Opening new accounts
What is required to open a consumer membership?
Valid government identification
**additional proof of address is needed if their address is not current on their ID and does not match their Qualifile records, we can review the following documents to verify their address**
No- we always need an unexpired government identification.
When opening a joint account, what would the first person on the application be listed as in Symitar?
The first person would be listed as "Primary," all other parties would be listed as "Joint."
Where would you go to add an additional savings share to a membership?
In Symitar, we would go to Specfile>Account Revision>Shares.
A member has a money market with a $20k balance and does not want a checking. What product could you easily refer that would earn them more?
High Yield Savings!
What Qualifile and credit score are we looking for when opening a new account?
Qualifile: 600 or above
Credit: 600 or above
What documentation is needed for an Estate Account?
-Proof of EIN
-Letters of testamentary or Administration
-Death Certificate
What is the role of a beneficiary?
The beneficiary of an account is the person who has rights to funds after a member's passing.
What form do we need filled out and uploaded to Synergy for a member changing their physical address?
Demographic update form
If a member is interested in the benefits that come with the Perks Checking but does not want to download the Meritrust+ app and prefers using their home computer, what is another option for them?
If a member does not want to download the application, they have the option to access these perks via Bazing.com on their computer!
When is a previous physical address required on account application?
Previous Physical Address is only required an if individual has been living at current address less than 2 years.
What documentation is needing for a minor account if the minor does not have an unexpired government or photo ID?
For minors without a form of ID listed above, a Social Security Card, Birth Certificate, or tax document with their tax ID listed are acceptable identification.
For a minor account, what account ownership/postion would the minor be listed as on Symitar?
The minor would be listed as "primary" with the "joint" being the guardian.
What documents would we need to view and upload for a name change?
We need to VIEW:
Marriage License, Divorce Decree, or Court Documents.
We need to scan and UPLOAD: Updated government issued ID showing their new name.
Offer our current promotional CD!
When inputting a job title during account opening, would "Engineer" be a sufficient description?
The occupation (what they actually do) is the required information. We cannot use generic occupations such as "Engineer", rather use "Aerospace Engineer", "Electrical Engineer", or "Software Engineer".
When opening a minor account, do we need to scan and upload their SSN card, Birth Certificate, or tax document listing their tax ID?
The physical document does not need to be present in these cases, a photo of the Social Security Card or Birth Certificate will work and tax documents can be brought up online if need be.
If someone is listed as POA for a member, do they have full access to their funds after the member has passed?
No- POA ceases upon death.
If a member has lost or given their checks to a fraudster, what needs to be done?
We will need to change the member's account number and refer to the "Changing Account Number due to Fraud" procedure located in Workshop.
A member has over $200k sitting in a high yield savings. They explain they are having troubles investing their money wisely, what would be a good suggestion?
Referring them to our free Financial Advisor service!
If a member is a Resident Alien with ITIN identification, what would be the correct citizenship drop down option?
Perm Resident
If we are opening an account for a member who is a Non-US person and provided an ITIN, what form would they need to fill out and sign?
W8-BEN form.
On a Representative Payee account, who would be listed as primary? Who has access and are there any other restrictions?
Protected Person/SSA Beneficiary- listed as Primary.
Representative Payee- Owner who has access.
The protected person has NO access to the account for balance or transaction information.
No POD's, POA's, or Authorized Signers allowed.
No Shared Branching access.
When adding a joint owner (new member) to an account, what do we need to pull? If there is an existing open-ended loan on the account, what form needs to be filled out?
What needs to be pulled on new member:
OFAC, Credit, and Qualifile.
Form:
Authorized User Form.
A member has 10k sitting in a standard checking account, 3k in money market, and 20k in high yield savings. What products could you offer in this situation?
You could offer a checking account conversion to Premium Perks checking, with a Premium High Yield savings! This member could leave 2k in money market to earn the 4% rate.