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Deposit Incentive

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Question: 
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?
Answer: 

If the bank makes the donation there shouldn't be any problems. You could limit your offer to a list of approved charities. This way the bank doesn't end up publicized as donating to a questionable or controversial charity that you'd rather not be associated with.

First published on BankersOnline.com 11/24/08

First published on 11/24/2008

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