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ASB Consumer Deposit Products > Consumer Deposit Products Overview > Flashcards

Consumer Deposit Products Overview Flashcards

1
Q

What products do we manage?

A
  • Personal Checking
  • Personal Savings
  • Biz Checking
  • Biz Savings
  • Cash Management Services
  • Merchant Services
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2
Q

What are the three checking account tiers and their minimum opening deposit?

A

1) Kalo Essentials, $20
2) Kalo Plus, $20
3) Kalo Deluxe, $20

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3
Q

What are the main selling points of Kalo Essentials checking listed on the brochures?

A
  • Simple, on-the-go Checking
  • No monthly service fee
  • No minimum balance required
  • Free Kalo design starter checks
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4
Q

What are the main selling points of Kalo Plus checking listed on the brochures?

A
  • Additional benefits compared to Essentials
  • ATM fee rebate (up to $8 per statement period)
  • No monthly fee for statement savings account
  • Exclusive discounts on interest rates for personal lines of credit
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5
Q

What are the main selling points of Kalo Deluxe checking listed on the brochures?

A
  • All benefits of Kalo Plus & more
  • Preferred interest rates on CD’s
  • Earn tiered interest on your account balance
  • No fees for traveler’s checks and cashier’s checks
  • Free small safe deposit box
  • Private toll-free phone number
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6
Q

What are the two types of VISA debit cards offered for Personal Checking accounts and which accounts get them?

A

1) Gold debit card; free with Kalo Essentials

2) Platinum debit card; free with Kalo Plus and Kalo Deluxe

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7
Q

What are our core (transactional) accounts?

A

Checking and Savings accounts

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8
Q

What are Interchange fees?

A

Transaction fees that the merchant’s bank account must pay whenever a customer used a debit/credit card to make a purchase from their store.

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9
Q

Why don’t we handle credit card portfolios?

A

It was sold to Elan

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10
Q

What is a Certificate of Deposit (CD)?

A
  • A savings account that holds a fixed amount of money for a fixed period of time
  • In exchange, the bank pays interest so when redeemed, customer gets original investment plus interest.
  • There is a penalty for early withdrawal
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11
Q

What is customer stickiness?

A

The likelihood customers will return to your product or use it more frequently

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12
Q

What are basis points?

A
  • Used to describe the percentage change in value of financial instruments or rate change.
  • 1 basis point = 0.01% or 1/100th of a percent.
  • example: 25 basis points added to 1% equals 1.25%
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13
Q

What are rate sheets?

A

Tables of interest rates and points (or “prices”) prepared by a lender.

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14
Q

Why is the Money Market savings account classified as Checking in our system?

A

You can write checks from the accounts.

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15
Q

Why do Holiday Savings accounts act like CD’s?

A

The account has time constraints (can withdraw on Nov 1); after the time period, money gets transferred back to your checking account.

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16
Q

What is the difference between Savings and Checking account overdraft?

A
  • Savings: monthly fees will never make your account negative.
  • Checking: monthly fees will take the full amount then overdraft you
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17
Q

What are the three categories of Personal Savings accounts?

A
  • Savings
  • CD’s
  • Individual Retirement Account
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18
Q

What are the five types of Savings accounts?

A

1) Statement Savings
2) Tiered Savings
3) Money Market
4) Holiday Savings
5) Moneyhune Savings

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19
Q

What are the types of IRA’s offered?

A

Traditional and Roth

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20
Q

What are the two types of CD’s offered?

A

Regular CD’s and Jumbo CD’s

21
Q

What are the main selling points of CD’s listed on the brochures?

A
  • $1,000 minimum deposit (Regular)
  • $100,000 minimum deposit (Jumbo)
  • Terms range from 7 days to 10 years
  • No fees when funds remain in the account for the CD term
22
Q

What are the main selling points of IRA’s listed on the brochures?

A
  • Save for retirement with tax-free growth or on a tax-deferred basis
  • At ASB, you may open a Statement Savings or CD account and designate them as your IRA.
23
Q

Difference between traditional IRA and roth IRA?

A

Traditional: Defer taxes on the earnings of your contribution until withdrawn. Contributions may be tax deductible in the year you make them.

Roth: Contributions are made after tax. Earnings grow tax-deferred. Withdrawals are not required if you are the original owner.

24
Q

Main selling points of Statement Savings listed on the brochures?

A
  • Lower balance requirements make it easier to save and avoid service fees.
  • Earns interest with a minimum balance of $100
  • No monthly service fee with $300 minimum balance.
25
Q

Main selling points of Tiered Savings listed on the brochures?

A
  • Tiered interest earns more when you save more.
  • Earn a higher interest rate for your higher balances.
  • No monthly service fees with $500 monthly average balance.
26
Q

Main selling points of Money Market accounts listed on the brochures?

A
  • All of the benefits of a savings account
  • Higher balances earn higher interest rates
  • Convenient access to your account by check
27
Q

Main selling points of Holiday Savings accounts listed on the brochures?

A
  • A great way to put extra money aside for the holidays
  • No monthly service fee
  • Money saved is available by November 1st
28
Q

Main selling points of Moneyhune Savings accounts listed on the brochures?

A
  • Free for keiki under 18
  • Low minimum opening deposit
  • No monthly service fee
29
Q

What are the three tiers of Biz Checking accounts?

A

1) Biz Essentials
2) Biz Plus
3) Biz Deluxe

30
Q

Main selling points of the Biz Essentials accounts listed on the brochures?

A
  • Checking account for small biz with online/mobile banking
  • No monthly service fee
  • No monthly fee for online banking and online bill pay.
31
Q

Main selling points of the Biz Plus accounts listed on the brochures?

A
  • Convenience of Biz Essentials checking + discounts for the banking you already do.
  • Monthly service fee waived when minimum balance requirement met.
  • No paper image statement fee
  • Exclusive fee discounts for business loans and lines of credit.
32
Q

Main selling points of the Biz Deluxe accounts listed on the brochures?

A
  • All the benefits of Biz Plus checking + greater discounts on services and more.
  • Wire transfer fee discounts.
  • Preferred rates on time deposits (terms of 30 days or more)
  • No savings overdraft transfer fee
33
Q

What are the five types of Biz Savings accounts offered?

A

1) Biz Statement Savings
2) Biz Tiered Savings
3) Biz Money Market
4) Biz CD
5) Biz Jumbo CD

34
Q

What type of Business debit card is offered and what are its benefits?

A
  • Platinum VISA Business Debit card
  • Purchase convenience - no need to write checks or carry cash
  • Rewards - Visa Savings Edge, travel discounts, dining & entertainment, and more.
35
Q

Main selling points of the Biz Statement Savings accounts listed on the brochures?

A
  • Lower balance requirements
  • Earns interest with a minimum balance of $100
  • No monthly service fee with $300 minimum daily balance.
36
Q

Main selling points of the Biz Tiered Savings accounts listed on the brochures?

A
  • Earn a higher interest rate for your higher balances while avoiding monthly service fees.
  • Tiered balance levels earn higher interest rates.
  • No monthly service fee with $500 monthly average balance.
37
Q

Main selling points of the Money Market accounts listed on the brochures?

A
  • Higher interest rates plus the convenience of writing a check to access funds.
  • Earns higher interest rates with higher balances.
  • No monthly service fee with $1,000 minimum daily balance or $2,500 monthly average balance.
38
Q

Main selling points of Biz CD’s and Biz Jumbo CD’s listed on the brochures?

A
  • Wide range of fixed interest rates and terms
  • Earn higher returns than typical savings accounts
  • Fixed terms from 7 days to 10 years
39
Q

What are Merchant Services?

A
  • Credit card and Debit card processing for businesses
40
Q

What is our secure payment processing and transaction management platform?

A

CardPointe - complimentary with all our payment products

41
Q

What are the features to love about CardPointe merchant services?

A
  • Powerful Processing
  • Real-time Reporting
  • Integration
  • Tokenization
42
Q

What is Clover for merchant services?

A

An all-in-one management system designed to provide optimum solutions for business + help get more done.

43
Q

What are the main Cash Management services?

A
  • Fraud Prevention
  • ACH and Wire Services
  • Merchant services credit card processing
  • Collateralized Sweep
  • Online Banking
  • Other Business Services
44
Q

What are the different Clover Products?

A
  • Clover Station
  • Clover Mini
  • Glover Go
  • Clover Flex
45
Q

What are the CardPointe products?

A
  • P2PE Terminal
  • Virtual Terminal ( use computer as a POS system)
  • Mobile App and Device (extend CardPointe to your mobile device)
46
Q

What are the different Personal Checking account tiers offered?

A
  • Kalo Essentials
  • Kalo Plus
  • Kalo Deluxe
47
Q

What do the Disclosures contain?

A

Important information about accounts and contains specific terms, conditions, fees, and rules that govern the accounts.

48
Q

What are the five sections of the Disclosures?

A

1) Account disclosures and fees
2) Account rules
3) Check hold policy
4) Electronic Fund Transfer Agreement
5) Phone Banking (terms and conditions)

ASB Consumer Deposit Products (7 decks)

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