Transcript Slide 1
2012 Implementation Overview
1
Implementation Webinar
Product Review
Implementation Guide Overview
Program Resources
Q&A
2
2012 Implementation Webinar
PRODUCT REVIEW
3
Product Details
• • • • • • •
12-month Share Certificate Structure
Ongoing deposit functionality Interest rate and payments set independently by each CU Minimum opening deposit is $25 No minimum deposits per month No maximum deposits per month No cap on account value (unless imposed by your CU) One withdrawal permitted per 12 mo. period for $25 fee • • •
Deposits = Entries
One entry into the monthly and annual prize drawings for every $25 in month-over-month balance increase Maximum of 10 entries per member per month Account must be open to be eligible for monthly or grand prize drawings
What is the Save to Win Account?
The Save to Win account is 12-month share certificate account with unlimited deposit capabilities.
Account Qualifications
•
Account holders must be:
18 years or older • Legal resident of Michigan Michigan law allows us to offer this. Our laws don’t apply to residents of other states • Employees may not win CUs may set up separate prize pools for employees, funded by credit union Family members need to save too, and are allowed to participate. However, CUs have the option to disqualify family members of their own employees • Not available for business accounts • Not available for trust accounts
What is Different About this Account?
The Save to Win account is a prize-linked savings product subject to Michigan laws.
Prize Structure Total annual prize pool is $150,000
Prizes randomly selected and administered centrally Monthly Prizes 80 -- $50 prizes per month January through August 90 -- $50 prizes per month September through December Annual Grand Prizes 10 -- $10,000 prizes Research shows preference for more prizes $10,000 and $50 prizes identified as clear preferences
*
Credit Unions may also offer a monthly prize drawing exclusively to their members (optional)
What Can My Credit Union Members Win?
New for 2012: 10 Save to Win account holders will win a $10,000 grand prize!
2012 Implementation Webinar
IMPLEMENTATION GUIDE OVERVIEW
7
Becoming a Save to Win C.U.
Board Resolution
Your Board of Directors is required to sign a resolution prior to product implementation due to safety and soundness rules.
Participation Agreement
The participation agreement outlines your requirements and financial commitment. There are no participation fees for Save to Win! Product Overview Letter to Board Board Resolution Participation Agreement and Confidentiality Agreement combined
Implementation
Credit unions have reported 1-4 weeks implementation time for the Save to Win product. Implementation Guide Overview follows….
8
Your Implementation Team
Key Stakeholders
A successful launch requires an integrated effort across your organization, including: Operations Marketing Information Technology Finance Security and Risk Legal Member Service Branch Management
Ongoing Roles
The following roles should be established for ongoing product management: Product Manager -implementation, marketing, contact for the MCUL Data Manager -data quality, uploads, credit union drawings 9
Rules and Disclosures
Official Rules
The MCUL and Affiliates counsel has provided a complete rules template. Your credit union will customize the following areas:
Truth in Savings
A Truth-in-Savings disclosure template is provided. Your credit union will customize the following areas: Credit Union Name Credit Union Specific Prizes Share Certificate Terms Credit Union Specific Limitations Effective Date Interest Rate Minimum Balance Withdrawal Penalty Transaction Limitations 10
Operations and Systems Requirements
Create a unique share certificate account with unlimited deposit capacity Allow the share certificate account to automatically renew after each 12 month period so that members retain the same certificate account/share ID Invoke a $25 penalty for the first withdrawal before the 12-month certificate period ends, and close the account upon the second withdrawal Transfer funds into the account automatically and on an “as-requested” basis, as directed by the account holder Easily change the amount of an automatic transfer Generate a consolidated deposit account statement detailing each of an individual’s deposit accounts and his or her transactions Allow account holder access to account balances and deposit activity via assisted and remote access channels If capability exists, automate pop-up messages to remind credit union staff to discuss Save to Win with account holders/targeted members 11
Data Requirements
Order in CSV File Field 1 2 3 First Name Last Name Street Address 12 13 14 15 16 4 5 6 7 8 9 10 11 City State Zip Code Total Amount Deposits for Month Total Amount Withdrawals for Month Month End Balance Previous Month Balance # of Withdrawals # of Deposits Account Open/Closed New Member CU Employee STW Account Open Date 17 18 Accountholder Birthdate SSN (see security, next slide)
Data Uploads Data Quality
The legality, success, and reputation of the program count on quality data delivery. Data uploads are completed by credit unions by the 8 th day of each month so that the drawings may occur by the 14 th . No central drawings or credit union drawings can be performed until all data has been uploaded and accepted. Prior to submitting data, a quality check should be performed. All data errors will be sent back to the credit union to correct before the data upload process is considered complete. 12
Data Security
1.
Your members’ SSNs will be included on the standard monthly data report that you generate at your credit union.
2.
When you enter the Save to Win administrative area and choose to upload data, the data will be protected by an SSL Certificate. This change is easily recognizable as the URL will change to begin with “https” and a small lock will appear in the lower right hand corner of your screen.
3.
As the data is transmitted securely, a one way hash algorithm will encrypt the SSN and store that in a temporary table, which will be unique for each user/SSN combination.
4.
The data uploaded will be destroyed, and the hash in the temporary table will be used during the rest of the import process.
5.
The final upload file to MCUL and Affiliates will include only the hash value. This will be used to cross-reference monthly data, flag data errors, and report product data.
13
Marketing Requirements
Item 22x28 Lobby poster Amount
1 per branch
Required Frequency
6 months per year
8.5x11 rules poster (customized) Statement stuffer 8.5x11 teller poster
1 per branch 1 per account 1 per window All year 2x per year 2 months per year
Newsletter article Web banner & link Announce monthly winners (make cash payouts an event; pictures in branch; web site, etc.) Announce grand prize winner 4-panel brochure
20% of membership 2 per year All year Each month Jan/Feb 2011 All year in lobbies
Take ones
20% of membership All year in lobbies 14
Turn-Key Program Resources
Implementation Resources • Complete operations guide and checklists • Board notification and resolution • Disclosure templates for TIS and official rules Sales and Training Resources • Product training PowerPoint • Train-the-trainer guide • Product “one-sheet” for branch team members Marketing Resources • Shared consumer facing website • Professionally produced marketing collateral • Downloadable art and graphics Ongoing Administrative Support • Administrative web site • Data uploads and prize selection • Reports • Support and marketing materials • Central prize winner selection completed by MCUL & CUcorp • Tools provided to credit unions to self-manage CU specific prizes 15
Resources and Information
Save to Win information page: http://www.mcul.org/Save_to_Win_2367.html
Save to Win contacts:
Jessica Demorest | [email protected]
| 800.262.6285 x458 Karen Biestek | [email protected]
| 800.262.6285 x536 Maureen Lafrinere | [email protected]
| 800.262.6285 x242 Martha Ninichuk | [email protected]
| 800.262.6285 x445
Full list of Save to Win credit unions : http://www.savetowin.org/Participating_Credit_Unions_18.html