221.0329 Savings promotion prize programs.
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/wi/chapter-221/221-0329A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
221.0329 Savings promotion prize programs.
(1)In this section:
(a)“Nonqualifying account” means a savings, time, or money market account that is not a qualifying account.
(b)“Qualifying account” means a savings, time, or money market account through which a bank’s depositors may obtain chances to win prizes in a savings promotion.
(c)“Savings promotion” means a contest or promotion to encourage savings deposits that is sponsored by one or more banks, or by a banking trade association or its subsidiary in conjunction with one or more banks, and in which bank depositors are offered a chance to win designated prizes.
(2)A bank may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
(a)Bank depositors are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
(b)All fees charged by a bank in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the bank.
(c)Each entry in the savings promotion has an equal chance of winning.