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Lead Rep Test
Study Guide
| Question | Answer |
|---|---|
| What are the ATM withdrawal limits for a single account? | $500 on a weekday and $1000 on a weekend |
| What are the ATM withdrawal limits for a joint account? | $600 on a weekday and $1200 on a weekend |
| DAS Limits | @$100 for cash back on an unencoded item and @$500 for cash on an encoded item |
| ACH Disputes | The form is found under forms on the intranet under the ACH tab. The form must be filled out, signed by the customer, and scanned to the ACH department. |
| Foreign Currency Purchases | Use Currency Teller to determine exchange rate and complete debiting entries. |
| Tran Code to force pay a check | 75 |
| Tran code for a counter check | 89 |
| Tran code for a withdrawal | 93 |
| Tran code for a deposit | 23 |
| When are savings bonds eligible for redemption? | After 1 year |
| How long do bonds earn interest? | 30 years |
| What documentation do we need for a POD bond? | Death certificate and ID |
| Lock Bag pick-up procedure | Have authorized signer sign each bag out in the log |
| Adding/deleting a lock bag signer | Either have an authorized signer on the account present when the new signer signs the current form (or cross though, initial and date to remove) or create a new form and have every authorized signer sign the new form |
| List the 9 account disclosures | 1. Privacy Policy 2. Fee Schedule 3. Deposit Account Agreement 4. Funds Availability Policy 5. Electronic Banking Agreement 6. Substitute Checks 7. Thank You Letter 8. Sig Card 9. Opt Notice/Election |
| When do interest rates change? | Every Wednesday and the first business day of every month |
| What compounding method does FirstBank use? | Daily |
| ACH dispute time frames | 60 days for personal, 24 hours for business |
| Committing Fraud Factors | 1. Need 2. Opportunity 3. Justification |
| Why are the elderly vulnerable to fraud? | -Overly dependent on caretaker -Not knowledgeable about laws/current scams -Too embarrassed to ask for help |
| Cash advance limits and approvals | For a non-customer: -Up to $1000 approved by teller -From $1000.01-$5000 approved by supervisor or officer For a customer: -Up to $1000 approved by teller -From $1000.01-$5000 approved by supervisor or officer -From $5000.01-$10,000 approved by of |
| Process for accepting foreign currency | Use currency teller to match currency to photo and get exchange rate. FedEx currency to Wells Fargo. |
| When do statements cycle and interest pay? | -Regular Savings = Quarterly (unless ATM or ACH activity, then at end of month) -Time Accounts = Quarterly and at maturity (except for 91 and 182, then at maturity only) -All checking, money market savings, and liquid asset accounts = monthly |
| Early Withdrawal Penalties | 31-182 day accounts = 60 days of int 183-2 years = 180 days of int Over 2 years = 365 days of int |
| How do UTMA accounts work? | Uniform Transfer to Minor Act accounts = Adult as the owner w/ minor as beneficiary. The account is in control of owner until minor comes of age and then minor may withdraw the balance of the account. Interest is reported under the beneficiaries TIN. |
| Post Dated | Dated for later than the current date |
| Stale Dated | Dated for 6 months prior to the current date, at which point the check is expired |
| Describe Procedures for Balancing Cash | Zero Tapes for Each: -Teller Envelopes -Cash Items -Cash -Deposit Corrections |
| Security Devices | -LANEX -Alarm Pulls -Duress Codes -Alarms -Bait Money -Track Packs |
| Robbery Procedures | Stay calm, lock the door, call the police, separate and fill out robbery packet, try not to touch anything. |
| Age limits for BNUT on UTMA accounts to withdraw funds | -21 in Colorado and Arizona -18 in California |
| Eligible Businesses for Money Market Checking Accounts | -Sole Proprietorships -Public Entities -Non-Profits |
| Sweep Service Purposes | To maximize interest earnings by "sweeping" funds into a centralized interest bearing account at the end of the day. |
| Merchant Accounts Accepted Cards | Visa, MasterCard, Discover |
| ICM Modules | Positive Pay, Desktop Teller, Bill Pay, ACH, Wires |
| Cash Reserve Automatic Payment | $20 or 5% of the total due, whichever is greater |
| Consumer Credit Card interest rate | 15.15% (Prime+11.9%) |
| ATM Networks | Cirrus and PLUS |
| What does SEP stand for? | Simplified Employee Pension Plan |
| Local and toll free phone numbers | (719)533-3700 (800)964-3444 |
| Functions available through VRU | -Transfers -Balance Inq. -Recent Transactions/Cleared Checks |
| When are inactivity fees assessed? | After 1 year of no activity, balance less than $1000 and no other active accounts |
| Hold time frame | 7 business days |
| Where are unfound large difference reports sent? | Audit |
| Money Laundering Stages | 1. Placement 2. Layering 3. Integration |
| Minimum balance needed to waive MM service charge? | $10,000 in MM checking account or $20,000 in the bank |
| Excess Cash Fees | .1% of any amount over $5000 deposited in a month |
| COLTAF | Colorado Lawyer Trust Accounts Foundation (Required) |
| CARHOF | Colorado Association of Realtors Housing Opportunity Foundation (Not Required) |
| How is the Earnings Credit calculated? | 90% of average investable balance x appropriate earnings credit rate x 365 / # days in the statement cycle |
| Time Frame to dispute a charge | 60 days for personal accounts, 24 hours for business accounts |
| Stop Payment Time Frames | 6 months and 12 months |
| Provisional credit time frame | 10 business days |
| Estate account documentation | -Death certificate -Estate TIN -Letters of administration stamped by the court |
| Trust account authorization | -Trust docs to be reviewed but not retained -FirstBank's Trust Authorization form |
| Time frame for receiving TIN | Unless foreign verified we must have TIN within 60 days of opening account (at opening unless in application process) or the account must be closed |
| Lockbox Service | Customers may have payments and deposits mailed to a PO Box where payments and picked up and processed under dual control by FirstBank. |
| LAST | Listen Apologize Solve Thank |
| Closing Sale Methods | Puppy Dog Assumptive Testimonial Package |
| Business Visa Credit Card Advantages | -Car rental insurance -Lost luggage assistance -Extended purchase warranty -Card loss protection and services |
Created by:
mccormickbeth
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