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Course description

ICB Credit: 2.5 CRCM


What’s happened in the years since the Dodd-Frank Act was enacted? Have all the old limits on premiums for checking accounts disappeared, or do you still need to watch out for them? Can you still offer NOW accounts? Can you offer them to businesses? Reg Q's demise hasn't affected IRS reporting requirements at all, so you still need to know when you’re paying interest and when your payments will be reportable in a different way. Many ideas come to mind as marketing, compliance and management brainstorm ideas to build the deposit portfolio:

•In today's economy customers need a banking relationship, but what will attract them to open a new account at your bank?
•How do you get their attention?
•Is the American Savings Promotion Act, which was signed into law in December 2014 going to change the way banks can address lotteries?
•Your Marketing Department will have suggestions, but Compliance needs to know how to make those ideas work to attract the new customers while staying out of trouble with regulators.
•Should you consider a contest or a drawing?
•Perhaps a new account bonus will sweeten the deal?
•Maybe a sweepstakes or lottery will entice them?
•You could easily get the word out on social media, so what’s the big deal?
•Why not build interest in the bank and build employee support with a contest?
•Are the rules different for an employee-only raffle that is used to build excitement and sales?

As the pressure to attract new customers intensifies, bankers are often tempted to try new sales techniques to capture market share. Should your bank be advertising on Facebook, or Twitter? It is easy to get on these social networking sites, but how do you manage them? Remember that regulators don’t ignore social networks when checking your bank’s compliance. What can and can't you do on these sites, and what controls need to be in place to keep everyone happy?

Consider this scenario: To attract new customers to a newly opened branch, Marketing has proposed to pay higher interest rates on new money for one year. The offer will be the published rate plus 50 basis points. For a limited time a $100 bonus will be paid for direct deposits. A promotion will temporarily erase any transaction penalties and unlimited withdrawals will be allowed, and every new account will be entered into a drawing for a fabulous vacation trip. For the first time the bank will also advertise on Facebook and Twitter to get the word out and to get feedback from new customers. They'll be like testimonials. And the Compliance officer will be pulled in six different directions trying to keep things under control. Do you know what needs to be done?

Attend this BOL Learning Connect webinar to find out about:
•What happened to the Reg Q definitions of "interest"
•Knowing what you're selling - is it a DDA or a NOW account?
•Whether limits still apply to the payment of bonuses
•How advertising rules affect your bonus offerings
•Reporting interest and bonuses to the IRS
•Bonus requirements under Reg DD
•How state and federal rules affect promotional sweepstakes and other contests including the new, underutilized American Savings Promotion Act
•How far your bank can go with lotteries
•How you should address incentive programs for employees
•The pros and cons of being on Facebook, Twitter and other social networking sites.

The rules are complex. If you're going to use promotions to attract and retain customers, you'll want to be sure to attend this webinar. You can't get away with just anything someone dreams up. Your advertisements are viewed daily by customers, lawyers, your competition, and even regulators. Your advertisements on the Web can live on forever. This program is designed for anyone involved in the planning, execution, and review of contests, sweepstakes, bonuses and other incentive programs.
Find out how to help your marketing department craft campaigns that accomplish their goals without violating the rules.


Webinar Reviews:


This was a Great Webinar.sanderson


This was very informative for me and I look forward to the document with answers to my questions. dylanroberson






Instructor(s)

Andy Zavonia and John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking. John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events. He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels. Mr. Andy Zavoina, CRCM, is an Executive Vice President with the Glia Group, Inc., best known for its involvement with BankersOnline.com. He joined Glia and BOL in 2003. Mr. Zavoina has been in finance and banking for 35 years. Over 20 years were with a two-bank holding company that had $534 million in assets, 89 branches spanning Texas and nearly 500 ATMs. He has done loan workouts, has been a consumer, commercial and real estate lender and managed those departments, as well as being his banks first Webmaster. He was responsible for compliance -management, -auditing, and -training for both banks. Mr. Zavoina is a recipient of the American Bankers Association’s Distinguished Service Award for his involvement and accomplishments in the field of regulatory compliance management. He is a past Chairman of the ABA’s Compliance Executive Committee, the Editorial Advisory Board for the ABA Compliance Magazine and served as a member of the ABA’s Compliance School Board. He is a BankersOnline Guru. He also served on the Texas Bankers Association's Compliance Committee. He is a graduate of the ABA National Commercial Lending School, National Compliance and National Graduate Compliance School and is a Certified Regulatory Compliance Manager with the Institute of Certified Bankers. He has written articles and lectured on compliance, the use of the internet and technology as a tool, as well as compliance in cyberspace to local, state and national associations across the U.S. and teaches basic compliance and compliance management. You can reach Andy on the Internet by using his e-mail address, [email protected], or visiting http://www.bankersonline.com.

Course curriculum

  • 1

    Video

    • Freebies, Bonuses and Contests
  • 2

    Materials

    • Slides

    • Questions and Answers