M
EMBER
N
EEDS
H
ANDBOOK
Credit Union Name
Developed By:
The Pell Group &
Creating Member Loyalty
Copyright © 2014 Credit Union National Association, Inc.
Introduction
Facts About Credit Union Name Expected Selling Behaviors
2 Membership
Membership Profile
3 Resources
Credit Union Employee's Newsletter
Membership Newsletter
4 Savings
Holiday Account
Individual Retirement Account (IRA)
Money Market Account
Savings Account
5 Checking
Money Market Checking
Checking Account
Certificate of Deposit
Jumbo Certificate
7
Business
Business Savings Account
Business Checking Account
Business Money Market Checking
Business Certificate of Deposit
Business Loan
Business Online Banking
Business Credit Card
8
Health Savings Account (HSA)
Health Savings Account
9 Plastic
Cards
VISA/Mastercard
Debit Card/Point of Sale
10 Secured
Loans
Secured Loan
Share/Certificate Loan
11 Unsecured
Loans
Line of Credit
Adjustable Rate Mortgage (ARM) Loan
Conventional Home Loan
Deed of Trust
FHA and VA Home Loans
Home Improvement Loan
Home Equity Line of Credit
Home Equity Loan
13 Electronic
Services
24-Hour Phone Access
Automated Teller Machine (ATM)
Online Bill Payment
Online Banking
Mobile Banking
E-Statement
Remote Deposit Capture
14 Insurance
Services
Credit Disability Insurance
Credit Life Insurance
NCUA Insurance
Vehicle Insurance
Homeowners Insurance
Mechanical Repair Coverage
Guaranteed Asset Protection (GAP)
Whole Life Insurance
Term Life Insurance
Accidental Death and Dismemberment Insurance
Account Research
Automatic Transfer
Auto Buying Service
Commercial Money Order
Credit Union Check
Direct Deposit
Discount Tax Service
Electronic Funds Transfer
Money Order
Notary Public Service
Payroll Deduction
Safe Deposit Box
Traveler’s Checks
Senior’s Club
Wire Transfer
16 Investment
Services
Government Income Fund
Mutual Funds
Tax Deferred Annuity
Tax Exempt Income Fund
Tax Exempt Securities
Savings Account
What it is...
An insured dividend paying account that may be opened with a minimum amount.Members may make deposits and withdrawals from this type of account.
What it does...
Allows the member to earn dividends, while permitting immediate access to funds. Provides Overdraft Protection for Checking accounts.
Who's eligible...
Members within the Field of Membership.
Presentation helpers...
[INSERT NAME(S) OF APPROPRIATE BROCHURE, RATE SHEET, FLYER, ETC.]
Experts...
[INSERT JOB TITLE OR DEPARTMENT, e.g., NEW ACCOUNTS, LOAN OFFICER,
ETC.]
Cross-Selling opportunities...
[ATM]
[VISA]
[Tax Deferred Annuity]
[Jumbo Certificate]
[Payroll
Deduction]
[Checking
Account]
[Money Market Account]
[Certificate
of
Deposit]
[Share/Certificate
Loan]
[Tax
Exempt
Securities]
T
ARGET
M
EMBERS
Savings Account
Prospect Profile:
• All family members • Wage earners • Students • Credit card applicants • Loan applicants • Minors • Seniors
Potential Needs
Needs Identification Questions
• A safe and efficient way to accumulate funds
• What financial plans have you made for your retirement?
• Immediate access to funds • What types of needs do you have as far as accessing your funds?
• Automatic deduction from checking account for forced savings
• What types of savings plans do you currently participate in?
• Liquid savings for: - Emergencies - Education - Vacations
• What financial plans have you made -in case of an emergency? For educational purposes? For vacation?
F
EATURES
& B
ENEFITS
Savings Account
Product Features
Member Benefits
• Federally insured up to $250,000 by the NCUA
• No risk • Pays dividends • Earns money • Minimum opening deposit - $
[##.##]
• Affordable• Periodic statement • Easy to understand • Maximum of six (6) transfers and withdrawals
from member’s account to another account of theirs or to a third party in any month by means of a preauthorized, automatic or Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order.
• Encourages saving
Q
UESTIONS
& O
BJECTIONS
Savings Account
Questions/Objections
Possible Response
• I don't have a lot of money. • A Savings Account can be opened for as little as $
[##.##]
.• I have a savings account with XYZ Bank. Why should I move here?
• Have you considered the convenience of having your savings account here where you conduct other financial business? As a member you would be eligible to participate in many other time and money saving services. • Do you charge for your Savings
Account?
• There are no charges to you.
C
ROSS
-S
ELLING
Savings Account
A member who opens a Savings Account is likely to have a
need for one or more of these:
Potential Needs
Needs Identification
Questions
Product/Service
• Dividends on checking account
• How much do you currently earn on your checking account?
• Checking Account
• Ability to buy without cash
• How would you like to able to purchase things without withdrawing from your savings?
• VISA
• Convenience • Your employer provides you with the ease and convenience of Payroll Deduction to have savings deposits made to your Savings Account. Would that be convenient for you?
• Payroll Deduction
• Immediate access to cash; convenient use of funds
• Would you like to be able to get cash 24-hours a day from your Savings Account?
• ATM
• Save on taxes • What types of plans do you have for saving taxes on your dividend earnings?
• IRA, Tax Deferred Annuity, Tax Exempt Securities
C
ROSS
-S
ELLING
Savings Account
A member who opens a Savings Account is likely to have
a need for one or more of these:
Potential Needs
Needs Identification
Questions
Product/Service
• Maximize return on savings
• What interest rate are you currently earning on your money?
• Certificate of Deposit, Jumbo Certificate, Money Market Account
• Save time • Avoid late charges
• Many of our members like the convenience of verifying the balances in their
accounts or making
transfers from one account to another at times other than our normal business hours. Would you find that service valuable?
• 24-Hour Account Access
• Cash for any purpose • Are you aware that you can borrow money from us and not have to cash in your certificate before maturity?
• Savings/Certificate Loan
• Membership benefits for other family
members
• Now that you are a member of Credit Union Name an added advantage is that your family members are eligible for membership too. Who else might be
interested in Credit Union Name membership?
• Savings Account
