Why
Amount banks lost to Fintech's in the last 5 years
$3 Trillion
True or False: everyone gets the rewards in MyChoice accounts no matter what
False, only those qualifying
The qualifying product design on MyChoice Advantage
5.00% up to $25,000 and 0.25% above cap
What does FRAN stand for?
Free
Rewards
Ask to Qualify
No penalties
How can members know how they're tracking towards qualifying each cycle?
Rewards Dashboard
What can you get at a community CU that you can't at a mega or Fintech
the human connection...You
The # of POS transactions to post and settle to qualify
12
The qualifying product design on MyChoice Plus
5% up to $200; $10 max
What should you do when you get an objection?
Ask why. Get to the root cause of the concern before offering a rebuttal.
These two products are the primary drivers for deposits
MyChoice Advantage and MyChoice Wealth
Why do community CU's matter to their communities?
They put money and support back into the communities
This saves you $2/acct/mo
eStatement
The qualifying product designs on MyChoice Essential
Reasons why MyChoice Wealth should be added to every account?
- Higher avg. balances
- More POS
- Deeper product penetration
- Stays on avg. 2-years longer
This is the primary driver for NII and engagement
MyChoice Plus
Why are these accounts good for the consumer?
Free and rewards
This creates stickiness
ACH/DD
This is the max ATM fee refund
$25.00 per cycle, $4.99 per transaction
Why is this program a Win-Win
Rewards consumers
Makes or saves the bank 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 MyChoice Advantage and MyChoice Wealth you get 0.05% on your balance still (PALI)
Why can a 5% checking account have a lower cost than a 5% CD
Breakage on the cap, only those qualifying get the 5% rate
How do you qualify in MyChoice Wealth
Qualify in your attached MyChoice Advantage or MyChoice Plus accounts
The qualifying product design on MyChoice Wealth
2.00% up to $100,000; 0.25% above cap
Who determines if this program is successful at First National Bank
YOU
Avg. balance that determines whether MyChoice Advantage or MyChoice Plus is better for the consumer
$2,400