NEWS: The League’s Legal Affairs team has recorded a series of 11 short compliance videos, which we call Saver’s Sweepstakes® Compliance Bites, to help explain our Saver’s Sweepstakes program and the compliance issues that can arise. The free videos – most less than 10 minutes long – are only available to credit unions that have signed up to participate in our Saver’s Sweepstakes prize-linked savings program. You’ll find them in the Saver’s Sweepstakes Resource Center.
Staff can watch any of the videos whenever they need a quick explanation of a particular compliance issue. It’s not necessary to watch them in order (but it would make sense if you plan to watch them all, since they start with basic information and move on to more detailed topics).
Each video focuses on different compliance topics related to Saver’s Sweepstakes:
- The Basics covers some of the fundamentals – what Saver’s Sweepstakes is, how it works, and what the laws say that govern it. (7:43 minutes)
- State & Federal Laws describes the state and federal laws that allow prize-linked savings programs, like Saver’s Sweepstakes. (5:30 minutes)
- Participant Eligibility explains who can & cannot participate in Saver’s Sweepstakes and hold an account. (5:03 minutes)
- Account Opening Steps discusses the steps and forms needed to open Saver’s Sweepstakes accounts. (9:08 minutes)
- Accounts for Minors talks about special issues that can arise in offering Saver’s Sweepstakes accounts to minors. (9:17 minutes)
- Joint Accounts describes how Saver’s Sweepstakes accounts work when they’re held as joint accounts, with more than one account holder. (5:43 mins.)
- POAs & Guardians explains whether and how a Saver’s Sweepstakes account might be available if a power of attorney agent, guardian, conservator, or representative payee is involved. (3:54 minutes)
- Withdrawal Limits & Fees covers the limits on withdrawals from Saver’s Sweepstakes accounts and the fees your credit union can & must impose. (3:50 minutes)
- Entries, Drawings & Prizes discusses what a 12-month “savings period” is, and the options that members have to withdraw funds from Saver’s Sweepstakes accounts penalty-free in month 13. (12:06 minutes)
- Marketing Rules talks about the rules for credit unions to market the Saver’s Sweepstakes program, including any “enhanced” prizes or “members-only” drawings. (7:37 minutes)
- When a Participant Dies covers how to handle Saver’s Sweepstakes accounts when an account holder passes away. (4:23 minutes)
Credit unions with compliance questions can also check out The League’s ii Release No. 0184 – Saver’s Sweepstakes Compliance FAQs. It features a set of more than 100 frequently asked questions, designed to help credit unions understand the compliance issues that can come up with Saver’s Sweepstakes. The ii Release is available to all of The League’s member credit unions.
Anyone interested in learning more about Saver’s Sweepstakes® or considering joining should contact Tara Krejcarek, The League’s VP of Strategic Partnerships. (608) 640-4090.