Checking
When does the statement cycle on a Reward Checking account?
1st of the Month
What is the minimum deposit to open any of our CDs?
$500
What type of deposit account earns the highest rate?
CDs
When adding a POD Beneficiary to an account, what do we add to the Signature Card after the beneficiary name and what does it mean?
NO LDPS; No Lineal Descendants per Stirpes
this means that if the account owner dies before the beneficiary, the beneficiary's share would not pass onto that beneficiary's heirs
What year was Bank of Weston founded?
1893
When does the statement cycle on a Premier Plus checking?
Last day of the month
What is the difference between the interest rate and the APY (annual percentage yield) on a deposit account?
The APY takes into account compound interest
What are the 2 qualifications on a Premier Savings account?
1-Must be paired with a Premier Plus or Reward Checking
2-Must be enrolled for and agree to receive e-statements
There are 2 different Joint Ownership selections when opening a joint account. Which Joint ownership indicates that the owners are married?
Joint, Tenants by the Entirety
What is the program called that allows UBs to offer adjustments on CDs and where is it located?
CDPM (Competitive Deposit Pricing Model) and it is on the Shared drive in the Account & Universal Banker Manuals
Why does the Premier Plus Checking account offer such a high rate of interest on qualifying balances under $5,000?
Because the bank nets about 20 cents per debit card swipe, which lowers the overall cost of the deposit account by about 0.50%.
What group should you email to find out if we are able to match another Bank's offered CD rate?
Deposit Pricing Committee
What are the top 2 questions to fit a customer into the proper checking account product in an account opening conversation?
What services are important for your account? (debit card, interest, online access, etc)
What is the average balance in your checking account?
There are 2 different Joint Ownership selections when opening a joint account. Which Joint ownership indicates that the owners are not married?
Joint, with Rights of Survivorship
What year was the current Platte City branch opened for business?
2005
For a qualifying customer, what is the breakeven balance for the customer to be indifferent between a Premier Plus checking or Reward checking account? (within $350)
Answer: $3,598.50
($3,248.50-$3,948.50)
What is the easiest way to determine the maximum CD Premium a customer/potential customer qualifies for?
CDPM Question Tree
Excluding CDs, what account type has the highest rate for a customer with $7,500 as an average balance?
Premier Plus Checking
When fitting customers into a product, what options are available to an account owned by a Revocable Trust?
Any of our consumer account products
What additional step must be completed when opening a new account for a Public Fund entity?
Notify Finance department due to Pledging requirements.
What is the Monthly fee on a Commercial Checking? (3 parts)
What CD premiums would a customer with $5,000 in a Premier Plus checking account and $4,900 in a Premier Savings account qualify for?
Keep the Business or Appreciate the Business
Excluding CDs, what account types have the highest rates for a customer with over $100,000 in balances?
Premium Money Market
What is the difference between a TOD and a POD and why does a bank use a POD?
What is the driving financial reason that Banks offer deposit products & services?
To borrow from customers at less than market rates