Opening new accounts
What documentation is required to open a consumer membership?
Valid government identification.
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" in Symitar.
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 liquid product could you refer to help member earn more dividends?
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?
Bazing.com from a browser.
What tool helps us learn about our member(s) and provide referral opportunity during account opening?
Conversation Summary.
What documentation is needed for a minor account if the minor does not have an unexpired government or photo ID?
-Social Security Card
-Birth Certificate
-Tax document with their tax ID listed
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 and MSA showing their new name.
A member would like to invest their $10k sitting in primary savings in a share that cannot be withdrawn from while still earning dividends. What would be a good product for this?
Discuss existing CD options and timeline with member.
When inputting a job title during account opening, would "Engineer" be a sufficient description?
No, we cannot use generic occupations such as "Engineer", rather use "Aerospace Engineer", "Electrical Engineer", or "Software Engineer".
What documentation is needed to open a trust account?
Certification of Trust.
If using an EIN instead of SSN, need letter from the IRS.
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?
Account Number Changed Due to Fraud.
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?
Refer them to our Financial Advisor.
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, can the primary on the account access the funds?
No. The court-elected Representative Payee is the only party able to access and move funds on behalf of the Primary on the account.
**DAILY DOUBLE**
When adding a joint owner (new member) to an account, what reports do we need to pull?
What needs to be pulled on new member:
OFAC, Credit, and Qualifile.
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.