Checking Account Options
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Questions and Answers

What is a requirement for the Rite Checking account to avoid service fees?

  • Maintain a minimum balance of $100
  • There are no balance requirements
  • Maintain an average collected balance of $2,500
  • Maintain an average collected balance of $3,000 (correct)
  • The Free Checking account has a requirement for a minimum balance.

    False (B)

    What is the starting deposit amount needed for the IBC Connection account?

    $100

    The Regular Checking account has a balance requirement of an average collected balance of _____ or a balance of _____ to avoid fees.

    <p>2500, 850</p> Signup and view all the answers

    Match the checking account type to its primary benefit:

    <p>Free Checking = No fees, unlimited transactions Rite Checking = Great for low usage accounts Regular Checking = Flexibility and easy access Check n Save (N.O.W) = Interest bearing account for higher balances</p> Signup and view all the answers

    What is the minimum daily balance required for the IBC elite checking N.O.W account?

    <p>$850 (A)</p> Signup and view all the answers

    The IBC elite advantage account requires a daily balance of $5,000.

    <p>True (A)</p> Signup and view all the answers

    What type of insurance is included with the IBC elite checking N.O.W account?

    <p>100,000 common carrier accidental death insurance</p> Signup and view all the answers

    The balance requirements for the Check n save plus account include a daily balance of ______.

    <p>2500</p> Signup and view all the answers

    Match the following accounts with their corresponding features:

    <p>IBC elite checking N.O.W = 100,000 common carrier accidental death insurance Check n save plus = Can start with $100 IBC elite advantage = Must have IBC elite checking account IBC elite checking = Emergency cash advance</p> Signup and view all the answers

    Flashcards

    Free Checking

    A checking account that is free of charge and requires no minimum balance to avoid fees. It includes unlimited check writing and a debit card issued the same day.

    Rite Checking

    A checking account that requires a minimum balance to avoid monthly fees. You can avoid fees with a $100 deposit and by maintaining a balance of $3,000.

    Regular Checking

    A checking account offering flexibility with unlimited checks and a free debit card. It requires a minimum balance to waive service fees.

    IBC Connection

    A checking account that combines a NOW (Negotiable Order of Withdrawal) account with a Money Market account. It offers competitive interest rates on CDs and requires a minimum balance across both accounts to avoid fees.

    Signup and view all the flashcards

    Check ’n’ Save

    A checking account with competitive interest rates for maintaining a high balance. Requires maintaining a balance of $3,000 to avoid fees.

    Signup and view all the flashcards

    IBC Elite Checking (N.O.W.)

    A checking account designed for customers over 50 with a minimum balance requirement of $850 daily or $2500 collected balance. It offers features like accidental death insurance, travel reservation service, and pharmacy discounts.

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    Check N Save Plus (Money Market)

    A money market account requiring a minimum daily balance of $2,500 or collected balance of $5,000, offering higher interest rates for larger balances.

    Signup and view all the flashcards

    IBC Elite Advantage (Money Market)

    A money market account with bonus CD rates and higher-than-average interest rates. It requires an IBC Elite Checking account and a daily balance of $5,000 or a collected balance of $7,500.

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    IBC Voice & Online Banking

    A feature found in the IBC Elite Checking account, providing access to online and phone banking services for account management.

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    Emergency Cash Advance

    A benefit offered by the IBC Elite Checking account, allowing account holders to withdraw cash in emergencies.

    Signup and view all the flashcards

    Study Notes

    Checking Account Options

    • Free Checking: No fees, unlimited check writing, unlimited transactions, 40 free checks, same-day debit card. No minimum balance required. Includes online banking, and IBC voice services.

    Rite Checking

    • Benefits: Maintains balance, instant debit card.
    • Features: Best for low-usage accounts, online banking, and IBC voice.
    • Balance Requirements: Average collected balance of $3,000 (or $100-110 per day).
    • Ideal for: Customers with fewer monthly transactions.

    Regular Checking

    • Benefits: Flexibility, easy access, free debit card, unlimited checks, imaged statements.
    • Features: Suitable for check users, bill payers. Online bill pay and IBC voice services.
    • Balance Requirements: Average collected balance of $2,500 (or $84-85 per day) or a minimum balance of $850.

    IBC Connection

    • Benefits: Starts with $100, additional 10% on CDs, competitive money market rates. Unlimited check writing.
    • Features: Online banking, IBC voice, same-day debit cards.
    • Balance Requirements: Maintained average collected balance of $7,500 across both accounts (roughly $125 daily per account) or a combined daily balance of $5,000 (or $167-168 daily per account).

    Check n Save (NOW)

    • Benefits: Starts with $100.
    • Features: IBC online banking, IBC voice, same-day debit cards. Unlimited check writing.
    • Balance Requirements: Average collected balance of $3,000 or more (roughly $100-110 daily) or $1,300 daily.

    IBC Elite Checking NOW

    • Benefits: Starts with $100, emergency cash advance, comprehensive insurance, travel service, pharmacy discounts, discount book, key ring/lost item return assistance. Aimed at those 50+.
    • Features: IBC voice, online banking, same-day debit card, 100,000 common carrier accidental death insurance (split among joint accounts).
    • Balance Requirements: Daily balance of $850 or collected balance of $2,500 (roughly $80-90 per day).

    Check n Save Plus (Money Market)

    • Benefits: Starts with $100.
    • Features: IBC bank online, IBC voice.
    • Balance Requirements: Daily balance of $2,500 or average collected balance of $5,000 (roughly $160 per day).

    IBC Elite Advantage (Money Market)

    • Requirements: Must have an IBC Elite Checking account
    • Features: IBC voice, IBC bank online.
    • Balance Requirements: Maintained daily balance of $5,000 or average collected balance of $7,500 (or $250 daily). Competitive interest-bearing account with bonus rates on CDs. Aimed at those 50+.

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    Description

    Explore various checking account options, including Free Checking, Rite Checking, Regular Checking, and IBC Connection. Each option has unique features and benefits tailored to different customer needs. Learn about balance requirements and how these accounts can serve your financial lifestyle.

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