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
Name the 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.
You are considering opening a BOA CD (certificate of deposit) versus keeping money in a savings account. Your goal is to earn the highest guaranteed return but still have access to emergency funds. What should you consider, and what might be the best approach?.
CDs offer higher interest but money is locked until maturity; early withdrawal can incur penalties.
Savings accounts offer lower interest but allow easy access.
Strategy: Keep emergency funds in savings, and put long-term savings into CDs to earn higher returns.
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.)
You notice a $250 transaction on your BOA account that you did not authorize. Walk through the steps you would take immediately to protect your money.
Contact BOA fraud department immediately to report the transaction.
Freeze or lock your debit card via the mobile app.
Review recent transactions for other unauthorized activity.
Follow up for dispute resolution and request a new card if necessary
Who does the FDIC partner with to shut down fraud operations that misuse its name?
Law Enforcement Officers (LEOs),
FBI, (Federal Bureau of Investigation)
FTC. (Federal Trade Commission)
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?