Would providing door prizes for a realtor awards dinner where the bank's name appears on the event flyer as a door prize sponsor violate RESPA Section 8? or would the business promotion exception apply? Not sure how to document promotional donations.
Our marketing department wants to pay our customers (both consumer and business) a referral fee for every new deposit customer they refer to the bank. The referral must result in a new, funded deposit account.I am unaware of any restrictions on such a promotion. Am I missing anything?
If we give a $60 gift certificate for checking account referrals, do we have to issue a 1099 INT or a 1099-MISC?
We want to increase our market share of commercial accounts. If we pay a referral fee for a business deposit account, are there compliance restrictions?
How can I enhance the deposit volume of my bank?
Marketing wants to send a flyer advertising real estate loans. They want to list the name of some realtors. Is this a RESPA section 8 violation?
Can you pay a referral fee for business deposit accounts?
Our consumer lenders and marketing departments have figured out a way to increase car loan volume. For newer cars and requests greater than $5,000 they'll offer gas coupons. For customers who don't qualify for the government's Clunkers Program, this may be an incentive to choose us for borrowing. What issues do we need to watch?
We are considering paying a referral fee for new deposit accounts. Instead of paying the customer or the person making the referral, we'll make a donation to a charity of their choice. Are there any compliance issues with this?