Eustace Of Maywood Is Co-Sponsor Of Bill To Help Banks Encourage Saving

MAYWOOD, N.J. -- Legislation sponsored by Assembly Democrats, including Maywood's Tim Eustace that allows banks to conduct promotions to encourage consumers to open savings accounts is now law.

Assemblyman Tim Eustace.
Photo Credit: *Facebook*

Joe Jenkins

01/21/2016 4:00 a.m.

The new law authorizes state-chartered banks, savings banks, savings and loans and credit unions to conduct savings promotions.

The intent of the law is to encourage residents to utilize savings accounts by allowing financial institutions in New Jersey to reward their customers for depositing money with a chance to win prizes.

“Whether they’re looking to fund a home, a car or simply a rainy day account, all New Jersey residents can benefit from saving,” Eustace said in a statement. “By facilitating these promotions, this legislation will help emphasize the importance of savings accounts.”

In an effort to protect consumers, the law mandates that banks give each entry an equal chance of winning and that entrants must be 18 years of age. Interest rates and charge fees must also be the on all accounts, whether they are involved in the promotion or not.

The new law takes effect on July 17.

Click here to follow Daily Voice Hackensack and receive free news updates.