Chapter 2 Sales Final

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Instructional Design Example from Monroe Bank.

Instructional Design Example from Monroe Bank.

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  • 1. Teller EducationChapter 2: Sales, Banking Products & Services Monroe Bank Training & Development Teller Education Last Updated: January 31, 2011
  • 2. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Chapter TwoTable of ContentsTeller Learning Objectives: ................................................................................................. 4Key terminology .................................................................................................................. 5Sales Skill and Knowledge ................................................................................................... 7 Sales: Begin with the Basics .................................................................................... 8Detecting Customer Cues ................................................................................................... 9 Connecting Customer Cues with Questions ......................................................... 10 Improving Sales Performance ............................................................................... 11Coaching and Learning Activities ...................................................................................... 12Rewards Mania Gift Card .................................................................................................. 13Personal Checking Products .............................................................................................. 15 Common Core Features ........................................................................................ 15Personal Checking Plan Details ......................................................................................... 16 Student Checking .................................................................................................. 16 Essential Checking ................................................................................................. 16 Advantage Checking.............................................................................................. 17 NOW (Negotiable Order of Withdrawal) Account ................................................ 17 Success Checking................................................................................................... 18Overdraft Courtesy and Overdraft Protection .................................................................. 19Special Banking Programs ................................................................................................. 20 Prime Time Banking .............................................................................................. 20Personal Savings Products ................................................................................................ 21 Quick Facts about Regulation D ............................................................................ 21Personal Savings Plans ...................................................................................................... 22 Statement Savings................................................................................................. 22 Christmas Club Savings ......................................................................................... 22 Young Savers Account ........................................................................................... 22 Page 2 of 29
  • 3. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Money Market Savings ......................................................................................... 23 Pinnacle Green Money Market Account............................................................... 23Certificates of Deposit ...................................................................................................... 24Élan Consumer Credit Cards ............................................................................................. 25Élan Business Credit Cards ................................................................................................ 26Additional Banking Services .............................................................................................. 27 Free e-statements ................................................................................................. 27 Safe Deposit Boxes ................................................................................................ 28 Wealth Management Group ................................................................................. 28 Loan Services......................................................................................................... 28 Additional Services:............................................................................................... 28Thank You for Your Participation!..................................................................................... 29 Page 3 of 29
  • 4. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Chapter Two Learning ObjectivesTeller Learning Objectives:  You will be able to identify and apply the BASICS of selling.  You will be able to identify customer cues and apply basic questioning skills to improve sales performance.  You will understand the importance of Relationship Building in sales  You will understand and apply the SMART Goals Model of goal setting  You will understand how supervisors and managers use coaching to improve your performance: o Quick Coaching o Results Coaching o Observation Coaching  You will be able to understand the features and benefits of Monroe Bank’s products and services, such as: o Checking Accounts o Savings Accounts o Money Market Accounts o Overdraft Courtesy & Reg E o Certificates of Deposits (CD’s) o PrimeTime Banking o Team Green Banking o On Line Banking o e-statements Page 4 of 29
  • 5. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Chapter Two Key TerminologyKey terminologyBASICS Sales Interaction Model: A sales tool that helps one focus on important,essential selling fundamentals: Begin with a greeting and establish rapport Assess and Explore customer’s needs Suggest products to fit needs Initiate and obtain agreement by asking for the business Continue the sales process to determine next step Say Thank You and show appreciationCues: There are three basic cues given by customers that convey information: Written,Verbal and Behavioral.Open Questions: Questions that elicit free flowing information from the customer.Closed Questions: Questions that elicit precise, direct and concise information from thecustomer.Coaching: A positive educational process that provides constructive feedback that bothinforms and redirects employee performance in areas of weakness. Coaching objectivesshould be clear, specific and measurable with a balanced approach that includesemployee strengths and weaknesses.Results Coaching: One-on-one coaching session focused on enhancing sales skills anddiscussion of sales performance for the previous month.Observation Coaching: Manager observes a customer interaction and meets with theteam member to discuss what went well and what may need improvement.Quick Coaching: Manager meets with a team member briefly (usually 1-3 minutes) todiscuss sales interaction observations.Sales Meeting: Expanded meetings one time per month to recap the previous month’ssales results, discuss sales strategies and share success stories. Page 5 of 29
  • 6. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011Clinic: A team discussion regarding a specific sales activity. A clinic might involvewriting a script for outbound sales calls or how to handle an objection that is oftenpresented by customers.Round: A concept borrowed from the medical field, each team member is prepared todiscuss a couple of customer situations with the group. Rounds stimulate conversationand create involvement, with each person participating in the Round learning somethingfrom the customer situations discussed.Daily Huddle: Daily 3-5 minute meetings to create enthusiasm with a focus on salesgoals and sales activities for the day.SMART Goals: Specific, Measurable, Attainable, Realistic, Timely.Point of Sale (POS) Limit: The Monroe Bank CheckCard daily amount of purchasingpower ($2500) that is tied to a customers account.Minimum Balance: The lowest balance required to maintain a checking, savings ormoney market account without incurring a monthly fee.Foreign ATM: Any Automated Teller Machine (ATM) that is not the owned andoperated by Monroe Bank:Overdraft Protection: Free overdraft protection, typically funded from a savingsaccount, that is linked to another Monroe Bank checking account to cover overdrafts.Overdraft Courtesy: A fee-based line of credit, usually set at $500, that preventsreturned items due to non-sufficient funds. The fee is $29 per NSF item.Federal Funds Index: The interest rate that banks charge each other for the use ofFederal funds. It changes daily and is a sensitive indicator of general interest rate trends.Wall Street Journal Prime Rate: The Wall Street Journal Prime Rate (WSJ Prime Rate) isdefined by The Wall Street Journal (WSJ) as “The base rate on corporate loans posted byat least 75% of the nations 30 largest banks.” Page 6 of 29
  • 7. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Sales Skill and KnowledgeChapter One introduced the Sales role of the Professional Teller, now we will furtherexplore specific Sales skills. Recall that selling a product or service should not take theapproach of “pushing” them on customers. This isespecially true when the Teller is lackingknowledge of customer’s needs.Selling is all about Relationship Building, beingperceptive to the customer’s needs duringconversations and meeting those needs. Needs arebest served by helping the customer match a Bankproduct or service that is a “best fit” given the need.Today, our discussion will center around a few coreareas: 1. When do people want to become our customer? 2. What are the BASICS of selling? 3. What are customer cues? 4. How are customer cues identified? 5. How can I build and improve my Sales ability?When do people want to become our customer? Make people feel important! When  When we actively demonstrate a we demonstrate that, we value and willingness to help the customer care about their situations, people match the best product or service will be more inclined to do business that will most benefit their specific with Monroe Bank. needs. When we demonstrate empathy  They feel our products and services combined with friendliness, the are competitive with other banking customer will sense our sincerity. institutions, exhibit value and offer When they feel that they will receive exceptional service accurate product and service information from knowledgeable, dependable Bank employees. First, we will start with the BASICS of selling detailed on the next page. Page 7 of 29
  • 8. Chapter 2: Sales, Banking Products & Services Monroe Bank Teller Training Last Updated: January 31, 2011 Sales: Begin with the Basics Say Thank You Teller Action Customer Perception & Outcome Begin with eye contact, a smile and a Forms a positive image of the Bank and begins to build aB= sincere greeting. Use the customer’s relationship. Recall that selling is about Relationship name if known. Offer to help. Building, not pushing products or services on customers. Assess and explore customer’s needs By identifying cues that truly meet a customer need, we willA= by looking for written, verbal and be perceived as showing respect and not just pushing behavioral Cues (See page 9). products or services that do not benefit the customer. Suggest products that meet the Customer gains confidence from our ability to discuss needs and explain the benefits. AskS= customer if the product would products that meet direct needs. Relationship Building is advanced as the benefits are tied to their lives in real terms. benefit them to confirm an interest. Customer senses our sincere interest in obtaining their Initiate and obtain agreement byI= asking for their business. business and they feel valued as a result, not just another account number for the Bank’s books! Continue the sales process by By accepting the next step to speak with a Personal Banker determining the next step to speakC= with a Personal Banker or make a or by accepting a referral, the customer will feel committed to the decision. referral to the appropriate area. Customer feels valued and that the Bank appreciates their Say Thank You and show business. Follow-up with the customer’s decision duringS= appreciation, thanking the customer their next visit to the bank and request feedback about the by name. experience. Show a sincere interest in his or her feedback. Page 8 of 29
  • 9. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Detecting Customer Cues Written Cues Verbal Cues Behavioral CuesWritten Cues: Customer Cue Examples Sales OpportunityConsistently high balances in checking accounts Possible referral to Wealth Management Possible need for a college loan or newYoung Savers Account close to maturity age of 18 checking accountAuto Loan that are close to payoff date Possible need for new auto loanVerbal Cues: Customer Cue Examples Sales Opportunity“We just moved to Town recently” Possible new home loan referral“My daughter is graduating from high school” Possible loan for college“I’m so busy, I can’t make it to the bank” Possible need for on-line Banking“I’m so upset about the stock market” Possible Wealth Management referral“My new business has really taken off.” Possible business loan referralBehavioral Cues: Customer Cue Examples Sales Opportunity Possible need for on-line banking with freeCashing checks to pay bills each month bill payment serviceCashing payroll checks each week Possible Need for checking accountLooking at rate sheet Certificate of Deposit or investment needs Page 9 of 29
  • 10. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Connecting Customer Cues with Questions Closed Open Questions Questions Elicits short, Elicits free flowing specific, direct information and answers answers Do You? Where? Why? How? Tell Will You? Who? me about? Would You? Describe for me?Closed Question Examples: “I have noticed that you cash your payroll checks here each Friday (Behavioral Cue), do you currently have a checking account with us?” “It sounds like your new business is doing really well (Verbal Cue), would you be interested in learning more about our business loans?” “I have noticed that you cash checks each month to pay your bills (Behavioral Cue), would you like to learn more about on-line banking and its free bill payment service? “Your company is one of our Team Green members (Written Cue), would you like to learn more about how to have a free NOW Checking account?”Open Question Examples: “You mentioned that you are new to town (Verbal Cue), how is your home search going?” “You mentioned your other bank (Verbal Cue), to better recommend an account for you, tell me a little more about your past accounts and what you liked about them?” “It sounds like you really liked your last bank’s on-line service (Verbal Cue), tell me about your favorite features?” “Thank you for coming in today to check out our banking services (Behavioral Cue), why did you choose to visit our bank?” Page 10 of 29
  • 11. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Improving Sales PerformanceTo make gains toward Sales related goals, we can use the SMART Goals Model that westudied from Chapter One. Let’s apply a real world example to the SMART Goals Model. SMART Goals S = Specific M = Measurable A = Attainable R = Realistic Got Goals? T = Timely Get SMART!Real World Scenario: Sales Area of WeaknessTina Teller is very good at greeting customers and shows sincerity; however, she isuncomfortable with acting on customer cues by asking financial or banking questionsthat would help her sales performance. How can Tina Teller use the SMART GoalsModel to help? Tina Teller’s Goals I want to become more confident in asking customers questions about their S financial and banking needs to help improve my sales performance. For one week, each day, I will practice and role-play 3 customer interactions M that involve asking financial and banking questions. A Attainable given the daily practice goal for reaching one goal R Practical and realistic given the one week time frame to achieve one goal In one week, my confidence will strengthen and I will be able to ask customers T questions to improve sales performance.In addition to SMART Goals, Tellers will participate in many forms of coaching andlearning activities designed to help each team member achieve goals and improveperformance. Page 11 of 29
  • 12. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Coaching and Learning ActivitiesThe term “Coaching” describes a positive educational process that provides constructivefeedback to improve performance. Managers and supervisors should provide coachingfeedback that contains positive information about performance as well as possible areasof weakness that may need improvement.Tellers should view coaching as a practical learning tool to grow with the bank andreinforce various skill sets. Overtime, the benefits of coaching open a path to success. Types of Coaching & Learning Activities• One-on-one • One-on-one • One-on-one• Focus on past results • Ususally 1 or 3 • Observation of• Discussion of sales minutes in length customer interaction performance for the • Provides feedback on • Provide feedback on previous month observed interactions details of interactionResults Quick ObservationCoaching Coaching Coaching• Team Discussion • Daily morning Team• Specific sales activity is Meeting targeted • 5 minutes of focused• Focus on a specific attention on activities goal or sales skill • Creates enthusiasmClinic Daily Huddle • Monthly meeting • Team Discussion • Discussion of previous • Share customer months sales results situations with group • Discuss succesful • Encourages strategies conversation Sales Round Meeting Page 12 of 29
  • 13. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Rewards Mania Gift CardA program, controlled by the Marketing Department, designed for friends to referother friends to Monroe Bank and open a new checking account. For a detailedlook at how the process works, refer to the flow chart on the next page. Back of Gift Card Page 13 of 29
  • 14. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Rewards Mania Flow ChartThe Marketing Department of Monroe Bank controls the Rewards Mania / FriendlyRewards program. Throughout the year, Marketing will prepare different offerings withvaried gifts. Banking Center supervisors and managers will update and educate Tellers,typically, during morning Daily Huddle meetings. Start Here Customer Gives Gift Card to Friend Friend Opens AccountCompletes Gift CardFriend Gives Gift Card to Validated Gift Card Friend Given Gift Personal Banker Mailed to Customer End Here Validated Gift Card is Presented to Personal Customer Given Gift Redeemed Gift Banker Cards Sent to Marketing Page 14 of 29
  • 15. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Personal Checking Products Common Core FeaturesAt Monroe Bank, we are committed to providing optimal banking products and servicesthat best serve the individual consumer’s specific needs and life events. Below are thecore features that all of Monroe Bank’s checking accounts share. Essential Checking Student Advantage Free Visa CheckCard Checking Checking Unlimited Check Writing Free Overdraft Protection Free On-Line Banking Free Bill Payment Free e-statements Free 24 Telephone Banking Success NOW Checking Checking PrimeTime Gold & Platinum Page 15 of 29
  • 16. Chapter 2: Sales, Banking Products & Services Monroe Bank Teller Training Last Updated: January 31, 2011 Personal Checking Plan Details Features & Benefits Product Knowledge Student Checking Student Checking Features & Benefits Feature Benefit to Customer Great for college students seekingFor college students economic alternatives to higher feesNo minimum balance requirement Less stress, worry freeNo monthly maintenance fee Economic and budget friendlyLow $50 initial deposit to open account Easy to get account openedATM Limit: $510 daily withdrawal limit Easy access to cash 24/7 worldwidePurchasing Limit: $5000 daily check card limit POS with purchasing power User friendly Visa CheckCard acceptedFree Visa CheckCard worldwide Features Essential Checking & Benefits Essential Checking Features & Benefits Feature Benefit to CustomerNo monthly service charge with $500 minimum daily Great for entry level customers seekingbalance economic alternatives to higher feesTiered monthly service charge based on daily $1.95 $3.95 $5.95minimum balance $499.99-$200 $199.99-$100 Less than $100Low $50 initial deposit to open account Easy to get account opened User friendly Visa CheckCard acceptedFree Visa CheckCard worldwideATM Limit: $510 daily withdrawal limit Easy access to cash 24/7 worldwidePurchasing Limit: $5000 daily check card limit POS with purchasing power Page 16 of 29
  • 17. Chapter 2: Sales, Banking Products & Services Monroe Bank Teller Training Last Updated: January 31, 2011 Advantage Checking Advantage Checking Features & Benefits Feature Benefit to Customer User friendly Visa CheckCard acceptedFree Visa CheckCard worldwideExclusive discounts on grocery, shopping, dining,travel & recreation – Over 260,000 local & national Offsets monthly service fee of $6.95places to saveDebit Card Cash Bonus of 2% (per quarter)– Up to Offsets monthly service fee of $6.95$100 per yearLow $50 initial deposit to open account Easy to get account started Economic and budget friendly, saves onComplimentary standard checks annual check costsATM Limit: $510 daily withdrawal limit Easy access to cash 24/7 worldwidePurchasing Limit: $5000 daily check card limit POS with purchasing powerEmergency Roadside Travel Assistance benefits NOW (Negotiable Order of Withdrawal) Account NOW Account Features & Benefits Feature Benefit to CustomerAn interest bearing account Allows customers to earn interest$8.00 monthly service charge if balance falls below Allows customer control over the lowthe low minimum balance of $700 monthly fee of $8.00Low $50 initial deposit to open account Easy initial deposit to get startedATM Limit: $510 daily withdrawal limit Easy access to cash 24/7 worldwideFree Visa CheckCard with $5000 daily POS POS with purchasing power Page 17 of 29
  • 18. Chapter 2: Sales, Banking Products & Services Monroe Bank Teller Training Last Updated: January 31, 2011 Personal Checking Plan Details Success Checking Success Checking Features & Benefits Feature Benefit to CustomerA higher interest rate checking account for customers Pays higher interest rate (variable rate)that maintain account balances above $5,000 Allows control over service charge and$15 monthly service charge if balance falls below $5,000 provide relative low fee if cash is needed$50 minimum deposit to open account Low cost of initial openingUnlimited foreign ATM transactions with no MB fee More freedom to choose ATM locationsFree unlimited basic checks, or $12 credit towards other Saves on annual check order costscheck styleUp to $510 ATM daily withdrawal limit Easy access to cash at ATMUp to $5000 Point of Sale (POS) limit per day POS with purchasing powerNo fee for Cashier’s Checks Free special service, very convenientNo fee for American Express Travelers Cheques for One Free special service, very convenient Safe and easy access to important itemsFree 3”x5” Safe Deposit Box for one year where you do your banking My Visa CheckCard Facts:  24/7 Cash Access  Accepted millions of locations worldwide  Easy to cancel if lost or stolen Page 18 of 29
  • 19. Chapter 2: Sales, Banking Products & Services Monroe Bank Teller Training Last Updated: January 31, 2011 Overdraft Courtesy and Overdraft Protection Customers often have the need and desire for overdraft services. An overdraft occurs when the customer does not have sufficient funds in his or her account to cover a payment (ATM withdrawal, written check, ACH, debit card purchase). Overdraft Courtesy refers to Monroe Bank’s standard overdraft practices and is a discretionary service available to qualified customers. Key Features & Benefits Overdraft Courtesy Overdraft Protection Features Benefits Features Benefits$500 Overdraft Limit Overdraft service linked to Avoids returned items to Customer’s own account is(Bank’s money) to a customer’s secondary merchant used to cover overdraftsqualified customers account Linked to other checking, Avoids additional merchant Flexible options to manage$35 fee per item savings or money market fees overdrafts & fees accountsCover’s overdrafts up to Avoids the embarrassment of a No $35 overdraft fee Minimizes fee expense$500 (includes fees) returned item Secondary accounts are notLinked to account’s Extra $500 of funds available in Not linked to primary negatively impacted in theAvailable Balance the event of an overdraft account’s Available Balance event of a lost or stolen cardRegulation E (Reg E) Options & Overdraft Courtesy Covers ATM & everyday debit card transactions Reg E Opt-In $35 Fee per item Ensures that no overdraft fee Requires Overdraft Courtesy Must have Overdraft will be assessed in the event of Courtesy for Overdraft an overdraft (assuming Declines ATM & everyday Protection to extend to sufficient funds exist in the debit card transactions overdraft items funding account) No Fee due to declined status Reg E Opt-In Decline Overdraft Courtesy only applies to checks, ACH and recurring payments Regulation E (Reg E) Fast GlanceRegulation E (Reg E) is a rule prescribed by the Federal Reserve’s Electronic Fund Transfer Act. This act established the basicrights, liabilities and responsibilities of consumers and financial institutions. Reg E provides that consumer customers toexpressly agree (Opt-In) before the bank can charge a fee for paying an ATM or everyday debit card transaction that willresult in an overdraft on the account. Opt-In The customer gives the bank permission to extend Overdraft Courtesy and apply Standard Overdraft practices to ATM and everyday debit card transactions Opt-In Decline  The customer does not want Overdraft Courtesy to apply to ATM and everyday debit card transactions Page 19 of 29
  • 20. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Special Banking ProgramsPrime Time BankingAn exclusive package of services specially designed for customers’ age 50 and older.PrimeTime has a two-tier structure shown in the below table: Minimum Combined Service Tier Group Account Type Balance Balance ChargePrimeTime Gold Non-Interest 500.00 1000.00 10.00PrimeTime Platinum Interest Bearing NOW 1000.00 2000.00 10.00  Free Travelers Checks  Free notary service  Free Merchant Discount Card  Free basic PrimeTime checks  $10 discount on special checks Planned group travel  No fee for Cashier’s Checks Financial & lifestyle seminars  Free investment portfolio Free PrimeLines Newsletter review Free long term healthcare  Free estate plan review review Page 20 of 29
  • 21. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Personal Savings Products Savings Product Categories Savings Money Market Accounts Certificate of Accounts Deposits 1st 10 Debits Free/$2.00 Reg D Applies thereafter Quick Facts about Regulation D Monitoring of excessive transactions Compliance with Reg D 6 preauthorized No limit on in withdrawals person per statement transactions cycle Page 21 of 29
  • 22. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Personal Savings Plans Features & BenefitsWhether you are a first-time saver or looking for an account that provides maximumearnings and liquidity, we have a savings account to meet your needs.Statement SavingsBenefit to Customer: Our basic savings account that is a sensible, foundational optionfor those new to saving! With Statement Savings, there is less stress and worry aboutpotential overdrafts when linked to your checking account as free Overdraft Protection.o $1.00 monthly service charge if balance falls below $300o Interest paid and compounded quarterlyo Easy-to-balance semi-annual statements (unless statement is combined with your checking account)o Free overdraft protection linked to your checking accounto Minimum balance and maintenance fees waived for customers under 18 years of ageo Withdrawals in excess of two per month will be charged $.50 eachChristmas Club SavingsBenefit to Customer: A convenient way for customers to plan and save for holidayexpenses. A great Christmas gift budgeting tool and reduces financial stress when thetime comes to purchase presents!o $5.00 minimum deposit required to open accounto No minimum balance requirementso Interest paid and compounded quarterlyo Rather than sending a statement, customer can track balances in personalized deposit-coupon book.o Balance of the account is sent by mail in the form of a check on the first business day of Novembero Early withdrawals will be charged $3.00Young Savers AccountBenefit to Customer: For those 18 and younger, an ideal account to begin to teachabout saving early in life. With only a $1.00 opening deposit required and nomaintenance fees, the Young Savers Account is a great saving teaching tool for parents,children and grandparents alike. Page 22 of 29
  • 23. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Personal Savings Plans Features & BenefitsMoney Market SavingsBenefit to Customer: A NOW account that pays a higher rate of interest and offerslimited debit transactions to those that can maintain a balances of $2,500.o $50.00 minimum deposit required to open accounto $10 monthly service charge if balance falls below $2,500o Interest paid and compounded monthlyo Limit of 10 debits per month: Any type of debit transactiono Fee: $2.00 per debit over 10 transactions per statement cyclePinnacle Green Money Market AccountBenefit to Customer: A NOW account with no minimumbalance and no service fees, Pinnacle Green is a great optionfor both small and large savers alike who may need access tothe funds for life events---All with no service fees!o No minimum balance! No monthly maintenance fee!o Only $50.00 to open the accounto Limit of 10 debits per month: Any type of debit transactiono Fee: $2.00 per debit over 10 transactions per statement cycleo Two Tier Rate System based on Federal Funds Index 1. 0 to 99,999.00: Federal Funds Index minus 1.75% 2. 100,000 or more: Federal Funds Index minus 1.25% Page 23 of 29
  • 24. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011Certificates of DepositBenefit to Customer: With so many options, the customer can tailor the term length inmany cases to fit specific financial needs or choose from a wide variety special rate andlength options.o Terms ranging from 14 days to 10 yearso Low minimum deposit of $1,000o Interest compounded quarterlyo Interest Payment Options: Capitalized, Check or Transfero Available to any individual, association, business or trust account Example of Certificate of Deposit Rate SheetCertificates of Deposit Minimum Opening Interest Deposit Rate APY*14-179 Days $ 1,000.00 1.64% 1.65%6-11 Month $ 1,000.00 1.89% 1.90% 5 Month Special $ 1,000.00 2.97% 3.00% Regulaiton DD, a Federal12-17 Month $ 1,000.00 2.14% 2.15% Law, requires that bank13 Month Special $ 1,000.00 3.21% 3.25% employees quote the18 Month No Penalty $ 1,000.00 1.99% 2.00% Annual Percentage Yield18-29 Month $ 1,000.00 2.33% 2.35% (APY) when giving out23 Month Special $ 1,000.00 3.70% 3.75% rate information35 Month Special $ 1,000.00 3.94% 4.00% 30-59 Month $ 1,000.00 2.58% 2.60%60-83 Month $ 1,000.00 2.73% 2.75%84-120 Month $ 1,000.00 2.97% 3.00% Note: Rates Update Weekly Page 24 of 29
  • 25. Chapter 2: Sales, Banking Products & Services Monroe Bank Teller Training Last Updated: January 31, 2011 Élan Consumer Credit CardsMonroe Bank offers credit cards that are administered through Élan.During the course of a Teller’s career, credit card the products will varyand change. You will learn about Élan updates through team meetings. Page 25 of 29
  • 26. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Élan Business Credit CardsLike consumer credit cards, Monroe Bank offers business credit cardsthat are administered through Élan. During the course of a Teller’scareer, business credit card products will vary and change. Page 26 of 29
  • 27. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Additional Banking ServicesFree On-Line BankingMonroe Bank has on-line banking complete with free bill paymentservice. Customers can check all of their account activity, view theirstatements, transfer funds between accounts and set-up email alertsfor bills that are due or for low account balance alerts.Free e-statementsTellers will promote and sign up customers for e-statements. e-statements are an exact,electronic version of the customer’s regular paper bank statement. Each month, an e-mail alert is sent to the customer, which contains a secure link to the e-statement loginpage.The benefits of e-statements are very note worthy, including:o Immediate access, can view away from home or officeo Sound securityo Environmentally friendly with less paper wasteo Can be saved to customer’s computer, less paper to storeo Cost effective for Monroe Banko Easy to sign-up through on-line banking $1.30 per paper statement .20 cents per e-statement Page 27 of 29
  • 28. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 201124-Hour Telephone BankingWith Monroe Bank, customers have direct access to routine account informationwhenever they want. By using a touch-tone phone,customers can verify deposits and items paid, maketransfers between accounts, or hear current interestrates. Telephone Banking service also provides bankingATM locations, as well as hours of operation.Safe Deposit BoxesA safe deposit box offers a place to protect valuables and important documents. Oursafe deposit boxes are available in a variety of sizes to fit many needs, ranging from2”x5”x22” to 10”x10”x22”.Wealth Management GroupMonroe Bank offers a full line of investment, trust and brokerage services, such asfinancial planning, retirement planning, estate planning and private banking. For moreinformation, refer the customer to the Wealth Management Group at (812) 331-3425.Loan ServicesA wide range of loan programs are available at Monroe Bank to help our individual andbusiness customers. Competitive interest rates and loans are available for most anypurpose: mortgages, home improvement loans, auto loans, business loans, personalloans and our Home Equity Line Plan (H.E.L.P.).Additional Services:o Bank by Mail o Wire Transferso Cashier’s Checks o Foreign Draftso American Express Traveler’s Cheques o Notary Serviceso Night Depository Service o Signature Guarantees o U.S. Savings Bonds Special Note on Foreign Currency: Monroe Bank no longer exchanges foreign currency. The customer must fill out a form (forms provided at banking centers) and send all foreign currency to American Express. Page 28 of 29
  • 29. Chapter 2: Sales, Banking Products & ServicesMonroe Bank Teller TrainingLast Updated: January 31, 2011 Thank You for Your Participation! Please Proceed to the Chapter 2 Review Page 29 of 29