Nosey Neighbors
What banking process requires financial institutions to verify the identity of their customers to prevent fraud, money laundering, and terrorist financing?
Know Your Customer (KYC)
What is the minimum balance on a Small Business account & what is the fee if the account drops below that balance?
What year were we founded?
1893
How many debits can post to a Statement or Youth Savings account monthly before additional fees are assessed?
3 Free Withdrawals per Quarter
If interest rates fall, does every depositor immediately earn less?
No. Fixed rate CDs stay at their contracted rate until maturity.
In banking, understanding a customer's source of income and financial behavior starts with asking about what 2 key details during account opening?
Cash activity and employment status
What is the minimum balance on a Business Savings account and what is the fee if the account drops below that balance?
How many ATMs do we currently have in service?
4:
Weston, Platte City, Price Chopper, Cosby
What is the Activity fee on a Statement or Youth Savings account?
$1 per withdrawal after the first 3 withdrawals per quarter
What is the driving financial reason that Bank's offer deposit products and services?
To borrow from customer's at less than market rates
When opening Individual accounts, what can be used as Primary identification?
Valid Drivers License, state-issued ID or US passport
What is the activity fee for a Business Savings and when does it apply?
$1 per withdrawal after 3
What business currently occupies the old Kansas City bank building (the branch before Cosby Opened)?
Sunrise Dispensary
What is the minimum balance on a Statement Savings & what is the fee if the account drops below the minimum balance?
Why do banks like customers who have both loans and deposits?
They self-fund part of their loan balance, typically at a low cost. In other words, they generate more revenue than a loan only customer, while also providing funding and a deeper customer relationship.
When opening accounts, what verifications do we run on new individual customers?
Verification2 (ID manager), OFAC, and Chexsystems
What is the Credit called that can offset the monthly fee on a Commercial Checking account, and may reduce the monthly fee entirely for that month?
Earnings Credit
What currently occupies the original downtown Weston bank building?
Silk Art Museum
What is the minimum balance on a Youth Savings & what is the fee if the account drops below the minimum balance?
What is the mathematical name of the average interest rate paid on a set of deposit accounts by weighting each account's interest rate by its corresponding balance?
Weighted Average Interest Rate or Weighted Average Rate
The Customer Identification Program (CIP) is part of what bank regulation?
the USA Patriot Act
What is the monthly fee for a Commercial checking? there are 3 parts.
How much was accepted in deposits on the first day of operation?
$159.25
<Answers accepted between $140-$180>
What are the 2 qualifications on a Premier Savings?
What does it mean when someone says a bank is asset sensitive?
The bank’s income generally increases when interest rates rise because asset yields reprice faster than funding costs.