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#1974903 - 11/06/14 08:07 PM refer a friend
complyorelse Offline
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Joined: Nov 2007
Posts: 442
U.S.
In researching compliance related matters involved with a "refer a friend" program, I am coming up rather empty handed with anything current. However, my search has shown me that many, many banks now have a program.

I am mainly concerned about Privacy. It seems that older threads mention having a waiver signed by the referred friend. It seems some bank's programs mention something like this but not all. One bank explains that they can't reveal who opened an account so they would just have to ask whoever they've referred. If you've only referred one person, wouldn't you know? Is it enough to say that you won't tell?

Are there other regulatory concerns? 1099 if threshold met? Anything else?

Thank you.

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#1974992 - 11/07/14 12:17 AM Re: refer a friend complyorelse
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,625
Galveston, TX
Search these threads - there are at least a 100 or more on the topic.
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#1975011 - 11/07/14 01:22 PM Re: refer a friend complyorelse
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
Realized I didn't have " " around it. Thanks.

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#1975317 - 11/07/14 08:43 PM Re: refer a friend complyorelse
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Concerning Privacy: You'll have to pay for all referrals. Giving a fee to only successful referrals results in a privacy issue. Not paying the fee if the referral doesn't result in an account isn't technically a privacy violation but it opens an ugly can of worms.
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