Because Basic was Taken
What is the minimum deposit to open a Premier Plus checking account?
$100
What is the first thing you should do when a customer comes into the lobby to set the proper tone for their visit?
Stand up and greet the customer with a smile
Can you write checks on a Money Market account?
Yes
What are the fees on a Basic Checking account, and how can it be waived?
$3 for paper statements, waived for e-statements
+$3 for images, this cannot be waived
What’s riskier for a bank, one $50,000 deposit customer or 100 $500 customers?
Generally, one $50,000 deposit customer because the risk is concentrated.
What is the penalty for not meeting the qualifications on the Premier Plus checking account?
There is no penalty, and the account is eligible to qualify the following month
Also acceptable: non-qualifying rate
What is the first step in any account opening process?
Determine the best product for their needs
What are the 2 Money Market accounts we offer?
What is the penalty for missing qualifications on Reward Checking accounts?
There is no penalty, and the account is eligible to qualify the following month
What is the bank’s single largest expense category?
Salaries and benefits which is more than just salaries, but also FICA taxes, unemployment taxes, 401(k) contributions, medical insurance, group life insurance, disability insurance, long term care insurance, cafeteria plan, and bonuses.
What are the 3 qualifications for the Premier Plus checking account?
*10 Debit Card purchases post to the account
*1 ACH debit or direct deposit
*Be enrolled for and receive e-statements
What is something you can do to make selling or relationship building easier?
Know your products
Which Money Market offers the highest interest rates?
Premium Money Market
What are the rewards a customer can earn on a Reward Checking account?
What is it called when a majority of your customers try to withdraw their funds on the same day? Double points if you know what congress did to prevent this from happening. Triple points if you know congress’s original limit.
A banking run. They created the FDIC in 1933. $2,500 limit.
What are the tiers for the Premier Plus Checking Account? (Both Balances and Rates)
When referring a customer to another department or employee, what is one step for a warm handoff?
What is the minimum balance on the Money Market account, and what is the fee for dropping below that balance?
What are the 3 Qualifications on the Reward checking account?
Why might a bank sometimes say “No thanks” to a large deposit? Double Points if you know the most recent local bank (that Dylan knows about) that "failed" because of this exact problem.
Because deposits are not free (unless interest free checking). If the bank already has more deposits than it can profitably lend or invest, accepting additional deposits can actually reduce profitability by increase interest expense without increasing interest income. Clay County Savings Bank.
For a qualifying customer, what is the breakeven balance for the customer to be indifferent between a Premier Plus Checking account and a Reward Checking account? Must be within $350.
Exactly $3,665.00
Correct between $3,315- $4,015
What are the top 2 questions to fit the customer into the proper consumer checking account product in an account opening conversation?
What is the minimum balance for the Premium Money Market account, and what is the fee for dropping below that balance?
What is the minimum balance on the Reward checking to earn rewards?
No minimum balance to earn rewards
What does the term “beta” refer to when talking about the interest rate on a loan or deposit?
A deposit beta is a metric used in banking to measure how sensitive deposit rates are to changes in market interest rates. Specifically, it tracks the proportion of a central bank policy rate change (like the federal funds rate) that a bank passes on to its depositors' interest rates.