BANKER: Good afternoon. Welcome to Trinity Credit Union. How may I help you today?
CUSTOMER: Well, I’d like some information about opening an account. I’m currently with a competing bank, and I’ve been less than impressed with the customer service as of late. In fact, it’s been quite poor.
BANKER: I’d be more than happy to help you out. To begin with, what kind of account are you interested in? Chequing? Savings? And can I have your name? I’m Maggie Smythe, by the way.
CUSTOMER: Craig Lampard. L-A-M-P-A-R-D. Pleasure to meet you. Well, I’d be interested in both types of accounts if I become a member. Can you tell me more about the accounts you offer, interest rates, and all that?
BANKER: Certainly. So with our chequing accounts, there’s no minimum balance that must be maintained, and you receive 20 free transactions each month. These can be either using a paper cheque or using a debit card linked to your bank account. Any additional transactions past the twentieth one are accompanied by a 50-cent fee.
CUSTOMER: OK. I don’t foresee myself making any more than twenty transactions in a month, anyway...so that’s fine.
BANKER: Our chequing accounts also include an automated bill pay service that will automatically transfer money whenever you have a bill due. With our bill pay system, the service is free for the first four transactions in a month, but you’ll be subject to a 1 dollar fee.
CUSTOMER: All right. I use bill pay with my current bank, and I love it. It saves me the hassle of having to do it all manually.
BANKER: I feel the same way. Oh, and before I forget to mention it, our bank has a “no bounce” policy when it comes to cheques. We all know how embarrassing it is to bounce a cheque…not to mention expensive because of all the fees you must pay. Well, whenever you don’t have enough money in your account to cover a check, we call you to explain the situation and allow you the rest of the business day to fix the situation.
CUSTOMER: That’s a great policy. My old bank definitely didn’t do that. And what about your savings accounts? What sort of interest rate do they have?
BANKER: Ah, yes. Well, since we’re a credit union…one of the big differences between us and a bank is that we don’t operate to earn a profit. The accountholders are all owners in a sense, and each June we distribute all the extra revenue that’d usually be kept as profit back to our accountholders.
CUSTOMER: And that means there’s not a set interest rate?
BANKER: That’s correct. So there’s no guarantee of what it’ll be. What I can tell you, though, is that the rate is generally significantly higher that those you’d receive at a typical bank.
CUSTOMER: OK…I think I understand. And do you have any sort of investment accounts? I think I’d like to start investing. I’ve never done it before, to be honest…I’ve only had chequing and savings accounts.
BANKER: Our credit union offers term deposits. They’re very similar to savings accounts, but with savings accounts you can take money out whenever you want, whereas with term deposits you can’t. Term deposits can be anywhere between 12 months and 60 months, and they pay a generous interest rate because you’re unable to access the money until the term is up. Right now, out 12-month term deposit pays 2.5 per cent annual interest, and our 60-month one pays a rate of 3.6 per cent annually.
CUSTOMER: What about mutual funds or stocks? Can I get those?
BANKER: Well, we don’t have any mutual funds ourselves, but we have a partnership with Blackpool Financial, and our customers have access to their entire portfolio of funds. There are dozens to choose from. Some focus on different industries, while others are more general and track major stock indexes.
CUSTOMER: Well, you’ve been a great help today. I’d like to become a member.
BANKER: All right, Mister Lampard. I just need you to fill out this form. Once you’re finished, I’ll take it back and get you all set up with your accounts.