Savings Accounts
True or false: You must pull Chex when opening a savings account for an existing member
False
Aside from the high yield checking, which other standard checking account also earns dividends?
Plus checking
What is the minimum balance requirement for a money market?
$2,500
What kind of IRA accounts does CU1 offer?
Traditional, Roth, and Coverdell
Who do you send your signed and completed paperwork to?
Group_retention
With a savings only account, how much money needs to be in the savings to avoid the savings only fee?
$500
If a member does not have an address on file, can a debit card be printed for them?
No - you will get an error message and will not be able print
True or false: The same beneficiary(ies) listed on the primary savings need to be listed on the share certificate as well
False
Who is responsible for opening IRA and HSA accounts?
In branch staff
When searching for a member in Superior IRA, what are the 3 pieces of information you can use?
Name, SSN, and account number
If your checking account is negative and you get a deposit in your savings, will the system pull that money to cover the checking?
Yes - the next day the funds will be transferred into the checking
When converting a free checking to a high yield checking using quick actions, do any forms need to be provided to the member?
Yes, the "TISA High Yield Checking" form must be sent to the member.
Is there a minimum dollar amount requirement for money market withdrawals? If so, what is it?
There is no minimum requirement
Is an authorized user on an HSA allowed to have a debit card? If so, how would you get them a card?
Yes they are. You will create a card like normal but ONLY select the HSA checking - not the HSA savings or any other account.
On IRA/HSA paperwork who signs as "trustee representative"?
The employee who conducted the transaction will sign here.
What is the minimum balance requirement to earn dividends on a high yield savings?
$1
What are the 3 courtesy pay limit options?
$500, $800, and $1200
How many withdrawals per month are allowed for a money market? What is the fee for going over?
6 - includes checks, preauthorized transfers, OLB transfers, and all phone transfers. There is a $15 fee per withdrawal after the limit is reached.
Can a member transfer funds into their HSA via OLB?
Yes - per the IRA team no paperwork is needed for these transactions. The member just needs to make sure they don't go over their contribution limit for the year.
Aside from standard contributions and distributions, what are 2 other transaction types you can do in Superior IRA?
Open new account, update beneficiaries, add recurring distribution, request rollover/transfer, open new inherited IRA, edit recurring distribution
How many withdrawals are allowed per month for the primary and high yield savings? What is the fee if you go over the limit?
6 withdrawal and a $5 fee - primary doesn't include in person or ATM and the HYS doesn't include in person
True or false: As long as one account owner qualifies, an ODLOC can be opened
False - all owners of the account must be qualified
What is the highest APY % you can get for a money market account?
With a minimum of $250,000 you can earn 0.4% APY
Who does the check get written out to for an IRA transfer?
The check will be payable to the financial institution FBO member's name
When you receive IRA & HSA paperwork in the mail that requires a transaction in Superior - what will you do for a signature on the paperwork?
You will write "Per member request/mail"