FFCU
Family Financial has been serving members within Michigan since?
1942
True or False: Everyone gets the rewards in their Kasasa accounts no matter what.
False, only those qualifying
What are the rewards on the Kasasa Cash account?
2.25% up to $7,500; $25 ATM withdrawal fee refunds
What does FRAN stand for?
Free
Rewards
Ask to Qualify
No penalties
What can a consumer get at a community financial institution that they can't get at a mega, online bank?
Authentic customer service - YOU!
The number of counties in which FFCU has a community charter?
8
The # of POS transactions to post and settle to qualify
12
What are the rewards on the Kasasa Cash Back account?
3% on debit card purchases, up to $9 cash back each month; $25 ATM withdrawal fee refunds
What should you do when you get an objection?
Ask why. Get to the root cause of the concern before continuing the conversation:
1. Seek to understand, ask & educate
This product is the primary driver for deposits
Kasasa Cash
What is FFCU's routing number
272483251
When mentioning qualifiers, what is the proper way to position them?
We ASK you to... Not you are required to, have to, stipulations, etc.
On average, how many more times do Kasasa FFCU members use their debit cards vs non-kasasa members?
15 vs 42
or basically 1/3
Which Dino won in the nearly viral FFCU post last year?
The red one.
On average which account has more debit card usage?
Kasasa Cash Back
What was the original name of FFCU?
Sealed Power Employees Credit Union
True/false: the 12 debit card purchases/transactions must be in person purchases only
False: all purchase transactions count
Why can a 2.25% checking account have a lower cost to YOUR FI than a 2.25% CD?
Double breakage; you ask members to do things (that they probably are already doing) that make or save the CU money) and reward them for that relationship & there is a cap to that reward.
- qualifiers
- cap
Why is this program a Win-Win
Rewards consumers
Makes or saves the CU money
- higher avg. balance
- younger
- more POS and eStatement adoption
- stickier
- deeper product penetration
-longer life-span
What happens if I don't qualify?
It's still a free account and you can try again next month, plus in Kasasa Cash you get 0.05% on your balance
What is the length of the longest tenured employee?
34 years almost 35 (in January)
How can FFCU offer these rewards to members?
By asking members to do things (they are probably doing elsewhere - or would be willing to do for the rewards) that make or save the CU money.
What is the purpose of Kasasa Cash and Kasasa Cash Back accounts?
Building EPIC relationships
-primary relationships
The amount of Kasasa rewards FFCU has given back to their customers since 2019.
$1,370,315
This is the average daily balance that determines whether Kasasa Cash or Kasasa Cash Back is better for the consumer.
$4,800