What kind of compliance issues am I looking at if our Marketing department wants to host a contest on our CU's Facebook page? Contest will be set up like this: Post your best money saving idea on our wall. If you win (voted on by other Facebook users "likes"), you receive a $25 gift card. No requirement that the winner be a member. No requirement to have an account. The only requirement is to have a Facebook account. The main purpose of this is simply to get people to our Facebook page. The contest could potentially be mentioned on our website and in our newsletter/receipt message/etc. Any major problems with this?

Thank you!

They have to give you something of value (at least something you value-a FB fan). Exchanging something of value for a chance to win a price = a lottery/raffle.

Check your state statutes to verify.

I don't know. It does not sound like you are asking them to [Like] your page; just post their idea on your page. Others are going to [Like], or not, their ideas. (Which, I believe, exempts the contest because they will win on merit, not by lottery)

Also, anyone "can" post. Even if they don't have a computer, they can go down to the local library, get onto the library’s computers, set up an email, set up a Facebook account and post their idea. It may be a lot of work, but it is not giving you anything of value.

Five simple words "waste of time and money".

@rlcarey I agree. Like most Compliance people out there, I wish our institution wasn't on Facebook at all. Funny thing is, I was never approached about whether or not it was a good idea. I was just told after the fact that we had a Facebook page. Thanks Marketing!

My first thought too!

Sorry Nashville Girl. This Marketing girl is fighting Facebook tooth and nail. Unfortunately, surprisingly enough, some of the older directors are pushing for it.

I think those that push for it just don't understand the risks. They see it as this great "free" Marketing tool that everyone else is using, so why not us? Thank you everyone for your feedback!

They want to be "cool"!