Question:
Our Marketing department would like to have a promotion in which certain new deposit accounts are given free movie tickets if they mention seeing the ad. I know that if it's for a demand deposit account, we'll have to stay within the dollar amounts set by 217.101. Marketing would like to see this as an on-going thing. Mail these customers free movie tickets periodically (as often as allowable) while the account is open.My question is in regard to (a)(1) of 217.101. I know we can do it at account opening, but I'm reading that for the periodic bonuses to go out that there must be a renewal or at least an addition to the account. I'm not familiar with the concept of a demand deposit account renewing. What would qualify under those categories? Also, how would this situation change if we were talking about non-demand accounts?
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