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Am I Losing My Marbles?
Answer by Randy Carey, BOL Guru
Guru Bios
Question: What are the rules surrounding banks participating in fundraisers? I've been told that banks are prohibited from any kind of lottery. So does that mean that any drawing or "chance" winning is prohibited? We would like to sponsor a local charity fundraiser with a contest where customers pay a fee to guess how many marbles are in a jar, the funds would go to charity and the customer whose guess is nearest to the number of marbles in the jar will win a prize. I was told we could do this since it was for charity but I don't think we can. Am I losing my marbles? Can we do this?
Answer: A bank is limited to such things as donating the prize to the charity. The bank would not be allowed to be involved in the sale of tickets or chances to win the prize.
First published on BankersOnline.com 5/05/08
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