Prime Share
What does the $5 deposit into the prime share do?
Establishes membership
What are the requirements to open a custom share?
Must be a member (have a prime share)
How many smart steps can a member have?
One per social
How often do money market and money market plus accounts pay dividends?
Monthly
What is the minimum capital required to open a CD?
$100 for minors, $500 for adults
What minimum Average Daily Balance must be maintained for dividends?
$100
How many custom shares can a member have on one member number?
19
What type of tier structure applies to the smart steps savings? And what does it mean?
Reverse Tier Savings - The lower the balance the higher the rate
What is the minimum ADB to earn dividends?
$2500 for money market, $10000 for money market plus
What is the penalty for early closure of s 20-month CD?
180 Days of dividends
How often are dividends paid?
Quarterly
What feature allows for members to save for different goals?
They can personalise the account name
How often are dividends paid?
Monthly
What feature do many institutions offer on money market accounts that Chartway does not?
Checks
On a 12-Month No-Penalty CD, what does the no penalty mean and how does it affect early closure?
A member can either make one partial withdrawal or close the CD without penalty. If they make one partial w/d they then cannot close early without penalty.
Three conditions must be met for a prime share to be considered inactive. What are they?
1. ADB of less than $200
2. No transactional activity for 12 months
3. No other qualifying products
A member can open a custom share through 4 different channels, what are they?
How is the dividend calculated?
Average Daily Balance
Members can earn a relationship bonus rate on a money market plus account. How do they qualify?
A personal or business checking account under the same member number. It is a bump of 0.25%
If a member needs to access some funds from their CD early, what are their options?
1. Early withdraw (potential penalty)
2. Withdraw dividends (penalty free)
What are 3 of the qualifying products that allow a prime share to avoid the $4 inactivity fee?
See Albert (There's 10)
How many online transfers can a member do out of their custom share?
Unlimited! Since 2020 we do not apply Regulation D
Who is a smart steps savings account going to benefit the most?
Individuals with lower balances sat in their savings
What is the highest rate offered in our money market accounts?
Money Market is 0.6%
Money Market plus is 4.15%
There are a few exceptions to the penalty for early closure. Name 2.
1. No Penalty CD
2. Withdrawals following the death of a member
3. Withdrawals following determination of incompetence
4. In the event it is an IRA CD and it's within 7 days of opening