FRAN and CD
F
FREE
This account has no monthly maintenance fees and no minimum balance!
The number of POS swipes a consumer needs to have post and settle within the cycle to qualify for Cash and Cash Back:
12
This is what happens when the Consumer does not qualify for rewards
The account is still free, they earn the base APY in Cash and Saver and they can try again next month!
But I love my PAPER Statements!
Concerned about information security
Prefers a printed statement for record keeping
I don't know how to enroll in Estatements or pull it up when it's ready
CD Only Member --- How could we proactively mention the checking accounts and Saver?
Role play scenario with me
R
REWARDS
This account rewards you with...
I am an existing Cash or Cash Back member but i do NOT have Saver -- you notice i am qualifying every month -- how could you proactively approach me to take advantage of KASASA Saver?
Sample:
Hey Mr. Member -- I noticed you are not taking advantage of the Free High Yield Savings account KASASA Saver! Every month you qualify in your checking you would automatically get a BOOST of 2.50% on your Savings! Would you like to open today?
This is the reward for qualifying in Cash
The Consumer earns 5.00% APY up to $10,000
I don't like the idea of having to qualify
Skepticism- sounds too good to be true. How can you pay these rewards out?
Why do I have to do all this to get the rewards?
I've had an account here for years, doesn't that count as a qualification
Handling Objections- Debit Card
Roleplay this with me
A
ASK TO QUALIFY
To qualify we ask that you do a few simple things you may already be doing.
This Qualifier is in place to SAVE the Credit Union money. Hint: it's electronic
E-Statements
Did you know a paper statements cost about $2.15 and an e-statement cost about 15 cents!
This is the reward for qualifying in Cash Back
The consumer earns 2.00% on debit card purchases up to $400 for a max reward of $8.00
What is a great question to ask new consumers to help identify the BEST account for them immediately?
*Hint -- awkward to ask your friend/neighbor but a customer at the bank? TOTALLY appropriate!
What is typically your average balance you keep in your checking account?
This helps us quickly identify if CASH or CASH Back is the BEST account and you can lead with the REWARD they could be earning to GRAB their attention!
Account Opening Conversation- Offer Saver
Role play with me-
Kasasa Saver is our free savings account that attaches to your Cash or Cash Back checking account. When you qualify, your rewards automatically sweep into your Saver account. You earn a higher interest rate in Saver vs a standard savings account (2.50% up to $35k)
N
NO PENALTY
No penalties for not qualifying! Your account is still free and you can try again next cycle
I am an Existing Simply Free Checking consumer with average balance of $5,000 I already swipe on average 17 times per month but have NOT signed up for estatements.
How could you proactively approach me about UPGRADING to KASASA Cash?
Sample:
Hey Mr Member --- did you know if you sign up for estatements and upgrade your account to Kasasa Cash you could earn on average over $20 per month in rewards?!
The reward in Saver when the consumer qualifies in Cash or Cash Back
The consumer earns 2.50% on their balance up to $35K
AND
Their Cash or Cash Back reward is swept into their Saver account where they earn interest on it!
There is no way I would swipe 12 times!
Concerned about safety or fraud
Prefers their rewards credit card
Prefers cash
Prefers to use cash for budgeting
Doesn't think they can use it 12 times
Doesn't understand how debit cards work
Account Opening Conversation
Role play Build Rapport and Determine Needs
CD vs Cash Consumer Benefit
•No Penalties
•Liquidity
•Diversify their Deposits
This is how the CONSUMER qualifies for rewards in Saver.
No separate qualifier for Saver! As long as they meet the qualifications in their Cash or Cash Back , they qualify for Saver rewards
What is the Average Balance that makes Cash the Better Account?
$3,000
This is the first step in handling an objection
Ask why to determine the root cause of the objection.
Account Opening Conversation
Role play Present Products and Ask for Commitment