Products And Services Flashcards
Primary and Secondary Shares
A primary share is the first account opened when becoming a member, a savings account.
A member can open up to 9 secondary shares that are structured the same way.
Required documents- deposit member service request
What is a money market account and what is required to open one?
The only difference between money market and a regular primary share is a higher interest rate due to a higher minimum balance.
Minimum balance: $2,500
Required documents: deposit member service request
What is a share certificate and what are the requirements?
A CONTRACT where the member agrees to deposit a certain amount of money for a certain amount of time, and the credit union pays a higher dividend
Interest is paid quarterly
Minimum balance: $500
Required documents:
deposit member service request
share certificate disclosure
What are the penalties for a share certificate (CD)?
The early withdrawal penalty for a 6 or 12
month term… 30 days of interest
The early withdrawal penalty for 18, 24, or 36 month terms… 90 days of interest
What is a lucky savers share certificate?
Takes the benefits of a regular CD and gives members the chance to win monthly and quarterly prizes. Every $25 deposit gets you a chance to win (up to 10/month)
12 month term with a 1% APY
What are the requirements for a lucky savers account?
Requirements:
-18+
-one lucky savers per account
-one lucky savers per member
-employees not eligible for cash prizes
Required documents:
-deposit member service request
-share certificate disclosure
-lucky savers truth in savings
-lucky savers official rules
What are the penalties for a lucky savers account?
First time early withdrawal- $25
Second time = account closed
What is Christmas club?
A savings account where members can deposit throughout the year interest free. On October 1st, the money is transferred to their primary share
No penalties or minimums
Required documents:
-DMSR
What are IRAs and what are the 2 types?
Individual retirement account where you can save up to $7,000/year.
*They can not be under a joint membership
There are traditional IRAs and Roth IRAs
What is a traditional IRA?
Contributions reduce your taxes and you won’t owe income taxes until you withdraw the money in retirement
Distributions before 59 1/2 can face a 10% penalty with a tax bill.
At 72, you are required to make a distribution by April 1st or there is a 50% penalty.
What is a Roth IRA?
A non-tax deductible IRA where your money grows tax free and you can withdraw money tax free at retirement.
Money can be withdrawn at any time without penalty.
What is a Health Savings Account (HSA)?
A tax-advantaged account for people who are covered under high-deductible health plans to save for medical expenses that aren’t covered
Contribution limits:
$4,150/year for individuals
$8,300/year for families
*Any tax questions are to be referred to their tax advisor
What is rebate checking?
A high yield checking account that earns 3.25% on up to a daily balance of $20,000
NO minimum balance or deposit is needed but you need:
-deposit member service request (if no checking already)
Reg-E form (if no checking already)
-rebate checking disclosure
What are the qualifications for rebate checking?
-Members must complete 15 debit card transactions per month
-Have at least 1 direct deposit
-enroll in online banking
-enroll in e-statements
What are the rebate options and benefits?
-ACH deposit into account monthly
-ACH deposit into account in $25 increments
-$25 increment gift cards
Additional benefits:
-Refund of up to $5 monthly in ATM fees
-1,000 my points plus points for enrolling
*required documents are DMSR and
What is a round-up account?
High yield savings account that earns 5% on up to $2,500. Purchases are rounded up to the nearest dollar and the change is put into the round up account.
*ONE withdrawal is allowed every 90 DAYS
What are the STAGES youth accounts?
Children ages 0-8: savings account w/ legal guardian
Tween ages 9-12: savings and checking account with $100 limit on debit card w/legal guardian
Teen ages 13-17: savings and checking account with $200 limit on debit card and personal checks w/ legal guardian
What is Kids Club (Scholar Dollar)?
A non-interest account for school age children. They are rewarded $1.50 for each grade 90/A/4 or higher per marking period.
When they reach 18 or graduate, they can withdraw their money
funds go back to CU if closed early
What are the online banking services?
- Transfer of funds
- Check balances
- Bill pay
- Savvymoney
- E-statements
- Mobile deposit (Picture It)
- My card control
- Update info.
- Buy now, pay later
- Account 2 account
- Text concierge
- Loan payments
What is Picture It and what are the requirements?
Allows members make deposits from their phones/other devices at any time
must write for mobile deposit only
Eligibility requirements:
-has a checking account
-has a debit card
-enrolled in online banking
-enrolled in e-statements
What is Savvymoney?
Provides members the ability to monitor their credit through the mobile app and online
What is A2A (Account to account transfers) and what are the requirements?
Service offered through online banking for members to transfer funds to/from external accounts
Requirements:
-must have a checking account
-register through online banking
What are the fees and limits for A2A?
Fees:
-transfers from the account are $2.50/transaction
-transfers into the account are free
Limits:
$250 limit for outgoing
$500 limit for incoming
What is the CU phone number?
(315) 343-7822
