Product Construct. For purposes of the First Product only, and regardless of any provisions to the contrary in the Agreement, the Parties have agreed to the following “Product Construct”:
Product Construct. For purposes of the High-AOV Product only, and regardless of any provisions to the contrary in the Agreement, the Parties have agreed to the following “Product Construct”:
Product Construct. Lucky Savers is as 12-month Share Certificate, with dividend/interest rates that are set independently by each participating credit union. For every $25 in month-over-month balance increase in a Lucky Savers account, that account holder will be entered into the monthly and quarterly prize drawings, with a limit of 10 entries per month, per member. See Exhibit B: Official Rules Template for current prize allocation, amounts and other information. Each credit union may also opt to offer additional monthly prizes for their members and staff. These prize amounts are to be determined by the credit union and will be funded by the credit union. Prizes will be awarded in the form of dividends to the winners’ traditional share accounts and must be included in an annual 1099 form, which must be provided by the credit union. Other accrued interest should be deposited into the Share Certificate account. Details of the account: 12-month Share Certificate with ongoing deposit functionality Interest rate and payments: set independently by each Credit Union Minimum opening deposit and minimum balance requirement: $25 Minimum deposits/month: none Maximum deposits/month: none* Account dollar cap: none* Withdrawal: one per 12 month term Withdrawal penalty: $25 Account holder requirements: Age 18+ Employee participation: yes Employee’s family: no restrictions (Credit Unions may make exceptions at their discretion and can include such restrictions in the Exhibit B: Official Rules Template). Corporations, limited liability companies, partnerships, associations, sole proprietorships, trust accounts, business and labor organizations, other public or private entities, employees, board of directors, officers and vendors of participating credit unions are not eligible. *Credit unions may choose to cap the certificate value provided it doesn’t limit the member to less than the total maximum entries per month. Members must be permitted to deposit up to $250 per month which totals $3,000 per year. If you choose to implement a cap, you must disclose this in your truth-in-savings disclosure and official rules document.
Product Construct. For purposes of the POS Product only, and in addition to (i) Section 2 of Exhibit C-1 (First Program Outline - Low AOV Product) (as amended, the “Low AOV Program Outline”) and (ii) Section 2 of the Exhibit C-2 (Second Program - High AOV Product) (as amended, the “High AOV Program Outline”), the Parties have agreed to the following as the minimum requirements necessary for the “Product Construct” for the POS Product. To the extent that there are any changes to the POS Product the Parties will mutually agree to such changes (email sufficient).
