Lines of Credit
Susan has a line of credit balance of $1,000. How much is her minimum payment?
$50 - This is the minimum payment allowable on a Line of Credit.
Can a HELOC be used for overdraft protection?
No
Can a member have more than one share secured loan?
Yes - if the deposit used as collateral is different.
No - against the same deposit.
With our ScoreCard program, how much do members get as rewards?
1% cashback on purchases including cash advances. New credit cards provide an extra 1% cashback, up to $100, for the first calendar month. Special opportunities are available from time-to-time.
Who answers member email, texts, messages?
We ALL do. If you see an email, REPLY ALL and answer the question so everyone knows it's taken care of. For texts or messages, assign them to yourself and answer them (then mark them closed). Our goal is to respond in under an hour during business hours and as soon as possible the next business day for messages after hours.
Anthony has a line of credit with a balance of $2,000. How much is his minimum payment?
$50 - LOC payments are 3% of the balance at the last advance, rounded up to the next whole number.
Destiny has a HELOC balance of $21,000 and a limit of $35,000. What is the smallest advance she can take?
Trick question: It used to be $500, but recently we have eliminated the initial draw and the minimum withdrawal limits. No more $10,000 initial advance is required. Additional advances no longer have a $500 minimum.
What are the three credit bureaus that provide credit scores.
Equifax, TransUnion, and Experian
Where can members see their rewards?
They log into ezcardinfo.com. They can also see it on the scoremore website and find local offers there: https://www.scorecardrewards.com/
How do you know if eBanking or the app is working when members call to ask?
Can a LOC be set up to cover overdrafts?
Yes - Set this up using Account Revision, under Additional Products.
Estefan has a HELOC balance of $12,000. How much is his minimum payment?
$50 - HELOC payments are 1% of the balance at the last advance, rounded up to the next whole number.
What is the federally recommended site for your free annual credit report?
annualcreditreport.com - we have a link on the website (Loans Menu)
When do members earn their rewards?
Bonus points appear within 120 days of purchase and cashback is placed in their accounts within 120 of purchase, unless purchases are returned, exchanged or backordered.
What is the first thing to do when a member calls to say they have a transaction that is not theirs?
We immediately capture or restrict the card. Leaving the card open is not an option.
Jamari has a line of credit balance of$2,000 and a limit of $3,000. What is the smallest advance she can take?
$100 is the minimum advance amount, in person or by phone.
Can any member with a good credit score get a HELOC?
No, the member's property must be in Tennessee or Mississippi.
What are the five types of data that help to calculate your FICO score?
Payment history, amounts owed, length of credit history, new credit, and types of credit used?
Does cashback refer to any purchase?
Members can earn cash back by shopping, advancing cash, or by selecting local merchants from the Score More section of the rewards website.
When a member comes into the branch to make a transaction, what is an important member service step you should do before they leave?
While there are many transactional answers to this question, you should look at their account and talk to them about other products they could benefit from. Cross-selling is something we need to get better at.
How do you find the rate for a line of credit?
The rate is the same as the current unsecured rate.
Who pays for the property appraisal for a HELOC?
The appraisal is paid by the applicant at closing.
How long is the amortization of an On-Target Mortgage?
15 years.
What are our interest rates?
Stable, fixed rates of 9.9% for a platinum card and 12.5% for a classic card. Members receive the appropriate card based on their credit qualifications.
What is our Mission Statement?
Empowering each member to reach financial goals they never thought possible.