FRAN and CD
F
FREE
This account has no monthly maintenance fees and no minimum balance!
This is the number of debit card transactions that must post and settle within the cycle to qualify for rewards in your High Interest Checking, Mortgage Advantage Checking, and Cashback Rewards Checking?
12 Debit Card Transactions
This is what happens when the CUSTOMER does not qualify for rewards.
The account is still free, they earn the base APY in High Interest, Mortgage Advantage, and High Interest Savings and they can try again next month!
Potential Reasons/Causes for Customers to say to you; "I prefer paper statements"
*EXTRA 100 POINTS FOR SOLUTION
Concerned about information security
Prefers a printed statement for record keeping
I don't know how to enroll in Estatements or pull it up when it's ready
This is how the CUSTOMER qualifies for rewards in HIGH INTEREST SAVINGS.
There is no separate qualifier for HIGH INTEREST SAVINGS! As long as they meet the qualifications in their High Interest, Mortgage Advantage, or Cashback Rewards Checking, they qualify for the higher rate in their High Interest Savings!
R
REWARDS
This account rewards you with...
This is what the CUSTOMER is sent monthly to let them know if they qualified for rewards or not.
End of Cycle Email
This is the reward when the Customer qualifies for High Interest Checking?
The Customer earns 5.00% APY up to $15,000, .50% above $15,000, and Nationwide ATM Fee Refunds up to $20
Potential Reasons/Causes for concerns Customers have over having to qualify.
*EXTRA 100 FOR SOLUTION TO OBJECTION
Skepticism- sounds too good to be true. How can you pay these rewards out?
Why do I have to do all this to get the rewards?
I've had an account here for years, doesn't that count as a qualification
This is how the Bank benefits from customers opening the High Interest Savings.
Customers are more engaged when they have their checking AND savings with an institution. They then consider it their "Main Bank". The Bank will see increases in Debit Card and ACH transactions, higher deposit balances and more lending activity from these customers.
A
ASK TO QUALIFY
To qualify we ask that you do a few simple things you may already be doing.
This QUALIFICATION is in place to SAVE LISLE SAVINGS BANK money. Hint: it's electronic
E-Statements
Did you know a paper statements cost about $2.15 and an e-statement cost about 15 cents!
This is the reward for qualifying in Cashback Rewards Checking?
The Customer earns 5.00% on debit card purchases up to $200 for a max reward of $10.00, and Nationwide ATM Fee Refunds up to $20.
Potential Reasons/Causes for a Customer not wanting to set up a Direct Deposit.
*Additional 100 Points for how to overcome the objection.
Payroll Direct Deposit goes somewhere else
Self employed and don't receive Direct Deposit
Doesn't know HOW to switch their Direct Deposit
Company doesn't offer Direct Deposit
The reward in High Interest Savings when the customer qualifies in High Interest Checking, Mortgage Advantage Checking, or Cashback Rewards Checking.
The Customer earns 3.00% APY on their balance up to $250,000.00 and 0.50% on the balance over $250,000.00.
AND their checking reward is swept into their High Interest Savings account making them a great pair!
N
NO PENALTY
No penalties for not qualifying! Your account is still free and you can try again next cycle
This qualifier is in place to create STICKINESS -- because customers don't like to switch these!!
1 Direct Deposit/ACH payment
This is the reward for Mortgage Advantage Checking.
The Customer earns 5.50% APY on their balance up to $15,000 and 0.50% on the balance over $15,000.
AND their checking reward is swept into their High Interest Savings account making them a great pair!
Potential Reasons/Causes for a Customer to say;
"I don't use a debit card"
*EXTRA 100 PTS IF HAVE A SOLUTION IN MIND
Concerned about safety or fraud
Prefers their rewards credit card
Prefers cash
Prefers to use cash for budgeting
Doesn't think they can use it 12 times
Doesn't understand how debit cards work
Besides an AWESOME interest rate, this is the benefit to the customer when they have High Interest Savings.
The reward earned in their checking accounts automatically sweeps into their savings account where they get to EARN INTEREST on their reward. Any ATM fee refunds credited to their checking account will also sweep over allowing them to build their savings up further.
CD vs High Interest Checking Consumer Benefit
•No Penalties
•Liquidity
•Diversify their Deposits
This is what happens when the customer fails to qualify in a cylce.
The customer still has a FREE account with no penalty for not qualifying!
In High Interest Checking, Mortgage Advantage Checking, and High Interest Savings, the customer will earn .05% APY on their entire balance and can try again next cycle!
In Cashback Rewards checking, the customer will have no penalty (and no base rate) and can try again next cycle!
At what average daily balance does High Interest Checking provide more value than Cashback Reward Checking?
$2,400.00 Average Daily Balance
This is the first step in handling an objection
Ask why to determine the root cause of the objection.
0.05% is earned on the entire balance in High Interest Savings. Why?
The customer did not meet the qualifications in their attached checking account so they earned the base rate on their entire balance.