Yes, the Prizes and Gifts Act requires a written promotional prize offer to include “the retail value of each prize. . . .” Consequently, you will have to disclose the value of the backpack and school supplies in your giveaway disclosures.

There may be alternative approaches that would capture the spirit of the game (teaching children the value of money). For example, the bank could award a gift card to the winner. In that case, you would have to disclose the value of the gift card, but you would not have to reveal the value of the backpack and supplies.

For resources related to our guidance, please see:

• Prizes and Gifts Act, 815 ILCS 525/25 (“Disclosures required. A written promotional prize offer must contain each of the following in a clear and conspicuous statement at the onset of the offer: . . . (2) the retail value of each prize the person receiving the notice has been selected to receive or may be eligible to receive.”)