We have a customer who is using a Square for his lawn service business. We see money going into the account but there is no other business activity. The money is withdrawn in cash. Should we be concerned?
A bank wants to increase debit card usage. It decides to run a promotion in which all cardholders who make a debit card transaction during a given month will be entered into a drawing. Each time someone makes a purchase, his/her name will be added to the drawing. Would this be considered a lottery? Would the drawing have to be opened up to all customers by allowing entry with sign-up forms at branches?
We recently held a fundraiser for a local charity and sold raffle tickets for prizes donated by customers of the bank. All proceeds went to the charity. Are we in violation of the sweepstakes or contest rules?
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?
Our bank is planning a sweepstakes drawing with radio and newspaper ads to promote it. Including all sweepstakes rules would be cumbersome. Are there any in particular that must be included? Is it okay to state, "Full details available at any branch location."? Also, is the value reportable on a 1099? If so, would we report the considered retail value, or may we use the bank's purchase price?
When can we get away with saying “Some restrictions apply. See bank for details” on an advertisement for a contest or a product? In what form do the in-bank details need to be?
We did a sweepstakes where we raffled an item worth $800. Since it was a sweepstakes, one did not have to be a client in order to participate. The ad stated that no purchase was necessary to enter or win, but also it stated that by opening an account or a loan with us and you are eligible to win. The winner was a client and we filed a 1099 MISC. Did we do right?
A local credit union is having a drawing for new member accounts. I know that banks are prohibited from offering lotteries/sweepstakes, but are the rules the same for credit unions?
We do not own our credit card portfolio and use a third party vendor for approval, denials, etc. They run promotions to win trips and merchandise for customers who apply and are approved for a credit card. If we advertise "When you open an approved credit card, you are entered for a chance to win a trip to whereever", are we advertsing an illegal lottery? You are only entered if you are approved; not if you just apply. As we do not own the credit cards, can we advertise this?
We would like to do a drawing to celebrate our anniversary. I know you have to make it available to both non-customers and customers, but can we restrict the age to 40?