Core CD
Instead of speaking in APY, we are now communicating this way to our clients for the rate/term they are inquiring about
Bonus for 100 pts: what bump do employees receive
Dollars
.50
This account is offered for both personal and business purposes
Yes; Companion Savings & Business Companion Savings
Index Savings is offered for both & the rate is..
What is Consumer & Business Index
Fed Funds rate minus .25 bp
I got a better rate at another bank. Can you match that rate?
Matching another financial institution’s rates is not something we customarily do, but we do understand that interest rates are important to our clients. We offer competitive rates, is there an amount your looking to invest for a certain time frame?
A client must be established for this long with GCB to be eligible for rate bumps
Bonus 100 pts: What term/bump can we give a new DDA client
90 days
New DDA client can receive a 0.15 % APY bump on 90 day CD only.
This is required to open this savings account
CD(s) with same deposit amount
The Index Savings account is specific to..
Matured CD funds or retention funds from an MMA account. Allows for liquidity with Fed Funds rate less .25 BP *client needs to monitor FRED*
I’ve been with the other bank for a long time, and all my “stuff” is already set up with them. It’s too hard to move banks!
That’s the best part! We make your transition to Gulf Coast Bank easy. Many clients have felt the same way and have found that moving an account now is easier than ever. We will coordinate this process and do most of the work for you. We’ll immediately open your new account with us, and you will keep your current account open during this transition. I just need a copy of a recent bank statement to get started
Name other bank products we offer than provide FDIC coverage
CD's, ICS Sweep, CDARs, WM options
A client will receive a 0.25 APY bump when they have which account(s)?
Bonus 100 pts: A Money Market account is considered to be this account type when looking at bumps.
Checking & savings account
Savings account
The Companion account is currently paying this APY
3.50 % APY
These are the recommended companion products to the Index Savings
Interest Checking or Select Checking
I opted out of Discretionary Overdraft Protection, why am I still being charged a fee?
If the account is overdrawn over $25, a non-sufficient funds (NSF) fee is assessed when we pay an item without sufficient funds in the account, even if you’ve opted out
These products are those that you should not use EDIE for
Stocks, bonds, mutual funds, cryto, annuities, any investment that is not a deposit
This is what a WOW & Appreciation statement sounds like when curious shoppers come into the bank
Great! You have come to the right bank for long-term savings. Are you looking for just rates or the best value? There are many different types of CDs these days including those you can add to, take out of, bump rates on, and more. Could I ask you a few questions to make SURE we get you the best option and properly structure it to fit your goals?
If a client opens 3 CD's at $100K each over the course of 30 days, they can deposit this much into the Companion Savings account
$300K
Offer the Consumer Index Savings Account; role play a scenario
Large client that looking at moving funds to another institution for higher interest rates, set up MMA & Index account in approved circumstances e.g. Darren Martin. Matured CD funds that the client needs to have stay liquid.
Can you waive my service charge?
I understand your concern. At Gulf Coast Bank we don’t customarily waive or reverse fees unless they’re due to Bank error; however, in many cases we’re able to find ways to help clients reduce or avoid fees going forward. Let’s look at your accounts to see which options work for you.
At Gulf Coast Bank we offer very competitively priced products and services many of which are free including our Mobile App, text alerts that keep you up to date on everything going on with your account, and our local Customer Service Center which is open until 9 p.m., even on Saturdays and Sundays.
Melissa & Harrison have the below; are the FDIC covered: checking with $25K, CD with $500K, MMA with $300K
No, $250K per individual. Need to add POD's if choose to but we are not estate planners. Use EDIE calculator
Name 5 benefits of Core CD
Competitive rates with customizable terms, Speak in dollars versus APY, tool to use with clients that can be printed & given to client, bump feature to reward relationship with GCB, deepening relationships with knowledge and options, easy & convenience of use, speaking tips, at a glace, & many more
The Companion Savings account has these restrictions; name 3
Withdrawals in person only, can be added in Digital with view only, no transfers, no zelle, no ATM card, NO ADDITIONAL deposits allowed
Explain the Index Savings to a client that is interested in the Business Index
$300 monthly average balances, can be linked for ODP, transfers, withdrawals up to 6x a month. No further deposits other than business matured CD's. Pays the Fed Funds rate minus .25 bp
Does your bank charge fees? What are some common ones that I should be aware of
Disclosure statement; ODP, Temp checks, CC, MO, Replacement debit card, Returned deposit item, wire fees, stop payments, foreign currency, etc
Can you take my Savings Bonds at your bank
You can redeem at Treasurydirect.gov, we can assist you with completing the form!