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 biggest 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 than 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.