New Account Promo - $25 Gift Card Bonus

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Question:

We are wanting to do a promotion for our customers when they open an Interest Bearing Account (Now Account), where they will receive a $25 gift card bonus. I know that we have to use special disclosures regarding Reg DD, however do we have to submit a 1099 INT form for each customer?

Answer:

The $25 should be added to the interest reported on the account at the end of the year.

First published on BankersOnline.com 2/11/08