BOA Banking Basics
Six Techniques for building Rapport
Active Listening, Encourage & Inspire, Respect Boundaries, Be authentic, Ask Questions, Use personalization.
What is the term for fraudsters sending fake invoices to a company to steal money?
What is invoice fraud?
What is the minimum credit score typically needed to qualify for a prime mortgage loan?
Around 620-700, depending on the lender.)
What is the risk-return tradeoff in investing?
Higher returns typically come with higher risk.)
What is the risk-return tradeoff in investing?
Higher returns typically come with higher risk.)
How many types of accounts does BOA sell?
None, We do not sell accounts. We build relationships. We create solutions.
Guaranteed way to tell a banknote fake?
Check the serial Number. 1st Letter and 1st Number must match (EX. A=1, B=2)
What does LTV stand for in lending
Loan-to-Value ratio, used to assess risk.
What is the difference between active and passive investing?
Active investing involves frequent trades, while passive investing follows a long-term strategy.)
FDIC vs NCUA what is the difference?
FDIC is for banks and NCUA is for credit unions
Five stages of BRC?
Welcome, Discover, Advise, Fulfill, Experience
What does two-factor authentication (2FA) add to account security?
An extra layer of security requiring a second form of verification, like a text code.
What is the term for the interest paid on a loan over time?
What is accrued interest?
What is the name of a low-risk, government-backed bond?
What is a Treasury bond?)
What is the 50/30/20 rule?
A budgeting method: 50% needs, 30% wants, 20% savings.
What is the difference between a debit card and a credit card?
A debit card pulls directly from your bank account, while a credit card lets you borrow money
What type of fraud occurs when someone opens an account in another person’s name?
What is identity theft?)
What does a secured loan require that an unsecured loan does not?
What is collateral?
What does diversification in investing mean?
Spreading investments across different assets to reduce risk.)
What is the difference between a Roth IRA and a traditional IRA?
Roth IRA uses post-tax money; traditional IRA uses pre-tax money.)
What does APR stand for in banking?
What is Annual Percentage Rate?
What is the Financial Action Task Force (FATF)?
What is the name of the law that allows you to check your credit report for free once a year?
What is the Fair Credit Reporting Act?
What is the difference between a mutual fund and an ETF?
A mutual fund is actively or passively managed and priced once per day, while an ETF trades like a stock throughout the day and typically has lower fees.)
What is compound interest?