Product Knowledge Flashcards
1
Q
A value of 1 in the cross-sell report means that the customer has completed at least ________________________ with their debit card in the cross-sell period
A
one purchase transaction
2
Q
True or False: ATM transactions do not count toward cross-sell credit
A
True
3
Q
If a new-to-the-bank customer opens a new checking, two savings accounts, and a new money market account, the cross-sell for this customer would be ___________
A
Cross sell of 3
The banker would receive cross-sell credit for the new checking, savings, and money market accounts. Opening multiple of the same product type will not increase cross-sell credit.
4
Q
New customers, Mary and her husband James Smith, opened a joint checking account in the branch. James is listed as the primary owner on the account, and Mary is the co-owner. Both James and Mary were enrolled for Digital Banking. However, only Mary has completed her second logon since account opening. This does not meet the requirement for the Banker to earn cross-sell credit for Digital Banking.
A
True
Cross-sell is tracked based on the primary customer. You can find the CIF of the primary customer on the cross-sell report. A value of 1 means the primary customer is eligible for digital banking cross-sell credit, has accepted terms and conditions, and has logged onto digital banking on two or more days during the active cross-sell period.
5
Q
Cross-sell is tracked based on the________ customer.
A
primary
6
Q
Promo code 7000 can be used to exclude certain accounts from cross-sell tracking, including Rep Payee, Guardianship, VA Fed Fiduciary, or decedent trust accounts opened after death. What are the requirements for using promo code 7000?
A
- Add journal notes
- apply during the month of account opening
- obtain approval from market manager or district manager
7
Q
Promo code 7000 must be applied during the _______ of account opening using a SalesPRO account level service request and using the primary owner’s ______.
A
month; CIF
8
Q
Any new product opened in month one, even if it opened prior to the ___________account, will count toward cross-sell results.
A
checking
9
Q
A value of 1 in the cross-sell report means that the customer has established a recurring cumulative direct deposit or snap deposit of at least _______________ into one of their accounts opened during the cross-sell period.
A
$250
10
Q
A value of 1 in the cross-sell report means that the customer has established a recurring cumulative direct deposit or snap deposit of at least _______________ into one of their accounts opened during the cross-sell period.
A
$250
11
Q
A value of 1 means the customer is eligible and has originated at least ______ Zelle transaction during the active cross-sell period.
A
one
12
Q
If a customer opens their new checking in April, the cross-sell period will close at the end of which month?
A
June
13
Q
Cross-sell includes the month of account opening plus _________
A
two additional months
14
Q
John Smith came in the branch to open a joint checking account with his daughter Jane, who is 17 years old. Jane is listed on the account as the primary owner and John as the co-owner. Will this account trigger a cross-sell period?
A
No- Jane is under 18 years old
15
Q
Cross-sell is tracked for________ customers only. The customer is considered an adult if the customer was 18 at any point in the 1st month of the cross-sell period.
A
adult
16
Q
A customer is eligible for Digital Services cross-sell if the customer wasn’t an active user in the month prior to the beginning of the cross-sell period. Active user is defined as follows: The customer has not logged onto Digital Banking at least____ times in the ________ month(s) prior to the beginning of the cross-sell period.
A
two times in 3 months
17
Q
True or False:
If a customer no longer has an active new checking account opened during the cross-sell period, the customer will be removed from cross-sell tracking. If the customer reopens a checking during the original cross-sell period, the customer will be added back into the cross-sell report
A
True
18
Q
True or False:
If a customer opens a new checking account on the 10th of the month, triggering a new cross-sell period, and then opens a new savings account online in month two, the savings account will not count toward banker cross-sell.
A
False
Any additional product opened by the customer, regardless of channel or banker who opened the account, will count toward cross-sell results.
19
Q
True or False:
A customer can be in two or more cross-sell periods at the same time if they open more than one checking accounts during that period.
A
False-A customer can only be in one cross-sell period of the same type at a time, but customers can be entered into both types (Consumer and Business) at the same time
20
Q
A value of 1 in the cross-sell report means that an eligible customer has logged onto digital banking at least ____________________ during the active cross-sell period.
A
Twice
21
Q
True or False:
Cross-sell is tracked for new-to-the-bank checking customers only.
A
False- cross-sell is tracked for both new and existing customers who open a new eligible checking account
22
Q
A value of 1 in the cross-sell report means that an eligible customer has completed at least ____________________ bill pay transaction during the cross-sell period.
A
one
23
Q
this product can help Save Money by Lowering Payments or Reducing Interest Expense
A
Consumer Loan
A Consumer Loan can help consolidate debits
24
Q
What product can help Save For The Future?
Money Market, Bill Pay, direct deposit, savings account
A
money market and savings account
25
What product can Make Your Banking More Convenient?
Money Market, Bill Pay, direct deposit, savings account
Direct Deposit
direct Deposit is a convenient way to make recurring deposits electronically.
26
What product can Save Money by Lowering Payments or Reducing Interest Expense?
Bill Pay, Zelle, Mortgage refinance, or savings account?
Mortgage Refinance
A mortgage refinance can help your customer save money by lowering their rate or payment.
27
What are the features of the Visa College Real Rewards Card?
2,500 first use bonus points ($25)
1.5x points on all purchases
0% into APR for the first 6 billing cycles on purchases and balance transfers
No Annual Fee
28
The ______________________ card offers 5% rewards on 2 chosen categories, 2% on 1 chosen category and 1% on all other transactions.
Visa Max Cash Preferred Card
29
This card is a good fit for customers who want to maximize their spend rewards by being able to choose the categories that best fit their lifestyle.
Visa Max Cash Preferred Card
30
What are the features of the Visa Platinum Card?
0% intro APR for the first 15 billing cycles on purchases and balance transfers
No Rewards
No annual fee
31
This card is a good fit for a customer who wants to transfer a balance or make a large purchase with zero APR.
Visa Platinum Card
32
With the Max Cash Preferred card, if a customer does not choose any categories, they will earn _____on all eligible net purchases.
1%
33
What are the features of the Visa Max Cash Preferred Card?
Spend $500 in the first 90 days, get $150 cash back
5% cash back on first $2,000 in 2 categories you choose, 2% cash back on 1 everyday category, and 1% cash back on all other purchases
0% intro APR for 12 billing cycles on balance transfers
34
What are the features of the Visa Everyday Rewards+ Card?
earn 4x points on dining, take out and food delivery
2x points on grocery store, gas stations, and streaming services
1x points on all other purchases
0% intro interest for first 6 months on purchases and balance transfers
spend $500 in first 90 days, get 15000 points ($150 value)
*most popular card
$0 annual fee
35
Visa Secured Cards have credit lines between ____ and ______
$300-$5,000
36
True or False: The Visa Secured Card earns rewards
False- No Rewards
37
True or False: A customer can transfer a balance from an existing Associated Bank credit card onto a new zero interest Associated Bank credit card if they apply for a new card.
false
Customers cannot transfer a balance from an existing Associated Bank credit card to a new Associated Bank credit card.
38
Which two consumer credit cards offer points that the customer can use to redeem for merchandise, travel, gift cards, or cash back?
Visa Everyday Rewards+ Card
Visa College Rewards Card
39
True or False:
A customer needs to have a higher credit score to be approved for a Visa Max Cash Secured Card than they do for the Visa Secured Card.
False
Both secured card products have the same approval guidelines. A customer may choose to get the Visa Max Cash Secured Card if they want to maximize rewards on what they spend, or a customer might choose the simplicity of a non-rewards card.
40
True or False:
With the Visa Max Cash Preferred Card, customers need to reselect their accelerated categories every quarter.
False
Customers do not need to re-confirm and/or change their selection each quarter. They will continue to earn rewards within their selected categories.
41
With the Visa Max Cash Preferred Card, customers can change their categories ______ prior to the start of the upcoming quarter, and up to ____ before the first day of the next quarter.
45 days; 5 days
42
The ______________________ card offers 4x points on dining, take-out, food delivery, 2x points on grocery, gas, streaming, and 1x points on all other transactions.
Visa Everyday Rewards+ Card
43
This card is a good fit for customers who are looking to earn points on the everyday items that they already have monthly spend towards like food, gas and entertainment.
Visa Everyday Rewards+ Card
44
What happens when a 13 month special CD automatically renews?
Turns into a 12 month regular
45
Name 2 situations in which funds can be withdrawn without penalty from a fixed CD rate
1. When CD is in grace
2. Death of the account holder
3. When funds are moved to AIS
46
What is the minimum opening deposit for a 30 day Mini-jumbo?
$40,000
47
What happens when a fixed rate CD matures?
It automatically renews and goes into grace for about 10 days
48
Are checks available with an HSA account?
No
49
What is the fee for withdrawing funds from an HSA at an out of network ATM?
No charge from AB but there may be a surcharge fee from the ATM owner
50
When a customer inquires about a specific product, what needs to be disclosed?
PAID
Product Brochure
Account Fee Schedule
Interest Rate Sheet
Deposit Account Agreement Booklet
51
What situations must account disclosures be provided?
1. Opening an account
2. adding parties to an account
3. When product information is discussed
4. Upon request
52
When using Overdraft Protection, what is the fee when funds are transferred to cover a negative balance in a checking account?
$0
53
Darcy overdrew her Choice Checking account by $95 and is using a Premier Line of Credit for overdraft protection. How much will advance from her HELOC?
$100
54
Bryce overdrew his Balanced checking account by $105 and is using a savings account for overdraft protection. His available savings account balance is $150. How much will advance?
$105
55
What is the annual fee to use a Premier Line for overdraft protection?
$0
56
Ace has an Associated Balanced Checking account. He overdraws his account several times a quarter, but is paid enough to cover the deficit within a few days. Should he use a Visa credit card or a checking reserve line for his overdraft proection?
Checking Reserve Line (Likely lower interest rate)
57
What is the bonus Max Cash Preferred Credit Card customers receive after spending $500 in eligible new purchases in the first 90 days of account opening?
$150
58
The Visa Everyday Rewards+ credit card customers can earn 4 points on ____, _____, and ______ and 2 points on _____, ____, and _____, along with 1 point on all other eligible purchases
dining, take out and food delivery
gas, groceries, and streaming services
59
The Max Cash Preferred Credit Card offers customers ___% cash back (for the first $_____ spent)in _____ categories and ____% cashback in one category
5% (first $2,000 spent) in two categories
2% in one category
60
What is the standard time frame for the 0% introductory rate on balance transfers or purchases for the Visa Platinum credit card?
15 months (or current promo)
61
What fee is charged for balance transfers on the Visa Platinum credit card?
3%
62
What is the name of the credit card disclosure that needs to be printed and reviewed before submitting the application?
Terms and Conditions
63
List each of the "Five C's of Credit"
Credit
Capacity
Collateral
Capital
Character
64
When a customer inquires about a loan, can the banker ask the customer what collateral they intend to use?
No
65
When a customer inquires about a loan, can the banker ask them about the purpose of the loan?
Yes
66
Horatio has $4,000 in monthly income. His current liabilities are $1,200 a month and he is looking at a $400/month auto loan. What would his debt-to-income ratio be?
40%
67
Damian has a house valued at $250,000 with a $150,000 balance left on the mortgage. He is considering opening a HELOC. What is the maximum line he could open, if his combined loan to value cannot exceed 80%
$50,000
80% of $250,000 is $200,000
$200,000-$150,000 balance= $50,000
68
True or False: A closed-ended loan has a fixed payment over a fixed amount of time (term).
True
69
What is the minimum lock-in amount on an Equity Express Line?
$5,000
70
How long is the draw period on an Equity Express Line?
10 years
71
What are 2 ways that a customer can waive the Equity Express lock fee?
1. Locking a balance at an account opening
2. When making a new draw of $10,000+
72
what is the minimum payment on an Equity Express Line during the draw period?
$50 or accrued interest plus any payments from locked-in balances
73
What lien position(s) are acceptable on a vehicle secured loan?
1st
74
What is the minimum loan amount for a cash-secured loan?
$1,000
75
What is the maximum amount someone with a $50,000 yearly income will quality for a Premier Line of Credit?
$10,000
20% of AGI- Annual Adjusted Income
76
Liza is a student who wants to start an IRA with money from her paper route and earns $5,500 per year. What is the limit of how much she can contribute to her IRA?
$5,500
77
At what age can a person begin making withdrawals from an IRA without penalty?
59 1/2
78
What is the age in which a person is required to start taking distributions form the Traditional IRA?
72
79
Are Roth IRA contributions made before or after taxes?
after taxes
80
When can a customer with a Roth IRA withdraw their contributions without a tax penalty?
Immediately (there is no penalty to withdraw contributions, just earnings)
81
If a customer is not covered by a retirement plan at work, are their contributions to a Traditional IRA tax deductible?
Yes
82
What is the minimum opening deposit for a Starter IRA account?
$100
83
_________ is a savings solution that allows customers to set aside money for a specific period of time
Certificate of Deposit
84
What are the features of CDs?
Fixed time
Fixed rate
Fixed amount
FDIC insured
auto renews
grace period
penalty
85
What feature of CDs benefit customers by saving money?
Penalty
86
What features of CDs benefit customers by making money?
fixed rate
87
What features of CDs benefits customers by saving time?
grace period and auto renew
88
What features of CDs benefits the customer for peace of mind?
fixed time, grace, auto renew, fixed amount
89
What features of CDs benefits the customer for security?
FDIC insured
90
How long is the grace period for CDs?
10 calendar days
91
What type of CD is perfect for those who have a specific sum of money to put away for a predetermined amount of time and would like a guaranteed rate?
Fixed Rate Certificate
92
What type of CD is ideal if you're looking for a CD that allows you to deposit additional funds during the term of your CD?
Fixed Rate Add on Certificate
93
What is the minimum required to open a Fixed Rate CD?
$1,000
94
What is the minimum required to open a Fixed Rate Add on CD?
$100
95
What type of CD is ideal or investing your money for a short period of time?
Fixed Rate 30 day mini jumbo
96
A fixed rate 30 day mini jumbo certificate is typically used for _____ purposes
laddering
(one chunk of change is always in grace)
97
The standard penalty for CDs is based on ____ and correlates with _____.
CD Term length
90/181/270/365 days interest
98
What do you ask to see if a customer qualities for an HSA?
Do you have a high deductible health plan?
99
what is the minimum required to open an HSA?
$0
100
HSAs are/are not opened at the branch
are not
101
True or False: A banker can offer to assist the customer in opening an HSA account on the customer's own device
True
102
Customers can make a cash or check deposit only in the branch accompanied with the _____ ______ ______.
HSA Contribution Form
103
Maximum IRA contributions cannot exceed ______ ________.
earned income
104
Catch up contributions are allowed for Traditional and Roth IRAs over the age of ______.
50 years old
105
Which type of IRA limits who is eligible to contribute with a phase out based on Modified Adjusted Gross Income?
Roth IRA
106
True or False: Contributions are tax deductible for a Roth IRA
false
107
Are contributions tax deductible for a traditional IRA?
yes--> if not covered by an employer plan
if covered by an employer plan--> phase out based on modified income
108
Traditional or Roth IRA
After ____ years old, must take required minimum distribution
Traditional; 72
109
For a Roth IRA, ________ can be withdrawn at anytime, but must wait ____ years from 1st contribution and be _____ years old to withdraw _______.
contributions; 5 years; 59 1/2; earnings
110
Traditional or Roth IRA
No required minimum distribution while account holder is alive
Roth IRA
111
Traditional or Roth IRA
Deductible contributions and earnings are taxable
Traditional IRA
112
Traditional or Roth IRA
No tax and penalty when withdrawing contributions
Roth IRA
113
Traditional or Roth IRA
No tax and penalty when withdrawing contributions
Roth IRA
114
Can make early (before _____ years old) IRA withdrawal without penalty if:
59 1/2
1. 1st time home buyer
2. Education expenses
3. Death or disability
4. Roth only- Contributions
115
For a traditional IRA, must withdraw atleast _______ each year after 72 years old
RMD- Required Minimum Distribution
116
If RMD is not withdrawn after 72 years old for a Traditional IRA, there will be a _____ % penalty on required amount not withdrawn
50%
117
First RMD must be taken by ____ of the year after turning 72 and subsequent RMDs must be taken by _____ of each year
April 1; Dec 31
118
True or False:
Associated Bank can set up automatic IRA distributions for our customers to make it easy to meet their RMD
True
119
The ______ Rule applies when a customer is moving an IRA or Qualified Retirement Plan (QRP) to Associated Bank
Fiduciary
120
The minimum opening deposit for an IRA money market savings is _______.
$10,000
121
What are the 3 types of IRA specific contributions?
1. Starter IRA (savings)
2. IRA MM Savings (money market)
3. IRA certificate (CD)
122
True or False
Starter IRAs earn interest monthly
False
Starter IRA- earns interest quarterly
IRA MM Savings- earns interest tiered monthly
IRA certificates- yes; crediting based on terms
123
True or False
Deposits and withdrawals are only allowed during the grace period for an IRA MM Savings
False
Starter IRA -allowed anytime
IRA MM Savings- allowed anytime
IRA Certificate-allowed during grace period
124
Who can contribute to a Traditional IRA?
individual with earned income
125
Which type of IRA has a required minimum distribution?
Traditional
126
How many years must a Roth IRA holder wait from their first contribution in order to withdraw funds without the potential for a penalty and tax on the interest and earnings?
5 years
127
What is one of the tax advantages of a Roth IRA account?
no capitol gains taxes (earnings are tax fee)
128
What rule prevents you from providing advice around IRAs?
Fiduciary Rule
129
Whom would you refer a customer if an opportunity was uncovered in your conversation for over $25,000 but less than $50,000?
AIS Guidance Center
<$25,000: branch
$25,000-$50,000: AIS Guidance Center
>$50,000: Financial Field Consultant
130
What are the elements that make up a credit score?
Payment history- 35%
Credit utilization- 30%
length of credit history- 15%
mix of accounts- 10%
new credit inquires- 10%
131
The length of credit history goes back ___ years
7 years
132
For payment history, the most recent ___ years weights ____% and the previous ____ years weights _____%.
2 years/ 70%
5 years/ 30%
133
______ refers to the customers ability to repay the loan
Capacity
134
What is the equation to calculate capacity?
debt to income ratio = monthly liabilities/ monthly gross income
135
_____ is a borrowers monthly debt payments divided by the gross monthly income. This number helps us measure an applicants ability to manage the monthly payments or repay the money they are looking to borrow
Debt to Income (DTI) ratio
136
The lower the DTI, the less _____ you are to lenders
risky
137
What is the maximum DTI on a secured lending product with ASB?
45%
138
Capital refers to:____________
cash on hand/cash equivalency
139
Examples of capital include:
PITI
Principal
Interest
Taxes
Insurance
140
Collateral is defined as ___________
the thing thats securing the loan
141
Chattel is a specific type of collateral: _________
moveable property
(RV, vehicle)
142
True or False:
ASB does lending for mobile homes
false
143
Underwriters look for 2 areas of stability in character. What are the 2 areas?
1. Employment
2. Housing
144
What 2 elements make up the largest percentage of a person's credit score?
Payment history- 35%
Credit utilization- 30%
145
What is the minimum loan amount for an unsecured installment loan?
$3,000 (monthly)
$5,000 (single payment)
146
What terms are available for an unsecured installment loan?
monthly payment- 60 months
single payment- 11 months
147
What is the maximum loan amount for an unsecured installment loan?
$25,000 (based on credit score)
*Not to exceed 30% of adjusted annual gross income
148
This lending option is good for when they need access to funds now and are anticipating funds in the near future such as a wedding or funeral
single payment unsecured installment loan
149
Typical uses for an unsecured installment loan?
1. major expenses or purchases that dont involve acceptable collateral
2. debt consolidation
150
This type of lending product can be used as a bridge for a HELOC
unsecured installment loan (only takes 3-4 days if documents are handed in quickly)
151
How do you access funds for an unsecured installment loan?
lump sum disbursed at closing
152
For an unsecured installment loan is the interest rate:
fixed or variable?
risk based or product based?
fixed rate (for the life of the loan)
risk based pricing
153
Typical uses for a Premier Line of Credit
1.unexpected expenses
2. cash flow management
3. overdraft protection
154
What are the payment options for a Premier Line of Credit?
Greater of $50 or accrued interest plus fees
* additional payments to principal can be made at any time
155
For a premier line of credit is the interest rate:
fixed or variable?
risk based or product based?
variable- tied to prime
risk based
156
At the end of the 36 month term for a Premier Line of Credit, you can reapply or pay the balance in full.. aka a ________
balloon payment
157
What are the minimum and maximum line amounts for a Premier Line of Credit?
$5,000-$25,000
*based on credit score
** not to exceed 20% of adjusted annual gross income
158
How can you access funds for a Premier Line of Credit?
check
transfer to deposit account
overdraft protection
159
Types of borrowers for a Premier line of Credit
1. higher net worth
2. have access to funds to pay off a potential balloon payment
3. intend to revolve the line
160
Types of borrowers for a Unsecured Installment Loan
1. require a lump sum distribution of funds
2.want a predictable payment schedule
161
Which is a better option for most consumer borrowers? Loan or Line
Unsecured installment loan
162
What is the typical use for a Checking Reserve Line of Credit?
Overdraft protection
163
For a checking reserve line of credit is the interest rate:
fixed or variable?
risk based or product based?
fixed rate for the life of the loan
risk based pricing
164
What are the terms available for a checking reserve line of credit?
as long as the linked checking account is open
165
For a Checking Reserve Line of Credit, the payment is automatically debited from the checking account _____ days after the statement date
24 days
166
What are the payment options for a checking reserve line of credit?
$15 or greater of 3% of outstanding balance
167
To qualify for a vehicle loan, it cannot exceed ______ miles or ____ years old
100,000 miles and 8 years old
168
What is the minimum loan amount for a vehicle and other goods loan?
$5,000 (up to 60 months)
$15,000 (60-72 months and new vehicles)
169
What is the maximum loan amount for a vehicle and other goods loan?
$100,000 (for both term options)
170
How do you access funds for a vehicle and other goods loan?
lump sum dispersed at closing
171
What are the typical uses for a cash secured loan?
debt consolidation
major purchases
private school tuition
172
What is the acceptable collateral for a cash secured loan?
Associated bank CD, Savings, or Money Market account(s)
173
What is the max loan-to-value for a cash secured loan?
100% of the balance in the deposit account
174
What terms are available for Cash Secured Loans?
60 months for savings and money market accounts
CDs- monthly payments up to the term remaining on the CD (not to exceed 60 months)
175
What are the minimum and maximum loan amounts for cash secured loans?
$1,000-100,000
176
How do you access funds for a cash secured loan?
lump sum at closing
177
What are the benefits of a Home Equity Line of Credit?
1. lower interest rate (save $)
2. tax deductible interest
3. Reusable
4. No upfront fees
5. Variable or fixed rate
178
What is the annual fee for a Heloc?
$50 annual fee, but it is waived the 1st year
179
For a HELOC, the home must be ________ ________
owner occupied (primary or secondary home)
1-4 units allowed
180
What is the acceptable collateral for an Equity Express Line?
owner occupied primary residence (1-4 units)
181
What is the maximum combined loan-to-value for an equity express line?
*based on a credit score and property valuation
*may go up to 90% CLTV
182
What is the term for an Equity Express Line?
30 year term
10 year draw (1st payment stream) + 20 year repayment period (2nd payment stream)
183
What is the minimum payment for the 1st stream of an Equity Express Line?
$50 or accrued interest from any locked in balance (whichever is greater)
plus any lock in payments
184
What is the minimum payment for the 2nd stream of an Equity Express Line?
Fixed principal balance + accrued interest + any outstanding lock in payments
185
What is the minimum and maximum line amounts for an Equity Express Line?
$5,000-$250,000
186
How do you access funds for an Equity Express Line?
check or transfer to deposit account
187
What are the closing costs for an equity express line?
$0- standard closing costs are paid by ASB
188
A customer may have up to ____ locks on their Home Equity Line of Credit at any time
20 locks
189
What is the fee to lock and unlock an Equity line lock?
$100 to lock and $100 to unlock
190
What is the minimum lock in amount for an equity line lock?
$5,000
191
What terms are available for an equity line lock?
60-240 months
192
this regulation promotes the informed use of consumer credit by requiring disclosures regarding its term and cost
Regulation Z
193
Initial disclosures must be provided within ____ business days of an application being completed for real estate secured transaction
3 business days
194
_________: when a consumer uses his or her primary residence as collateral. Each consumer with an ownership interest has the right to rescind until midnight of the 3rd day
Grants right of rescission
