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Are there any limits on premiums on what you can offer for new accounts? Right now, we offer gift cards. Can those gift cards be cashed at the bank? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Are there any limits on premiums on what you can offer for new accounts? Right now, we offer gift cards. Can those gift cards be cashed at the bank?

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Other than the Truth in Savings Act/Regulation DD restrictions on bonuses paid on savings accounts, we are not aware of any other restrictions on premiums offered on new accounts. Regulation DD requires that any advertisement of a bonus also include the following information, stated clearly and conspicuously:

(1) The “annual percentage yield,” using that term;

(2) The time requirement to obtain the bonus;

(3) The minimum balance required to obtain the bonus;

(4) The minimum balance required to open the account, if it is greater than the minimum balance necessary to obtain the bonus; and

(5) When the bonus will be provided.

12 CFR 1030.8(d).

Further, Regulation DD requires that bonus information be included in your new account disclosures. 12 CFR 1030.4(b)(7).