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BankersOnline.com Forums State-Specific Compliance Issues Iowa Drawing for a Gift Basket when opening an account
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#1295440 - 11/30/09 05:14 PM Drawing for a Gift Basket when opening an account
JoAnne Offline
Platinum Poster
Joined: Feb 2001
Posts: 795
Michigan
I've searched the threads for guidance on this and can only come up with the rules for National Banks (12 USC 25a). We are a FRB regulated state member bank and our branches, as part of a current savings account promotion where a bonus was advertised, want to enter anyone who opens an account into a drawing for a gift basket. Is this allowable for banks in the State of Iowa?
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#1295499 - 11/30/09 05:51 PM Re: Drawing for a Gift Basket when opening an account JoAnne
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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