We are doing an ad for a special we are running. It is $50 when you open a new checking account with direct deposit. Our marketing guy put down in the "fine print" that "bonuses paid in interest-bearing accounts will be reported on a Form 1099-INT together with any other interest paid. Is this statement true, and second is it necessary to put in the "fine print"?
Our marketing department decided to offer a $100 bonus to clients opening a new account with the requirement of receiving direct deposit in to the account. The bonus is for NOW and non-interest bearing checking accounts. Is this considered interest or a bonus? Will a 1099 INT or a 1099 MISC be used? Which regulation can I refer to in this situation?
We are currently looking at retail bundling and wonder if we can offer cash to be put into a checking account for a customer when he/she signs up for other products such as savings accounts, direct deposit, or receiving an insurance quote?
I see banks paying interest on checking accounts in the form of a bonus. I thought Reg Q said you couldn't impose a minimum balance requirement or a minimum time requirement in order to do this? Bank ads I saw clearly require one or both.
Please refresh my memory. Are we required to send a 1099 once the value of a freebie/gift/etc. is $10.00 or more or is it $600.00 or more?
I am reviewing a trust where two individuals are the trustees of a Revocable Trust for their mother. The two individuals, trustees, want to add their mother and a sister as agents. The trust agreement allows for the appointment of agents. They want thier mother's social security check to go into this account that is using a #38 TIN that is not the mother's social security number. Will there be a problem with a direct deposit of social security going into a trust account where the TIN on the account is not the social security number of the person receiving the social security benefit?
I know that the generally accepted time frame for stale dated checks is six months, but I'm wondering how/if that applies to checks sent for collection. I've received a seven month old check for collection that was previously returned NSF. The payee came to the bank several times to try to cash it over the counter, but funds have never been available. The person finally mailed the item to us for collection. The account will receive a direct deposit in a couple of days, at which time the check will pay. Should I pay the item or should I return it due to the stale date?
Our marketing department has a promotion going on. Receive $50 automatically when you either:1. Sign up for new direct deposit* or 2. Make recurring purchases with Visa Debit Card*.*The stipulation - Must be new recurring direct deposit occurring over three consecutive months or 20 card transactions per month occurs over three consecutive months. Account should be in good standing, and offer expires xxxxxx. Under Regulation DD, it is not considered as "bonus", since it is not given for opening, maintaining, renewing or increasing an account balance; however, are we violating Regulation Q? Would this be considered as “interest”?
We are offering customers a new checking account that will pay $50 to a well-known chartiy, upon opening with direct deposit. Thereafter, we will pay the charity $.05 per check card transaction. Are these charitable contributions considered a bonus under Reg DD?
When a customer opens a new checking account with direct deposit the bank will pay $50 to a specific charity and $.05 to the charity each time the check card is used. The customer never receives the money. Are these charitable contributions considered a bonus for the advertising rules of Reg DD?