equal chance of winning.
Prize & program administration. The Saver’s Sweepstakes program is administered by WCUL, the non-profit trade association for Wisconsin’s credit unions. Entries and prize drawings are submitted to and conducted by TruLync, an affiliate of the Minnesota Credit Union Network (MnCUN), the non-profit credit union trade association for Minnesota’s credit unions.
Privacy & data privacy. To participate in prize drawings, the Credit Union transmits the primary Account holder’s Taxpayer ID Number (i.e., Social Security number) and other personally identifiable information to TruLync via a secure data sharing process. It is then encrypted. You consent to that sharing.
Impact evaluation. The Saver’s Sweepstakes program is part of an effort by WCUL and Commonwealth, a national non-profit organization, to assess the impact of prize-linked savings programs on consumers. Non-personally identifiable information the Credit Union provides to TruLync about you is shared with Commonwealth for research. Commonwealth is permitted to compile and analyze the data, and to share the data and analysis in furtherance of its charitable purposes. If the data includes any personally identifiable information, Commonwealth will not disclose that information to any third party, unless an individual program participant has authorized disclosure of such information in writing.
Account closure. At the credit union’s option and subject to any applicable state or federal laws, we may close your Account and pay out the funds in the Account at any time when the primary Account holder transfers residency outside the states of Wisconsin, Minnesota or Illinois; is determined to be legally incompetent; is denied services by the credit union; is expelled from credit union membership; is in violation of the Saver’s Sweepstakes Account Agreement or the credit union’s membership or account ownership agreement(s); or for any other reason.
If the Account is closed, the primary Account holder is disqualified from prize drawings and forfeits entries earned up until Account closure. The primary Account holder will be ineligible to open another Saver’s Sweepstakes account for ninety (90) days.
If the primary Account holder dies, the Account is immediately disqualified from eligibility in Saver’s Sweepstakes drawings held on or after the date of death and will be considered an ordinary savings account. Funds remaining in the Account pass according to the terms of the Account and state law.
Decisions. You agree to these terms and you agree to accept the decisions of WCUL, MnCUN, TruLync, and the Credit Union as final. You also agree to hold Credit Union, each Saver’s Sweepstakes participating credit union, TruLync, MnCUN, WCUL, and each third party contributing funds and/or services to the prize pool, and each of their officers, directors, employees, shareholders, members and representatives, and agents (collectively referred to as the “Parties”) harmless from any liability arising from your participation or the acceptance of a prize. The Parties are not responsible for any negligence, claims, liability, injury, property loss, or other damages of account holders and/or winners arising from, or in connection with, acceptance of prizes awarded or participation in this program. The Credit Union reserves the right to disqualify account holders who fail to follow these terms or who make any misrepresentations relative to the drawing(s) and prize redemption.
Publicity. You agree to let the Parties use your name and likeness, including first name, last name initial, photograph, the amount of the prize(s) you win, and any testimonials or quotes you provide, in materials for promoting the Parties, or the impact evaluation described earlier, or the Saver’s Sweepstakes program, without additional permission or compensation. This consent includes your permission for the Parties to copyright, publish and in any way use any photographs, recordings, or pictures of you or in which you are included, in any format, made through any media. You waive any right to inspect or approve the copy that may be used in connection with any such image, the use to which it may be applied, or the final product. The consent of a parent or legal guardian to this agreement on behalf of a minor includes express consent to the terms of this paragraph as it relates to the minor.
Taxes. The Credit Union may report prize winnings as income by issuing any 1099 or other tax reporting documentation or information returns to the primary Account holder, and filing the same with applicable taxing authorities, as may be required by taxing authorities. Winners are solely responsible for federal, state and local taxes and any expenses associated with prizes.
Wisconsin law governs. All issues and questions concerning the construction, validity, interpretation, and enforceability of these terms, or the rights and obligations of account holders and the Parties in connection with the Saver’s Sweepstakes program, is governed by and construed in accordance with Wisconsin law. The Saver’s Sweepstakes program is void where and to the extent prohibited by law.
Termination. If the Credit Union decides that it will no longer offer Saver’s Sweepstakes accounts, it will notify account holders in writing at least sixty (60) days before terminating its program. On or after the termination date, the Credit Union may roll any remaining balance from the Saver’s Sweepstakes account into the primary account holder’s membership share account, even if that account has joint account holders, or convert the Saver’s Sweepstakes account into a similar savings account.
Miscellaneous. The Parties may agree to substitute prizes of equivalent value, amend these terms and conditions, or discontinue the Saver’s Sweepstakes program at any time. The Parties disclaim any responsibility to notify account holders of any aspect related to the conduct of the prize drawings. Written copies of this agreement are available during normal business hours at the Credit Union.
Other agreements. In addition to this agreement, you agree to be bound by all terms and conditions in the Credit Union’s membership and/or account ownership agreement(s) applicable to this Account (Member Agreement(s)), including Credit Union’s right of set-off. If this agreement conflicts in any way with the Credit Union’s Member Agreement(s), the Member Agreement(s) control.