As a intermediate size community bank, we are approached by schools constantly for money. Several years ago, the decision was made to make one sizeable donation to each county school district each year. Of course that did not stop the requests. In an effort to continue to help, but also help deposits in those counties, management is considering a new program. As a pilot program, they are proposing to make a donation to the local team (usually for a specific project like new helmets) for each new customer who opens a checking account. This would be for new customers only, minimum deposit to open and direct deposit within 60 days. Donation would be paid following first direct deposit to the account. It would have an expiration date or a goal amount to be reached and the offer would expire.
I'm not sure there are true compliance concerns. But, I definitely foresee the issues of "what about my team?" What other things should I be thinking about?