Consumer Deposit Products Overview Flashcards
What products do we manage?
- Personal Checking
- Personal Savings
- Biz Checking
- Biz Savings
- Cash Management Services
- Merchant Services
What are the three checking account tiers and their minimum opening deposit?
1) Kalo Essentials, $20
2) Kalo Plus, $20
3) Kalo Deluxe, $20
What are the main selling points of Kalo Essentials checking listed on the brochures?
- Simple, on-the-go Checking
- No monthly service fee
- No minimum balance required
- Free Kalo design starter checks
What are the main selling points of Kalo Plus checking listed on the brochures?
- 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
What are the main selling points of Kalo Deluxe checking listed on the brochures?
- 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
What are the two types of VISA debit cards offered for Personal Checking accounts and which accounts get them?
1) Gold debit card; free with Kalo Essentials
2) Platinum debit card; free with Kalo Plus and Kalo Deluxe
What are our core (transactional) accounts?
Checking and Savings accounts
What are Interchange fees?
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.
Why don’t we handle credit card portfolios?
It was sold to Elan
What is a Certificate of Deposit (CD)?
- 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
What is customer stickiness?
The likelihood customers will return to your product or use it more frequently
What are basis points?
- 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%
What are rate sheets?
Tables of interest rates and points (or “prices”) prepared by a lender.
Why is the Money Market savings account classified as Checking in our system?
You can write checks from the accounts.
Why do Holiday Savings accounts act like CD’s?
The account has time constraints (can withdraw on Nov 1); after the time period, money gets transferred back to your checking account.
What is the difference between Savings and Checking account overdraft?
- Savings: monthly fees will never make your account negative.
- Checking: monthly fees will take the full amount then overdraft you
What are the three categories of Personal Savings accounts?
- Savings
- CD’s
- Individual Retirement Account
What are the five types of Savings accounts?
1) Statement Savings
2) Tiered Savings
3) Money Market
4) Holiday Savings
5) Moneyhune Savings
What are the types of IRA’s offered?
Traditional and Roth
What are the two types of CD’s offered?
Regular CD’s and Jumbo CD’s
What are the main selling points of CD’s listed on the brochures?
- $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
What are the main selling points of IRA’s listed on the brochures?
- 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.
Difference between traditional IRA and roth IRA?
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.
Main selling points of Statement Savings listed on the brochures?
- 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.
Main selling points of Tiered Savings listed on the brochures?
- 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.
Main selling points of Money Market accounts listed on the brochures?
- All of the benefits of a savings account
- Higher balances earn higher interest rates
- Convenient access to your account by check
Main selling points of Holiday Savings accounts listed on the brochures?
- A great way to put extra money aside for the holidays
- No monthly service fee
- Money saved is available by November 1st
Main selling points of Moneyhune Savings accounts listed on the brochures?
- Free for keiki under 18
- Low minimum opening deposit
- No monthly service fee
What are the three tiers of Biz Checking accounts?
1) Biz Essentials
2) Biz Plus
3) Biz Deluxe
Main selling points of the Biz Essentials accounts listed on the brochures?
- Checking account for small biz with online/mobile banking
- No monthly service fee
- No monthly fee for online banking and online bill pay.
Main selling points of the Biz Plus accounts listed on the brochures?
- 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.
Main selling points of the Biz Deluxe accounts listed on the brochures?
- 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
What are the five types of Biz Savings accounts offered?
1) Biz Statement Savings
2) Biz Tiered Savings
3) Biz Money Market
4) Biz CD
5) Biz Jumbo CD
What type of Business debit card is offered and what are its benefits?
- 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.
Main selling points of the Biz Statement Savings accounts listed on the brochures?
- Lower balance requirements
- Earns interest with a minimum balance of $100
- No monthly service fee with $300 minimum daily balance.
Main selling points of the Biz Tiered Savings accounts listed on the brochures?
- 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.
Main selling points of the Money Market accounts listed on the brochures?
- 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.
Main selling points of Biz CD’s and Biz Jumbo CD’s listed on the brochures?
- Wide range of fixed interest rates and terms
- Earn higher returns than typical savings accounts
- Fixed terms from 7 days to 10 years
What are Merchant Services?
- Credit card and Debit card processing for businesses
What is our secure payment processing and transaction management platform?
CardPointe - complimentary with all our payment products
What are the features to love about CardPointe merchant services?
- Powerful Processing
- Real-time Reporting
- Integration
- Tokenization
What is Clover for merchant services?
An all-in-one management system designed to provide optimum solutions for business + help get more done.
What are the main Cash Management services?
- Fraud Prevention
- ACH and Wire Services
- Merchant services credit card processing
- Collateralized Sweep
- Online Banking
- Other Business Services
What are the different Clover Products?
- Clover Station
- Clover Mini
- Glover Go
- Clover Flex
What are the CardPointe products?
- P2PE Terminal
- Virtual Terminal ( use computer as a POS system)
- Mobile App and Device (extend CardPointe to your mobile device)
What are the different Personal Checking account tiers offered?
- Kalo Essentials
- Kalo Plus
- Kalo Deluxe
What do the Disclosures contain?
Important information about accounts and contains specific terms, conditions, fees, and rules that govern the accounts.
What are the five sections of the Disclosures?
1) Account disclosures and fees
2) Account rules
3) Check hold policy
4) Electronic Fund Transfer Agreement
5) Phone Banking (terms and conditions)
