Nosey Neighbors
What banking process requires financial institutions to verify the identity of their customers to prevent fraud, money laundering, and terrorist financing?
Know Your Customer (KYC)
What are the fees on a Basic Checking account, and how can it be waived?
$3 for paper statements, waived for e-statements
How many debits can post to a Statement or Youth Savings account monthly before additional fees are assessed?
3 Free Withdrawals per Quarter
What are the 2 Money Market accounts we offer?
Where can the premium money market rates and requirements be found?
The Back Book Rate Sheet
In banking, understanding a customer's source of income and financial behavior starts with asking about what 2 key details during account opening?
Cash activity and employment status
When does the statement cycle on a Reward checking account?
1st of the Month
What is the Activity fee on a Statement or Youth Savings account?
$1 per withdrawal after the first 3 withdrawals per quarter
Which Money Market offers the highest interest rates?
Premium Money Market
No
When opening Individual accounts, what can be used as Primary identification?
Valid Drivers License, state-issued ID or US passport
What is the penalty for missing qualifications on Reward Checking accounts?
There is no penalty, and the account is eligible to qualify the following month
What is the minimum balance on a Statement Savings & what is the fee if the account drops below the minimum balance?
Can you write checks on a Money Market account?
Yes
What was the primary driver for the creation of the CIP requirements and the formalization of the KYC requirements?
September 11, 2001 which was the driving force in creating the Patriot Act.
When opening accounts, what verifications do we run on new individual customers?
Verification2 (ID manager), OFAC, and Chexsystems
What are the rewards a customer can earn on a Reward Checking account?
What is the minimum balance on a Youth Savings & what is the fee if the account drops below the minimum balance?
What is the minimum balance on the Money Market account, and what is the fee for dropping below that balance?
This Act is part of the Bank Secrecy Act, and requires that every financial institution adopt appropriate security procedures to discourage robberies, burglaries, and larcenies and assist in identifying and apprehending persons who commit such acts?
Bank Protection Act of 1968
The Customer Identification Program (CIP) is part of what bank regulation?
the USA Patriot Act
What are the 3 Qualifications on the Reward checking account?
What are the 2 qualifications on a Premier Savings?
What is the minimum balance for the Premium Money Market account, and what is the fee for dropping below that balance?
What is the driving financial reason that Bank's offer deposit products and services?
To borrow from customer's at less than market rates