Why
% of new checking accounts opened at Fintechs in 2023
47%
The # of POS transactions to post and settle to qualify for the principal reward
12
The 3 below cap rates on Cash
2.25%
4.00%
5.00%
Potential root causes for not wanting eStatements
- Concerned about information security
- Prefers printed for record keeping
- I don't know how
What does FRAN stand for
Free
Rewards
Ask to Qualify
No penalties
What can you get at a community bank that you can't get at a mega or fintech?
the human connection...YOU
This qualifier makes the member less reliant on CSR's
Online Banking
The caps on Cash and Saver
$25,000 on Cash and $15,000 on Saver
Potential root causes for concerns about having to qualify
Sounds too good to be true
What's the catch
Don't want to jump through hoops
Kasasa Protect costs this much?
$7.99 for Kasasa account holders and $9.99 for everyone else
Community banks matter to their community
They put money and support back into their communities
This qualification saves you $2 per account per month
eStatement
How much Cash Back I can get per cycle
$7.50 max
Potential root causes for not using a debit card
- Concerned about Safety or fraud
- Prefers rewards credit card
- Prefers Cash
- Don't think they can use it 12 times
- Don't understand how it works
How much in Kasasa rewards has Greater Kentucky CU given out since October 2015?
$446,342
3 ways Kasasa accounts are the best accounts for Century Bank
1. Higher avg. balance
2. More POS
3. Younger
4. Longer life-cycle
5. More products
6. Profitable
This is needed to get the 4% and 5% Rates
4%= 20 POS
5%= 20 POS & Active Qualifying Loan
What do I get if I don't qualify
Cash and Saver get a 0.01% non-qual rate
Nothing in Cash Back
Rebuttals for "I want free checks!"
- Give them a free booklet
- If you want the free checks, that only comes with our __ account, and unfortunately it doesn't come with the rewards we just talked about. The checks are $X. What would be more important to you, getting the free checks or $90+/year and you can just order a book of checks?
- Tell me about how you're utilizing the checks so I can make sure we get the right thing for you. How many do you write in a month?
Name 3 of the benefits of Kasasa Protect
•ID Theft
•Credit Card Fraud
•Data Breaches
•Restoration Services
•Around the Clock Monitoring
•Dark Web Monitoring
•Lost Wallet Protection
•Can only be tied to one person/SSN even on a joint account
Why can a 5% Cash account have a lower cost than a 5% CD
Breakage on the cap, and only those qualifying get the 5% rate
This is how you qualify in Saver
Qualify in your checking account
What is the avg. balance that determines whether Cash or Cash Back is better for the consumer
$1,800
($1,800 x .05)= $90 > $90/12= $7.50
This is the first step in handling an objection
Ask "why" to determine the root cause
Why should you add Saver to every account
- Higher avg. balances
- More POS
- Deeper product penetration
- Stays on avg. 2-years longer