We are in the planning stages of a push for deposit accounts. We wanted to have a drawing for either $300.00 in cash or Visa Gift card. We were not doing any outside advertising. We were just putting up signs in the lobbys and wearing buttons that say "Win $300.00! Ask me how." Then we were going to refer the person (does not have to be a bank customer) to the CSR desk for them to fill out a profile. The person does not have to open any account or service for their name to be put in the drawing. Does anyone see any Compliance problems with this??

In Op. Tenn. Atty. Gen. No. 89-72 (May 3, 1989), this Office opined that:

Tennessee case law indicates that an organization, charitable or otherwise, may lawfully conduct a cash or prize giveaway if all persons wishing to participate are given an opportunity

Thank You!!

Check with an attorney. I think you have to qualify with the state to run a raffle.

I don't think this qualifies as a raffle, as they are not paying to participate.

I'd still check with an attorney. The state is strict on the rules enforcement for our gambling laws. Holding a drawing for a cash prize will attract their attention.