Our bank has a Relay for Life Team and we are planning fundraisers. Can the team sell tickets/chances for a prize? Not tied to any banking product and not paid for by bank. This is strictly a charitable fundraiser but would be conducted within the bank. We are a state member bank of the Federal Reserve.
We are considering a giveaway in which customers will have a key to open a treasure chest and be able to scoop a child size shoe of quarters. What kind of compliance issues will we have?
As a national bank, I am aware that we are prohibited from dealing in lotteries and related activities. The definition of "lottery" refers to an advance of money or credit with an expectation.... To bring in new business, the retail division wants to visit with the employees of current business customers and invite them to open an account. If there is no exchange of money, just names or business cards placed in a bowl, for instance, with a drawing for a gift basket to go to the winner, and this is open to all with no requirement to open or maintain an account, do you think this would be allowed?
Is there any problem having a "contest of skill" that could earn a customer a lower finance rate or a higher interest rate? We want to give any customer who wants three tries to "sink a putt" in a makeshift golf green that we are setting up in our newly renovated lobby. If they make the putt, they get either 10 basis points less on a loan or 10 basis points more on a CD.
We are planning a grand opening "fun day" which will involve some sports competitions that will likely appeal to kids. Would there be any compliance "red flags" if we advertised that we would make the first deposit of $25.00 towards a savings account for anyone who makes a goal in our soccer competition?
We are planning to offer a promotion in the form of a raffle. (This is mostly for customers with an existing checking account.) What are the considerations we should make in order to stay in compliance?
A business deposits lottery funds daily into a Savings Account. The account is debited weekly by ACH. Is this activity subject to the 3 or 6 withdrawal limitation per month?
We are opening a new branch. Plans are to have a vacation trip giveaway as part of the opening. Any laws or compliance issues that we should be concerned about.
We are opening a new branch. Plans are to have a vacation trip giveaway as part of the opening. Any laws or compliance issues that we should be concerned about?
I was asked if the bank could host a bingo open to customers and noncustomers. The details of the game are; a customer would receive a bingo card in the mail and noncustomers would pick one up at a banking center. Players would need to visit the bank's business partners (a list of over 200 business participants). 1st prize would be players with 14 official stickers received from business partners and 2nd prize would be a card with 7 stickers on their bingo card. Prizes are $25 and $10 gift certificates. But wait there is more, once all cards are received Marketing would like to randomly choose a bingo card for a Grand prize trip for 2. Any problems?