Morning Huddle Jeopardy

Know Your Credit Union

100

What is the minimum deposit required to maintain membership at Chartway?

The minimum deposit required to maintain membership at Chartway is $5, which is needed to open a Prime Share account.

200

Who is the Market Director for Harbour View?

Kristi Forehand

300

As a Chartway credit union member, you are more than a customer—you are this.

an Owner

400

How can someone qualify for membership with Chartway? list all 5 ways

1. Live, work, worship, or attend school in a NCUA approved chartered area.
2. Employee of a qualifying organization/business or an immediate family member is an employee of a qualifying organization/business.
3. Relative or housemate of someone who is eligible or a current member.
4. Become a member by donating to the Chartway Promise Foundation (requires a $10 donation and a $5 deposit into the Prime Share).
5. Existing member of the credit union.

500

There are 4 Chartway Core Values. list 3 of them

Relationship

Differences

Community 

Quality

Retirement Ready

100

What is an IRA?

An IRA stands for individual retirement account, which is a tax-deferred investment account that helps you save for retirement.

200

What are the Two types of IRA's

traditional IRA and Roth IRA

300

What is a key feature of a Traditional IRA?

 

Contributions may reduce your taxable income and dividends are tax-deferred until withdrawn.

400

What is the penalty for early withdrawal of dividends from an IRA 

10%

500

At what age can a member generally begin taking withdrawals from an IRA without the early withdrawal Penalty

59^1/2

Banking Acronym's

100

ITM

Interactive Teller Machine

200

SAR

Suspicious Activity Report

300

NCUA

National Credit Union Association 

400

BSA

Bank Secrecy Act

500

FICO

Fair Isaac Corporation Score

Fee-Whiz!

100

An Inactivity Fee is applied to all inactive prime share and or checking accounts with an average daily balance less than $200 and no transactional activity in 12 months. What is the fee?

the inactivity fee is 4$

200

How much is the monthly maintenance fee for Small Business Checking if e-Statement enrollment is not completed?

he monthly maintenance fee for Small Business Checking is $10 if e-Statement enrollment is not completed.

300

What is the fee for a stop payment for personal checks and ACH

The fee for a stop payment is $30 for personal Chartway checks and ACH (single and recurring). There is no fee to stop payment on a Chartway cashier's check or money order.

400

For Members who still have the Lifeplus checking, what is the fee that is waived with direct deposit or 10 monthly debit card transactions

6$/month

500

What is the fee amount for a returned item unpaid on business and personal accounts.

The fee amount for a returned item unpaid on business accounts is $20. Personal accounts no longer have a returned item fee.

Fiduciary Facts

100

What is a Fiduciary account?

A savings or deposit account where funds are owned by one party and managed by another for the owner's or beneficiary's benefit.

200

Who can transact on a revocable living trust?

The Grantor and Trustee

300

What are the Documents required to open an Estate account?

Death Certificate, EIN Letter, Court appointed Docs, ID

400

This Account is established to hold assets for the benefit of a minor and is managed by an adult?

Custodial/UTMA account

500

What are the 5 types of fiduciary accounts are offered by the Credit Union?

The Credit Union offers Estate Accounts, Revocable Living Trusts, Representative Payee accounts, Uniform Transfer to Minors (UTMA), Guardian/Committee accounts, and Federal Fiduciary Accounts.