Savings Account Types and Features

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Questions and Answers

What is the purpose of a Currency Transaction Report (CTR)?

To track transactions involving currency of over $10,000 (correct)

To report transactions involving over $5,000 in currency

To confirm the withdrawal requests of account holders

To monitor deposits without any limits

Which of the following services does Members Home and Auto provide to its members?

Legal services at reduced rates

Financial advice and products

Home and auto insurance (correct)

Mortgages for new home purchases

Which tool is used to manage account relationships and track referrals?

Wire Checklists

Account Relationship Tool (correct)

Loan Conversion Tool

Cardwizard

What service does Catholic Financial Life provide to members?

Life insurance at competitive rates Signup and view all the answers

What is the purpose of the Direct Deposit service?

To facilitate automated electronic transfers into members' accounts Signup and view all the answers

In which of the following platforms can members access Alliance Checking?

Mobile application or online Signup and view all the answers

What does the Springboard system facilitate?

Creating credit cards and managing travel notifications Signup and view all the answers

Which service is offered by TruStage?

Debt protection and mechanical repair coverage Signup and view all the answers

What type of training does KNOW BE4 provide to ACCU employees?

Training on fraud detection and phishing scams Signup and view all the answers

Which service provides discounts on travel plans for members?

Credit Union Travel Signup and view all the answers

What is the penalty for early withdrawal from a Certificate of Deposit with a maturity of 12 months or more?

180 days of interest Signup and view all the answers

Which checking account earns the highest interest rate and has specific monthly qualifications?

Alliance Checking Account Signup and view all the answers

What is a key feature of the Aspire Savings Account?

It encourages financial management for young adults aged 13-17. Signup and view all the answers

What is an important feature of the Money Market Account?

It has a minimum balance requirement of $2500 to earn dividends. Signup and view all the answers

What age restrictions apply to the Alliance Checking Account?

Ages 18 and older Signup and view all the answers

What happens to funds saved in the Christmas Club account?

They automatically transfer to a share account on October 1. Signup and view all the answers

What is a defining feature of the Secondary Savings Account?

It cannot be used for overdraft protection. Signup and view all the answers

For which accounts is a monthly maintenance fee waived for members aged 18 or younger?

Primary Savings Account Signup and view all the answers

Which of these accounts is specifically tailored for students at certain universities?

University Checking Account Signup and view all the answers

What distinguishes the Basic Checking Account from other checking accounts?

It has no courtesy pay feature. Signup and view all the answers

What is the primary purpose of a Suspicious Activity Report (SAR)?

To document suspected violations of law or fraud Signup and view all the answers

What is the required time frame for filing a SAR after detecting suspicious activity?

30 days Signup and view all the answers

What is a feature of Cashier's Checks?

They are guaranteed funds without the risk of return for non-sufficient funds Signup and view all the answers

Which of the following statements is true about Cash Advances?

They can only be conducted on Mastercard products. Signup and view all the answers

What is the expiration period for a Cashier's Check?

90 days Signup and view all the answers

What happens when a member suspects activity that warrants a SAR?

They should contact the ACCU Fraud Team immediately. Signup and view all the answers

What characteristic is NOT associated with the Cashier's Checks provided by ACCU?

Available to non-members Signup and view all the answers

Under what circumstance can a stop payment on a Cashier's Check be permitted?

At the Branch Manager's discretion Signup and view all the answers

What is the service fee for Cash Advances at ACCU?

None Signup and view all the answers

What is a common misconception about Cashier's Checks?

They must be cashed within 60 Days. Signup and view all the answers

Study Notes

Angel Savers & Aspire
Checking Accounts
Christmas Club
Secondary Savings & Money Market
Certificate of Deposit
Savings 101
Overdraft Line of Credit
Courtesy Pay
Alliance Checking

Aspire Savings Account

Designed for young adults (13-17) to encourage saving and financial management.
Offers membership with ACCU, providing flexible saving options.
Includes ATM/debit card for members 13+.
Standard Checking and Aspire Savings account members transition to full adult membership with expanded management opportunities at 18.

Angel Savings Account

Designed for members 12 and under.
Free monthly maintenance fees.
Serves as a primary savings account for younger members.

Certificates of Deposit (CDs)

Savings instruments allowing members to secure interest rates for specified terms.
Offer higher dividends than regular savings accounts.
Two types available: regular share certificates and IRA certificates.

CD Early Withdrawal Provisions

Penalty applies for early withdrawal before maturity date.
Penalty for CDs with 9 months or less maturity is equivalent to 90 days of interest.
Penalty for CDs with 12 months or more maturity (excluding 13-Month Flexible CD) is 180 days of interest.
13-Month Flexible CD allows one penalty-free withdrawal of up to 25% of principal; additional withdrawals incur an 180-day interest penalty.

Alliance Checking Account

Earns 4.00% APY on balances up to $15,000 with monthly qualifications (direct deposit, 10 signature-based "Credit" transactions, and enrollment in e-statements).
Monthly fee of $6; available for ages 18+.

Standard Checking Account

Designed for members who opt out of Alliance Checking.
Minimum opening amount is $0. No monthly maintenance fee.
Includes courtesy pay (for 18+ years old), ATM/debit card, check writing privileges, and online banking/bill pay options.

Primary Savings Account

Membership established with an initial $5.00 deposit (one "share").
Share grants voting rights and access to other membership benefits.
Minimum balance of $250 is required to earn dividends.
No ATM/debit card for accounts holding only the primary savings account.
Single Service Fee waived for members 18 or younger, avoidable for others by adding eligible services.
Includes secondary savings, checking account, money market, and loan options.

Secondary Savings Account

Additional savings account for members separating funds from primary savings.
Designed for setting savings goals and designated expenses.

Money Market Account

Offers higher dividends and access to funds.
No minimum balance to open.
Dividends compounded and paid monthly.
Minimum balance of $2500 required for dividends.
Withdrawal limits include six pre-authorized transfers per month.

University Checking Account

Available for students at Detroit Mercy, Madonna, and Sienna Heights.
Requires valid student email address for account verification.
Minimum to open is $0, no annual maintenance or inactivity fee.
Courtesy pay allows for one-time refund of a courtesy pay and NSF fee.
Provides ATM/debit card with no non-network withdrawal fees; check writing privileges included.
Includes online banking and bill pay, along with monthly statements.
Funds insured by the NCUA up to $250,000 per depositor.
Membership criteria include Catholics living, working or attending school in Michigan or the Texas dioceses of Tyler and Austin.

Christmas Club Savings Account

Members earn dividends throughout the year; savings automatically transfer to a spending account ahead of the holidays in October.

Third Party Services

Commercial Loans
LPL Financial
Members Home and Auto

Desktop/Web Programs

Cardwizard for debit cards
Microsoft TEAMS for meetings
Sharepoint and Resource Center for training/procedures
CUES Training for yearly training requirements (including BSA)
KNOW BE4 for fraud/phishing training

Currency Transaction Report (CTR)

U.S. financial institutions file CTRs with FinCEN.
Contains deposited/withdrawn sums over $10,000

Suspicious Activity Report (SAR)

Used to report suspected money laundering or fraud.
Credit unions utilize Verafin monitoring software.
SARs must be filed within 30 days of initial detection and appropriate review.

Cashier's Check

Guaranteed funds, non-refundable for reasons of non-sufficient funds.

Service Fees

Cashier's Check ($5 fee)
Cash Advance (not charged by ACCU in most cases)

Mastercard card

The only type of card available for "cash advances".
Available to non-members.
ACCU does not charge a fee for card cash advances (whereas, other institutions may).

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Description

Explore various types of savings products offered by financial institutions, including specifically designed accounts for different age groups. Learn about features of Angel and Aspire savings accounts, as well as options like certificates of deposit and money market accounts.