09/01/2008
We would like to do a drawing to celebrate our anniversary. I know you have to make it available to both non-customers and customers, but can we restrict the age to 40?
08/11/2008
Our bank would like to hold a raffle for something big, such as a car. Are we able to add restrictions that would require us to reach a certain dollar of new money deposits within a certain time frame? Account opening would not be required to enter.
07/28/2008
We are planning a promotion where a customer who opens a checking account is able to pull a leaf from a money tree for a chance to win a cash prize or a water bottle. I know there are issues if there is a condition to participate, but what if we allow anyone to send in their name and have a teller pull a leaf off of the money tree for them? Does that take care of the condition or do we have to allow anyone to pull a leaf on the spot?
06/09/2008
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?
03/31/2008
We participate in several trade shows each year including home shows and business fairs. At each one we conduct a prize drawing where anyone who stops by our booth can enter to win a prize with no purchase necessary. Should we include a disclosure on the entry cards or on the sign?
03/31/2008
Our marketing group wants to give away a $25 gas card for all car loans opened during a promotion. They then want all new loans to qualify for a $250 gas card. How do i need to treat this? Can I just draw for the $250 gas card from the new loans, or is this considered a drawing open to everyone?
02/04/2008
The savings and loan I work for wants to reward customers who have financed a $25K car loan by placing their names in a drawing to win prizes such as cruises or tickets. Can we do this and if so, what regulations apply?
01/07/2008
My bank is having a grand opening. The bank is an affiliate of an insurance company. We are planning on doing multiple prize drawings as part of the grand opening. There is no obligation to open an account or be a customer to play and win. However, for the grand prize drawing, there is a limitation that the drawing is for employees of the insurance company only. Any thoughts regarding this limitation? Also can someone point me to the regulation that prevents the bank from having a sweepstakes? I would like to have that as a reference. Any help is appreciated.
11/05/2007
I drove by a bank and saw a sign saying that if you used [name of bank withheld]’s check card you were automatically entered into a sweepstakes to win cash. The more times you use their card for purchases the better your chances of winning. I was under the impression that anyone had to be allowed to enter into a contest even non-customers. If I don’t want to get a check card from that particular bank and they don’t offer another alternative to entering the contest to win cash (example: filling out a card for a drawing) how can they do this? Are they breaking the law?
03/26/2007
I sat in on the contests, bonuses, sweepstakes and lotteries webinar in November and have a question regarding this topic. The bank's charitable foundation is sponsoring a table at the Rotary Club's Texas Hold-em charity night. Would it be permissible to place a poster publicizing this event in the bank's lobby?