FRAN and CD
F
FREE
This account has no monthly maintenance fees and no minimum balance!
The number of POS swipes a customers needs to have post and settle within the cycle to qualify for Thrive Rewards and Thrive Cash Back Checking?
15
This is what happens when the Customer does not qualify for rewards.
The account is still free, they earn the base APY in Thrive Rewards Checking and Thrive Savings and can try again next statement cycle. (Thrive Cash Back does not earn any awards if they do not qualify)
Potential root causes for a customer saying to you; "I'd prefer paper statements"
*EXTRA 100 POINTS FOR SOLUTION
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
What year was The Sturgis Building and Loan Association founded?
1905
R
REWARDS
This account rewards you with...
This is what the customer is sent monthly to let them know if they earned their Thrive Checking/Savings Rewards.
End of Cycle Email
This is the reward for qualifying in Thrive Rewards Checking.
The Customer earns 5.25% APY up to $25,000, 0.50% APY for any balances above $25,000, and ATM Fee Refunds up to $25.
If the customer does not qualify they earn a Base Rate of 0.05%.
Potential root causes for a customer having concerns over having to qualify.
*EXTRA 100 FOR SOLUTION TO OBJECTION
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
What was the year the bank became a state-chartered bank again from a federally chartered bank and renamed Sturgis Bank & Trust Company?
1997
A
ASK TO QUALIFY
To qualify we ask that you do a few simple things you may already be doing.
This CONDITION is in place to SAVE the Bank 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 Thrive Cash Back.
The member earns 5.00% on debit card purchases up to $200 for a max reward of $10.00, and ATM Fee Refunds up to $25.00.
Potential root causes for a customer not wanting to set up a Direct Deposit
Payroll Direct Deposit goes somewhere else
Self employed and don't receive Direct Deposit
Doesn't know HOW to switch their Direct Deposit
Company doesn't offer Direct Deposit
What is Sturgis Bank's vision?
Sturgis Bank is a one-stop shop for financial success, providing quick responses and the most innovative suite of products in community banking.
N
NO PENALTY
No penalties for not qualifying! Your account is still free and you can try again next cycle
This qualifier is in place to create STICKINESS of account -- because consumers don't like to switch these!!
Receive at least one automatic Direct Deposit, ACH credit, or debit transaction post and settle to your account per statement cycle.
The reward in Thrive Savings when the customer qualifies in their Thrive Checking Account?
The customer earns 2.00% APY up to $100,000.00. and 0.50% of any balances above the cap of $100,000.00.
If the customer does not qualify in their Thrive Checking account they earn a Base Rate of 0.05% in the Thrive Savings Account.
Potential root causes for a customer to tell you "I don't use a debit card"
*EXTRA 100 PTS IF HAVE A SOLUTION IN MIND
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 15 times
Doesn't understand how debit cards work
What is The Sturgis Bank's Mission statement?
Sturgis Bank will make decisions that benefit our four stakeholders: shareholders, employees, customers, and community members.
Thrive Rewards Checking Customer Benefits vs. a CD
•No Penalties
•Liquidity
•Diversify their Deposits
Debit Card Purchases must be considered _______ to be counted within each qualification cycle.
Debit card purchases must be considered “settled” to be counted within each qualification cycle. A settled transaction is one that has been posted to the account.
What is the Average Balance that makes Thrive Rewards Checking the Better Account choice for your customer?
$2,290 or higher (Recommend saying to customers $2,300 or higher)
This is the first step in handling an objection
Ask why to determine the root cause of the objection.
What are Sturgis Bank's Values?
(Must know all of them)
Home ~ Integrity ~ Growth ~ Honesty ~ Excellence ~ Service ~ Teamwork