Thread Starter: Anonymous
Title: Re: Special Drawing for Cool Prize
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I've been presented with material from another bank that offers an account "for young people from 13 to 19 years of age" that also promotes "every quarter during the year, there is a special drawing for a really cool prize (no purchase necessary.)" I've been requested to create a competing account for our bank with similiar standards.
My knee-jerk reaction is to say this is a lottery or raffle, and therefore not possible, but obviously the other bank is doing it so the thought is we should be able to as well (and if the other bank jumped off a cliff...) Since the request is from a board member I want to make sure I've researched this thoroughly before replying to them.
Does this sound like a raffle/lottery? Is there a "loop hole" that I'm missing? And IF we're able to do this - would the "cool prize" fall under a bonus rule since there is interest on savings accounts?
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