Can we offer sweepstakes and/or lottery as part of our banking product?

In some cases, yes. Requests are evaluated on an individual basis. Additionally, you can incentivize your customers with prize-linked savings accounts.

Can we offer sweepstakes and/or lottery?

Answer

In some cases, yes. Requests for sweepstakes and lotteries are reviewed and evaluated on an individual basis. (article continues below)

*Yotta is an example of a company that offers prize-linked savings accounts.*

Additionally, you can offer prize-linked savings accounts that incentivize your customers to make deposits. Talk to your account executive or customer success manager about what you’re thinking of building.

Originally published:

July 17, 2023

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1. Unit is a financial technology company and not a bank. Banking services are provided by Unit's bank partners, Members FDIC. Visa® debit cards are issued by Unit's bank partners pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

Accounts are eligible for pass-through deposit insurance only to the extent pass-through insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. There may be a risk that pass-through deposit insurance is not available because conditions have not been satisfied. In such cases, funds may not be fully insured in the event the insured depository institution where the funds have been deposited were to fail.

2. Deposit sweep networks may be offered through select Unit bank partners, Members FDIC. Please refer to the applicable bank partner’s deposit sweep network disclosures for more information.

Can we offer sweepstakes and/or lottery as part of our banking product?

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