MyWay Account Savings Promotion Official Rules for Prize Match
Compliance with Law: The Official Rules shall be governed and construed in conformance with the laws of South Carolina including Title 34, Chapter 34 authorizing savings promotion contests. The program is designed to encourage regular savings deposits in the form of recurring payroll direct deposits from participating employers with those deposits directed into a member’s MyWay Savings Account at CPM Federal Credit Union (the “Credit Union”).
Eligibility: Members with a MyWay Account with the Credit Union are automatically eligible for each quarterly drawing provided all of the following qualifications are met:
- The MyWay account is open with a positive balance at the time of the drawing and the member has only one MyWay account.
- The member maintains an ongoing recurring direct deposit to their MyWay Account, as evidenced by the posting of a direct deposit on their most recent regularly scheduled payroll date prior to the drawing.
- The member is age 18 or older.
- The member has not been awarded a Prize Match in any of the preceding 4 quarters. A match awarded at the time the initial direct deposit was established is considered an Opening Match and does not constitute a Prize Match.
- The member is not a control employee of the Credit Union.
How to Enter: Eligible members are automatically entered into the quarterly drawing. No other action or purchase is necessary for an entry into the prize drawing. Need not be present to win. We will attempt to contact you should you win but you are not required to respond to us nor are you required to claim the prize.
Prizes: Two prize matches will be awarded each quarter based on a random Drawing. The Credit Union will award one Match and one Double Match.
Match: The Credit Union will match the most recent recurring direct deposit amount up to $25.00 on a 1 for 1 basis. The maximum amount of this prize is $25.00. Actual amount awarded will vary based on the winner’s direct deposit amount.
Double Match: The Credit Union will match the most recent recurring direct deposit amount up to $25.00 on a 2 for 1 basis. The maximum amount of this prize is $50.00. Actual amount awarded will vary based on the winner’s direct deposit amount.
All prizes are cash prizes and will be automatically deposited into the winner’s MyWay Account. Prize winnings will be reported as income on the appropriate IRS 1099 form. The winner is responsible for any taxes due on the prize.
Odds: Actual odds of winning are based on the number of eligible members entered. Each eligible member will have equal odds of winning.
Administration: By entering into the drawing members agree to abide by these Official Rules. The drawing will be administered by the Credit Union at its sole discretion and all decisions by the Credit Union regarding the drawing and awarding of prizes shall be final. Entrants agree to hold the Credit Union and each of their officers, directors, and employees harmless from any liability arising from their participation, the drawing, or their acceptance of a prize.
Publicity: Each winner agrees to permit the Credit Union to use their full first name, the first letter of their surname, the source of their direct deposit, and the amount of the prize awarded in promotional and other materials, without additional compensation or permission, except where prohibited by law. Example of a permitted use: “This quarter’s winner of the Single Match was John B. from BMW who won $20.00”
Subject to Change: The Credit Union may end, change, or discontinue the Drawing at any time for any reason without notice.