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Questions and Answers
What is a requirement for the Rite Checking account to avoid service fees?
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.
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?
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.
The Regular Checking account has a balance requirement of an average collected balance of _____ or a balance of _____ to avoid fees.
Match the checking account type to its primary benefit:
Match the checking account type to its primary benefit:
What is the minimum daily balance required for the IBC elite checking N.O.W account?
What is the minimum daily balance required for the IBC elite checking N.O.W account?
The IBC elite advantage account requires a daily balance of $5,000.
The IBC elite advantage account requires a daily balance of $5,000.
What type of insurance is included with the IBC elite checking N.O.W account?
What type of insurance is included with the IBC elite checking N.O.W account?
The balance requirements for the Check n save plus account include a daily balance of ______.
The balance requirements for the Check n save plus account include a daily balance of ______.
Match the following accounts with their corresponding features:
Match the following accounts with their corresponding features:
Flashcards
Free Checking
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
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
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
IBC Connection
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Check ’n’ Save
Check ’n’ Save
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IBC Elite Checking (N.O.W.)
IBC Elite Checking (N.O.W.)
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Check N Save Plus (Money Market)
Check N Save Plus (Money Market)
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IBC Elite Advantage (Money Market)
IBC Elite Advantage (Money Market)
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IBC Voice & Online Banking
IBC Voice & Online Banking
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Emergency Cash Advance
Emergency Cash Advance
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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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