12/11/2006
Would holding a drawing for a $500.00 savings account constitute a lottery and therefore be prohibited? There is no purchase necessary to enter the drawing and the drawing is open to customers and non-customers alike.
07/03/2006
We're planning to run a sweepstakes in conjunction with the grand re-opening of one of our supermarket branches. Prizes will be gift cards to the supermarket with values ranging from $500-$50. I'm looking for some standard language to include in the disclaimer on the entry blank. For example, no purchase required; must be 18 years or older to enter; one entry per visit, please; winners to be notified by mail/phone after 7/22/06. Should any other information be included? My understanding is that prize values are under the $600 limitation for 1099-MISC reporting.
05/01/2006
Our Bank is considering a promotion that would allow a new customer to select their bonus (premium-$5-$100) for opening a free checking account (no minimum balance, no time requirement). This bonus will be printed on various slips of paper and placed in a container from which the customer will select. Do we have any compliance issues? Is this considered a sweepstakes?
05/01/2006
If a financial institutions wishes to promote lending products with a sweepstakes entry, i.e., apply before July 1 and get a chance to win, would you suggest including "sweepstakes entries no purchase necessary" as part of the disclosure ad?
11/01/2005
Next year I will 'celebrate' starting my own corporation 20 years ago. It doesn't seem that long since I worked in my old bank - which no longer exists. It disappeared three mergers ago.
08/01/2005
Chase customers better make sure they are in top shape at the U.S.
05/16/2005
We are considering a giveaway in which customers will have a key to open a treasure chest and be able to scoop a child size shoe of quarters. What kind of compliance issues will we have?
05/02/2005
We are considering a giveaway in which customers will have a key to open a treasure chest and be able to scoop a child size shoe of quarters. What kind of compliance issues will we have?
11/01/2004
HSBC North America, the company that used to be Household Finance and related businesses, is offering consumers a source for educating themselves on credit scores.
08/06/2004
We are a national bank thinking of running a debit card sweepstakes. The sweepstakes will be open to those who have a checking account and a debit card on that account. We will be using signature transactions and assigning numbers to those transactions as they come in for payment to the bank. Our concern is that we are limiting this sweepstakes to customers with checking accounts and debit cards. Is this breaking compliance? I have heard that this may be illegal and we shouldn't get involved but I don't know why.