Looking over this idea for compliance issues... If you open a new account, we will donate $100 to a local non-profit.

I don't know that it would need any specific disclosures. I think I would suggest that they list the different non-profits they would be thinking of donating to. I could see there being an issue of someone wanting it donated to a certain non-profit or not liking the ones that would be used.

Am I missing anything? If it helps, we are a CU in WA. I am in the process of reviewing WAs RCW and state laws as well.

Thanks all!

WOW - a $100 bucks for just opening a checking account?? You are kidding - right? Can I get my non-profit on your list as I can get at least 100 people in to open an account for $5 and close it out the next week. We could use the $10,000.

I see no compliance issues with it.

Thanks Randy!

It's marketing, what do you expect from them? They don't think of such things! I just had to look for the compliance issues!

If your CU decides to go with this concept, I'd recommend deciding which local organizations you will support with the program and list them in your program communications. You definitely don't want to have prospective members thinking they can direct your charity dollars just anywhere.

I'd also include whatever disclaimers you need to use to indicate that the offer is limited to those qualified to be members.

Done and done! Thanks for responding John!