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#1793340 - 03/11/13 04:44 PM Bank contest guidelines
Karen A. Luttrell Offline
Member
Karen A. Luttrell
Joined: Dec 2007
Posts: 91
Central NY
I need to know from a banks standpoint (we are a National Bank)if we can offer a contest with a prize. For example we have Itunes and Amazon gift cards at $10.00 value each. Can anyone help me with New York State laws and any other banks guidelines I would need to know about.
Thanks in advance.
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#1793618 - 03/12/13 11:41 AM Re: Bank contest guidelines Karen A. Luttrell
Soccer Offline
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Joined: Jan 2010
Posts: 1,028
Utopia
My first question is are you offering this contest to everyone? & what kind of contest is it?
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#1793656 - 03/12/13 01:50 PM Re: Bank contest guidelines Karen A. Luttrell
Karen A. Luttrell Offline
Member
Karen A. Luttrell
Joined: Dec 2007
Posts: 91
Central NY
Sweepstake style giveaway...anyone can win. Would a 1099-misc need to be given if the gift cards are only a $10.00 value?
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#1793661 - 03/12/13 02:03 PM Re: Bank contest guidelines Karen A. Luttrell
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
1099-MISC information returns would be required if anyone managed to collect $600 or more in the sweepstakes and any other give-aways from the bank. Based on your question, it would not be expected that you'd be issuing any 1099-MISC returns for the sweepstakes winners.
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#1793666 - 03/12/13 02:14 PM Re: Bank contest guidelines Karen A. Luttrell
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,754
Galveston, TX
How many cards are involved. New York has some pretty strict sweepstakes regulations, including the requirement to register the sweepstakes with the State under certain conditions. I would be engaging legal counsel.
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#1793672 - 03/12/13 02:20 PM Re: Bank contest guidelines Karen A. Luttrell
Karen A. Luttrell Offline
Member
Karen A. Luttrell
Joined: Dec 2007
Posts: 91
Central NY
Thanks for the information...I appreciate all of your help! I guess it's time for a call to the bank attorney! smile
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