As an incentive to open a specific DDA product, we are offering $10 toward opening a new savings account. The $10 comes from us and can be used only to open the savings account. In other words, it's not a check that can be cashed or used to deposit elsewhere. Customers are also not required to open the savings account in order to get the DDA account.
My question is, since we are providing the $10, do we need to report this and send our customers a 1099 at year end?
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