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/ 16 September 2008
The FNB Million-a-Month Account concept is being tested in the United States as a way to increase savings.
First National Bank’s (FNB) ”million-a-month account” competition is an illegal lottery, the Supreme Court of Appeal (SCA) ruled on Friday. The SCA dismissed the bank’s appeal against a Pretoria High Court declaratory order, according to which the bank’s competition was a lottery prohibited by the Lotteries Act.