SMALL BUSINESS SOLUTIONS
True or False: A business may have a secured credit card.
True
Name three ways a customer can make a payment towards their credit card.
Over the phone, by mail, using OLB/mobile banking, in person at the branch.
What is the minimum amount a customer can borrow for a car loan?
$7000
Define "Home Equity".
The current market or appraised value of your home minus the total you owe on your mortgage/property debts.
Your customer expresses they've struggled with credit products in the past which left them with a low credit score. They are now ready to rebuild from the ground up but unsure where to start. Which card would you recommend?
Secured Credit Card.
Which of these loans/financing options does Commerce bank offer for small businesses?
A) Equipment Financing
B) Real Estate Loans
C) Business Acquisition Financing
D) All of the above
D) All of the above
Which card offers a $150 cash back bonus when you spend $1000, within three months of opening?
Toggle
How do you know if a loan application should be submitted on branch connections or originate?
Unsecured loan = branch
Who should you call with for help with how to have the initial loan conversation and questions about HEL/HELOC products or closing documents?
Home Equity specialists (HES)
Your customer shares that their home was severely damaged in the tornado and even after help from FEMA they still need money for the repairs. Craft an effective permission statement to transition to the borrowing path of CARA.
N/A
What is the maximum limit for a small business line of credit?
$200k
Which of these is NOT a benefit associated with the special connections credit card?
A) Free roadside assistance, (Up to 6 free service per year. I.e. tows, jump starting, fuel delivery.)
B) Cell phone protection (Damage or theft)
C) Auto rental collision damage (Reimbursement in the event of a collision of theft of a rental car)
A) Free roadside assistance, (Up to 6 free service per year. I.e. tows, jump starting, fuel delivery.)
Which company does Commerce Bank partner with for student loans?
Sallie Mae
Name one difference between a Home Equity Loan and a HELOC?
Fixed interest rate for HEL and full amount of loan delivered at one time to DDA/SAV.
HELOC is reusable & rate follows the market. Can be accessed through OLB etc.
While completing a CARA your customer explains their house was damaged in a recent storm and now, they need a new roof. They need the full amount up front in order to pay contractors and would prefer a fixed rate for the life of the loan. Which product makes the most sense for them?
Fixed-Rate Home Equity Loan
How often does a small business LOC come up for renewal?
Every 12 months.
What is the annual fee for the Commerce Premier Credit Card?
$0
How long does it take for a customer to receive a lien release?
6-8 weeks. Although the lien release is filed two days after the account is closed in our servicing system.
What information must a customer provide in order to get a Pre-Approval for a home loan?
• Total monthly income before and after taxes
• Amount of down payment available
• Amount of house payment you think you’ll be comfortable with
What product or service would you recommend to a small business customer who needs a loan with longer repayment terms, a lower down payment and more competitive interest rates than a traditional loan?
An SBA loan
Your small business customer mentions they ideally need a credit card that allows them to spend at least $500k per year on business expenses while also earning rewards. Which card is the best fit?
The Commerce Bank Business Plus credit card.
What is the minimum AND maximum limit for a Commerce Miles Credit Card?
$500-$17,000
How many days must a primary owner have the account open before they are Eligible for CommerceAdvance?
180 Callender Days
Name three home loan options offered at commerce.
FHA Loans
VA Loans
USDA Loans
Conventional fixed rate/adjustable-rate Loans.
Jumbo Loans
while completing a CARA your customer states they want the credit card that will offer them the MOST cash back. Based on this image and using the rewards calculator which would you recommend?
Special Connections