| Transitioning to Future State | Privacy & Solicitation | Product Change - Analyzed Checking Products | Relationship Benefits | Customer Notification/Interaction |
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Term Lending was not one of the core businesses we wanted to invest in the long-term
Why are we not doing term lending?
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Returning a prospect voicemail, do we need to scrub and/or obtain one-time consent?
Returning a voicemail from a potential or existing customer would be considered direct contact, which is an exception. However, you would need to document the exception in CRMTools call notes.
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The current state of 3 active products will change to a single preferred product "Optimize Business Checking"
What is the current product status? How will that change?
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Navigate Business Checking - No fee for the first two outgoing domestic wires each fee period
Optimize Business Checking - Up to 5 outgoing CEO wires per statement period
What services fees are changing with Optimize Business Checking? (Analyzed)
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November 9, 2020; Customers will see these changes on their statements starting November 9, 2020.
When are the product changes being implemented?
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What if a customer currently has one of our Term Lending products?
There will be no impact to customers with current Term Lending products, so please continue servicing existing customers.
Effective 10/27/20, we will not be accepting any new applications for any of our Term Lending products. |
What is an existing customer for us? What if they no longer have active products.
An existing customer would be someone that has an SVP profile. If they do not have active products, they are not currently a customer.
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3 analyzed business checking products had three different fees ($22, $32, $75). It will now be a flat fee of $75.
Compare the monthly maintenance fee
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24/7 access to premium phone service at the NBBC
What services are provided with Navigate Business Checking?
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Effective with the fee period beginning October 8, 2020: Several product features will be changed, such as monthly service fees, ways to waive the monthly service fee, cash deposits processed, transaction count, and what’s included in the new definition of transactions.
What is changing October 8th?
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What other small business lending products can customers apply for during this time?
BusinessLine® line of credit
Wells Fargo Small Business Advantage® Line of credit Business Platinum, Business Elite Signature and Business Secured credit cards Commercial Real Estate loans and lines Practice Finance loans and lines of credit Prime Line of Credit |
Current state - 1
Go forward - 5 included; then $30/month per additional
Compare the analyzed accounts included
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- Dedicated relationship manager (via the RBRM team)
-24/7 access to premium phone services at the NBBC
What services are provided with Optimize Business Checking? (Analyzed)
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For the same monthly maintenance fee of $75, the Optimize Business Checking account enables you to enjoy expanded checking account features and select treasury management services at no monthly base fee. I am happy to review your account usage and discuss the new benefits of Optimize Business Checking. If you still feel that the account does not meet your needs, we can discuss alternatives that may better fit your situation.
How would you respond to "I currently have an Analyzed Business Checking Select account. Why did you switch my account to Optimize Business Checking?"
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Current state - Item and check fees vary
Go Forward - $.50
What changes will be made for excess transaction fees?
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Simplify, provide common pricing and rewards
What is the strategy overview for the implementation?
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Current state - $1 per deposit; Item and check fees vary
Go Forward - $1 per deposit; $.20 per deposited check**
What changes will be made for branch transactions?
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