Presentation Transcript

1. 2012Implementation Overview

2. Implementation Webinar Product Review Implementation Guide Overview Program Resources Q&A
3. 2012 Implementation Webinar Product review
4. Product Details What is the Save to Win Account? The Save to Win account is12-month share certificateaccount with unlimiteddeposit capabilities. 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
5. Account Qualifications What is Different About this Account? The Save to Win account isa prize-linked savings product subject to Michigan laws. 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
6. Prize Structure What Can My Credit Union Members Win? New for 2012: 10 Save to Win account holders will win a $10,000 grand prize! 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)
7. 2012 Implementation Webinar Implementation guide Overview
8. 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. Product Overview Letter to Board Board Resolution Participation Agreement The participation agreement outlines your requirements and financial commitment. There are no participation fees for Save to Win! 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….
9. 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
10. Rules and Disclosures Official Rules The MCUL and Affiliates counsel has provided a complete rules template. Your credit union will customize the following areas: Credit Union Name Credit Union Specific Prizes Share Certificate Terms Credit Union Specific Limitations Truth in Savings A Truth-in-Savings disclosure template is provided. Your credit union will customize the following areas: Effective Date Interest Rate Minimum Balance Withdrawal Penalty Transaction Limitations
11. 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
12. Data Requirements Data Quality The legality, success, and reputation of the program count on quality data delivery.
13. 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.
14. Marketing Requirements
15. Turn-Key Program Resources
16. Resources and Information Save to Win information page: http://www.mcul.org/Save_to_Win_2367.html Save to Win contacts: Jessica Demorest | jessica.demorest@mcul.org| 800.262.6285 x458 Karen Biestek | klb@mcul.org| 800.262.6285 x536 Maureen Lafrinere | mlafrinere@mcul.org | 800.262.6285 x242 Martha Ninichuk | mninichuk@mcul.org | 800.262.6285 x445 Full list of Save to Win credit unions: http://www.savetowin.org/Participating_Credit_Unions_18.html