Banking Basics
This is a safe type of account where you deposit money and earn a small amount of interest.
What is a savings account?
A plan for how you will spend and save your money.
How many withdrawals do you get on a regular savings account to avoid the $.50 fee per withdrawal?
3 per quarter
What happens to a POA when the original owner dies?
They fall off of the account (become void)
Customers can setup reoccuring transfers through their app? (T or F)
True
This account is primarily used to pay bills and make purchases.
Money received from work or another source.
What is income?
How many withdrawals do you get on a money market account before incurring a fee?
There is no withdrawal limit
What is the process for a POD to get the funds after the original owner dies? (and what do we do before releasing the funds)?
Customer brings in the death certificate, we verify the most recent signature card and verify POD, and then distribute the $ to all beneficiaries evenly.
Customers can order checks through their mobile app? (T or F)
False
The FDIC insures deposits at member banks up to this amount per depositor, per insured bank.
What is $250,000
Rent and insurance are examples of these expenses.
What are fixed expenses?
What is the minimum balance to keep in a classic 55 account to avoid the $10 monthly service charge?
$100
How does someone setup an estate account? (what two items do we need)
EIN number from IRS.gov
and
Estate paperwork from the courthouse usually titled "letters of testamentary or letters of administration"
Customers can put in their own travel notes/adress changes through our website AND mobile app. (T or F)
True
This document shows your deposits, withdrawals, and ending balance.
What is a bank statement?
What is a question to ask a customer when verifying them over the phone, that a fraudster most likely wouldn't know?
An account detail (last deposit made)
What situation would we recommend a business checking account over the small business checking?
Using ACH and Billpay + 5,000 balance
(ACH and Billpay would be free if they have a 10,000 balance)
What are 3 of the 4 ways a customer can prevent the need to setup an estate account? (How are their accounts titled?)
Setup a trust
POD on their account
Joint Owner on their account
Small estate affidavit
Business customers can login on the app their first time. (T or F)
This helps prevent overdrawing your checking account.
What is balancing your account or tracking your transactions?
What is a way to prevent a customer who may be getting taken advantage of (defrauded), to stop them from losing money or losing the bank money?
Talking with the customer and explaining the potential fraud. (best)
Or
Calling and verifying the funds with the bank the check is written off of.
Name 7 of the 8 accounts (exluding CD's and IRA's) for personal customers that earn interest.
Classic 55, now checking, mmk, super mmk, mmk plus, christmas club, regular savings, and youth savings.
When can someone use a small estate affidavit?
In kansas, if their estate does not exceed $40,000
What 4 things can we use to lookup a personal customer on our online banking portal to further assist them?
Username, full social, phone number, email address.