Rates
What is the base return for a standard checking account?
0.05%
What two accounts are used to gain higher percentage returns?
Money Market Savings Account and Jumbo Money Market Savings Account
Used only for active duty personnel
Free Active Duty Checking
Verbatim, what is the name of the account used to establish membership?
Membership Share Savings Account
What is the "Overdraft Umbrella"?
Overdraft Savings Transfer or "Funding", Checking Line of Credit (CLOC), Optional Overdraft Protection Service (OOPS)
How are the dividends accrued and credited?
Compounded Monthly and Accredited Monthly
Is it always more beneficial for a member to open a Jumbo MMSA over a standard MMSA?
No, under 99,999, a Jumbo MMSA only gains 0.25% in dividends while all standard MMSA earn greater dividends
Benefits of a Free Everyday Checking account
No monthly fees and no minimum balance required, only membership required
How many transfers can you do per month (on standard) from a Savings account? What is the name of this restriction?
Six transfers
Reg D
Does transfers for Optional Overdraft Protection count against a members Reg D limit?
Yes, it still applies to Reg D
What accounts share a 0.25% dividend?
Share Savings Account, IRA/ESA Share Accounts, and Jumbo MMSA (0.00 to 99,999)
MMSA - 0 to 9,999, 10,000 to 24,999, 25,000 to 49,999, 50,000 & over
Jumbo MMSA - 0.00 to 99,999, 100,000 to 249,999, 250,000 & over
What are the requirements for a Campus Checking account?
Students between the ages of 14 and 24
What is the limit on the amount of savings accounts you can have?
There is no limit
Per Federal Regulation, __________
team members must offer information on all Overdraft Umbrella options when discussing one of the products
How many tiers are there for a Flagship Checking account, what are the ranges, what are the percentage returns?
3 tiers; $0.00 to $9,999, $10,000 to $24,999, $25,000 & over; 0.35%, 0.40%, 0.45%
Can an IRA/ESA be transferred to create a MMSA?
Yes, as long as IRA/ESA regulations apply to the MMSA account (i.e. "IRA/ESA Money Market Savings")
Benefits of a Flagship Checking account
Tiered returns, ATM rebates up to $120 a year, no fee if over $1500 ($10 monthly)
How many different Savings accounts are there?
5
Share Savings, IRA/ESA Share Accounts, MMSA, Jumbo MMSA, SaveFirst Account
What is the minimum and the maximum for a CLOC? What rule applies to the credit limit?
$500 to $15,000
Must be done in $500 increments
What are the tiers and rates for an IRA/ESA MMSA account?
Same as the standard MMSA account tiers
Can an IRA/ESA be transferred to create a Jumbo MMSA?
You can use a Jumbo MMSA as an IRA Savings, but not as an ESA
For those who do not use checks and prefer higher ATM rebates
Free Easy Checking
What savings account is also a certificate? What is the dividend rate?
SaveFirst Account
0.50%
What is the difference between "Funding" and "Sweeping"?
Funding will transfer the full amount of the required transaction on the day of the transaction, prior to posting.
Sweeping is not optional and will automatically move all available funds (if necessary) to overdrawn account.