Oh this sounds like something a friend of mine at work was doing with church/family group... I don't think they had any name for it..

I think it is more of less for those that can't save any money on their own. A forced savings sot of thing.

Seems you would really have to trust anyone that is in the group with you...

I would think they should go by first to join = 1st to get the money
unless they toss out the winners names from the pot until each person has had a turn to win....

no interest is being made - better to pay yourself the 50 a month and then invest it in a CD or something when you had enough to do that..

I think it is more of a social get together sort of thing and they do this money thing for fun more than anything..