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More Raffle Tickets for Opening an Account

Answered by: 
Andy Zavoina

Question: 
Our marketing department will like to hold a raffle that will have a prize valued at $500 at $100 and various small prizes valued at under $10. The raffle will be open to everyone and not require any type of purchase. Although, they would like to give a person that opens an account versus a person that doesn't open an account more chance tickets to win the raffle. Can they give say a customer that opens an account five raffle chances and a person who doesn’t open an account only one raffle chance? What are you ideas regarding this type of raffle? What type of disclosures would need to be given?
Answer: 

Your state will have specific requirements on this. Providing more chances to win to a customer versus a non customer would violate these rules, in my opinion. You would be directly lowering the chance for a non customer to win and this creates an unlevel playing field. It practically defeats the purpose of allowing more than customers to play and may well violate the rules allowed for your state.

First published on BankersOnline.com 8/15/05

First published on 08/15/2005

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