Savings Galore
This account required savings account for any person 18 or older, that holds $5.00 on deposit to establish and maintain membership with the credit union.
What is a Membership Savings?
OFAC is solely ran when opening this type of account.
What is a Minor Account?
It is one of two personal checking accounts that Lake Trust offers to it's members. It is ideal for someone that does not want to worry about maintaining a minimum balance.
What is an Easy Checking?
Genuinely Connect is a part of this LT Model.
What is G.U.I.D.E.?
An account that offers a member the opportunity to save money at a higher rate with low-risk. It's locked in at a given rate and a term between 3 & 72 months. The minimum required balance is $500.00.
What is a Regular CD?
This product that was created to help members enhance their financial wellbeing. This reverse-tiered account has an elevated rate on the first $5,000 in the account (increased from $2,000 to $5,000 on April 1, 2024). After $5,000, the rate steadily decreases, which offers a blended rate overall. This is a liquid savings account, meaning members can deposit or withdraw funds at any time.
What is a Aspire Savings?
When a Single Owner ChexSystems is a decline due to Suspect Fraud you can offer this type of account.
What is a Cash Only Savings?
This is a temporary personal checking account that Lake Trust counter-offers to it's existing members that would otherwise not qualify for a checking due to a QualiFile Decline. It allows members to operate a low risk account with the intent of transitioning them into an Easy Checking account within 18 months.
What is an Aspire Checking?
This part of the MWB model involves listening for Cues, Member Needs, Financial Wellbeing and Emotional needs.
What is the Connect and Learn?
Offers a member the opportunity to save money at a higher rate with low risk. It is locked in at a given rate for 24 months. The minimum required balance is $50.00. The maximum balance allowed is $10,000.00. Also allows $10 minimum deposits.
What is an Aspire CD?
This is an account that requires two or more signatures for withdrawals. For some memberships this may be required. It can also be setup by request. Access to this account is limited to withdrawals at a Lake Trust branch or through the Contact Center.
What is a Two-Signature Deposit Account?
You run this when opening ANY checking account, when adding a new person to DNA, or opening a new membership.
What is Qualifile?
This account gets free Cashier and Ordered checks, while having no limit on the number of checks written. It is ideal for someone that wants to earn interest on their money and for someone that writes a lot of checks. However it does have minimum balance fees.
What is a Money Market Checking?
Curiosity, Inclusivity, Togetherness, Empathy, and Authenticity make up this part of Living the LT Way.
What is the Core Values?
It is an account for individuals 18 and older that offers a member the opportunity to save money at a higher rate with low-risk. It is locked in at a given rate for 12 months. The minimum required balance is $25.00. Additional deposits $25 deposits enter the member into a drawing for a chance to win cash prizes.
What is a Save to Win CD?
This account offers free cashier checks or ordered checks and allows 1-6 checks a month to be written off it. As well as earning a higher interest rate. The required minimum deposit amount is $1,000.00 to get started.
What is a Money Market Savings?
This person can override some decline situations, but cannot override a decline due to suspect fraud activity and previous Lake Trust losses.
What is our Manager?
This can be done after the member meets three specific criteria for at least six consecutive months.
What is Converting an Aspire Checking?
I am a Cultural Driver that sees the big picture and thinks like a business owner.
What is the Entrepreneurial Mindset?
Allows a member to save for retirement while earning interest on a one-time deposit and only has a penalty for early withdrawals before the age of 59 and a half or withdrawing before maturity. Must have an IRA plan established.
What is an IRA CD?
This account earns interest at a higher rate for balances over $50,000.00. The required minimum deposit amount is $1,000.00 to get started. It also offers the same benefits of its counterpart.
What is a Money Market Plus?
When OFAC flags a member for being on a Politically Exposed List you must contact this department to clear them.
What is Compliance?
Only for a specific account type, if a recurring debit card transaction draws the member negative, the system automatically charges a fee.
What is reversing an NSF fee on an Aspire Checking?
Only looking at the tip of our members’ wellbeing and making assumptions about their Financial wellbeing is called this.
What is the Iceberg Illusion?
It is a rate matching product that gives managers flexibility in retaining Highly Engaged Members of Lake Trust by offering an increased interest rate when certain criteria is met. It can be locked in up to 0.25% higher than a current given rate anywhere from 3-72 months. The minimum required balance is $500.00. Must have Manager approval.
What is a Loyalty CD?