First Direct
What are three Benefits of First Direct?
CD interest rate bonus (0.05%), no annual fee on HELOC, 2 NSF/OD fee items waived, $250 discount on mortgage closing costs, retirement consultation, 25% discount on safe deposit box
What is Financial Wellness?
It is the educational workshops we provide to the area's employees and community organizations to promote good financial habits.
What does HSA mean?
Health Savings Account
True or false.The minimum amount for direct deposits is $300.00
False.. $200.00 Direct Deposit requirement.
How can you access your HSA funds?
HSA Card
Checks
Bill Pay
Who is eligible to open a First Direct account?
Employees of participating business, first responder, military and veterans. Anyone within the healthcare and education field.
Does a company have to bank with First Merchants Bank in order to qualify for our financial wellness program?
No! And it does not cost the employer a dime! It is a free service FMB provides for our communities.
Who is eligible for an HSA?
Anyone with a high deductible health plan (HDHP).
How do you keep a FD account free?
Have a Direct Deposit ($200.00 or more at least once in a statement cycle) and E-Statements
Why is it important to have the First Direct Enrolled Company list available?
To identify opportunities at the banking center, inform the customer the benefits and features of the account, promote conversation, etc.
What is the fee if you do not meet the qualifications to keep a free First Direct Account?
$10.00/month
What are 2 reasons why an employer would want to provide financial wellness to their employees?
Increases productivity, helps with employee retention, absenteeism, helps to assist in recruitment, etc.
What is 1 benefit of an HSA?
*Reduced taxable income
* Grows tax free
* Roll over money year to year, not tied to your employer
Where should you go to log your Workplace Banking activity?
Connections
How much can a customer earn to refer a friend to FMB?
$50.00 up to $500 a calendar year.
True or False.. The business must be a client of the bank
False. The business does not have to be a client (direct deposit is a requirement)
What are some good times an employer can find to hold a financial wellness workshop?
Anytime they have availability for their workforce.
Safety meetings, monthly or annual meetings, optional sign ups for lunch and learns.
How much can you contribute to an HSA in 2024?
Individual: $4,150
Family: $8,300
$1,000 catch up to those 55 or older
Where can you find the Company Plan Code for a First Direct Employer?
Launchpad --> Line of Business --> Consumer --> Workplace Banking & Financial Wellness --> First Direct Enrolled Companies (towards the middle of the page)
True or False: You can customize the First Direct Flyers.
True.
What are 3 subjects our financial wellness workshops cover?
Banking basics, budgeting/savings, borrowing (credit), using credit cards responsibly, retirement, preparing for emergencies, ID Theft, homeownership, federal student loans.
Double Jeopardy.
What is the penalty if you do not use your HSA for qualified medical expenses?
20% (Federal Penalty) -audited
What is your First Direct Goal?
20% of Consumer Checking Account Goal
Name 1 Workplace Banking enrolled company.
Various answers