1. Product Overview
July, 2009
This presentation includes a very brief, high-level description of the products and services currently offered by Greater Iowa. The purpose is to give a basic product overview for newly hired employees or as a refresher for existing employees.

2. Product Categories Deposit Accounts Loan Card Services
Investment Accounts
Insurance Services
Electronic Services
Membership Convenience Services
Our products and services can be broken down into these 7 categories.

3. Deposit Accounts Share Accounts (Savings)
Share Draft Accounts (Checking)
3 Types of Business Accounts
Certificates (CDs)
Money Market
Share & Deposit Accounts are the core set of products available at Greater Iowa. The term “Share” refers to what are commonly known as Savings accounts. The term “Share” is used at Greater Iowa because a Share Account represents the deposit amount which confers ownership, or membership, within the credit union.
At Greater Iowa, an S1 account is the basic savings account members are required to setup in order to become a member. This account must always exist with a minimum of $5 in order to maintain membership status within the credit union.
Additional share accounts (S2) may be created. These are generally used as additional savings accounts for members and can be labeled as “Vacation”, “Holiday”, as needed
Go through the Draft Account information sheet
Business Accounts (S20, S21, S22) based on minimum balance and number of transactions
Money Market accounts (S12) are high-yield savings accounts with limited transactions and a high minimum balance. Check may be written against these accounts so they are considered Deposit accounts, but may also be considered Investment accounts due to the high-yield interest.

4. Loans Secured Unsecured Real Estate Auto, Boat, RV Home Equity (HELOC)
Personal Loan
Personal Line of Credit (PLOC)
Real Estate
Fixed Rate
Adjustable Rate (ARM)
Secured
Loan guaranteed by collateral (auto, boat, RV, equity in a home, share savings, CD)
E.G. an auto loan where the title of the vehicle is the collateral. Once the loan is paid in full, the title is returned to the member.
May use CD as collateral when there is a need for funds before the CD matures. Avoids fees for early withdrawal, amount of CD is used as collateral
Home Equity Line of Credit– fixed monthly payment
Unsecured
Not tax deductible
Higher interest rates than secured because there is more risk
Lower rates, in general, than credit cards
Personal Line of Credit (PLOC) – member applies once and may be approved for a set amount. Revolving credit, variable rate.
Personal Loan (Signature Loan) – one time loan rather than a line of credit. Fixed term and rate.
Real Estate (Mortgage)
For purchase or refinance of a home
Must be owner occupied
Tax deductible
Fixed Rate (up to 30 year)
Adjustable Rate (ARM) – lower initial monthly payments

5. Card Services Atira Gift Card ELAN Visa Credit Card Debit Mastercard
Atira Gift Card (Visa)
Set amount on card, use until it is depleted
$3 charge
ELAN Visa Credit Card
Personal
Standard
Reward
College Reward
Co-Signer – build credit history
Secured – build credit history
Business
Travel Reward
Debit Mastercard
Use in ATM
Use for transactions like a credit card
Purchases and cash withdrawals come directly out of associated checking account (Personal or Business)

6. Investment Accounts Money Market Individual Retirement Account (IRA)
Education Savings Account (ESA)
Additional Investment Services
CUNA Mutual Partnership
Money Market – also considered an investment account due to the high-yield rates
IRA – tax-deductible retirement investment
Traditional (3 types, depending on minimum opening balance)
Must be less than 70.5 years old to be eligible
Must have earned income
Roth (3 types, depending on minimum opening balance)
Must have earned income (amount determines eligibility)
Does not have an age restriction
It allows you to withdraw your contributions at any time, penalty- and tax-free.
You do not have to take mandatory distributions at age 70 1/2.
Education Savings Account (ESA) –
Education savings account used for the purpose of paying qualified education expenses for a designated beneficiary.
Penalties incurred if distributions are not used for qualified educational expenses
2 types, depending on minimum opening balance
Additional Investment Services
CUNA Mutual Partnership – provides additional retirement planning, insurance coverage, other financial planning services

7. Insurance Services Credit Disability Insurance Credit Life Insurance
NCUA Insurance
Excessive Share Insurance
Mechanical Repair Coverage (MRC)
Guaranteed Asset Protection (GAP)
Credit Disability Insurance
Reduces or pays off loan
Member disabled by covered sickness or accident
Credit Life Insurance
Member death
Members under the age of 70 eligible
NCUA Insurance
Federal insurance
Credit Union pays for this to protect all accounts
$250,000 per account
Excessive Share Insurance
Corporation owned by credit unions to insure only credit unions
Covers each account in excess of $100,000 up to an additional $250,000 per account
Mechanical Repair Coverage (MRC)
Repair coverage for mechanical systems & components of an auto
Covers mechanical repairs after manufacturer warranty expires (parts & labor)
Guaranteed Asset Protection (GAP)
Used if vehicle is stolen, damaged beyond repair or declared total loss
Pays difference between loan payoff and insurance settlement
Also gives member $1000 toward down payment of a replacement vehicle (if financed through Greater Iowa)

8. Electronic Services TellerPhone ATM Card Online Bill Payment
Greater Iowa Online
Chat
In general, these services are provided to members free of charge, as a convenience. Additionally, when members utilize these services to perform basic transactions, tellers and contact center staff time is not impacted.
TellerPhone - 24 X 7
ATM Card- 24 X 7; S15 accounts not eligible
Online Bill Payment- 24 X 7
Greater Iowa Online - 24 X 7
Chat – only available during business hours

9. Membership Convenience
Balance
Safe Deposit Box
Periodic Payment
Wire Transfer
Direct Deposit
Overdraft Protection
Electronic Funds Transfer (EFT)
Privileged Courtesy Pay (PCP)
Money Order
Check Imaging
Notary Public Service
VIGO
Signature Guarantee
Switch Kit
Payroll Deduction
Balance – free/low cost financial counseling available to all members
Periodic Payment – Automatic transfer of funds from member’s checking or savings to pay Greater Iowa loan
Direct Deposit – Automatic payroll deposit, setup through employer. Social security and pension may also be directly deposited.
Electronic Funds Transfer (EFT) – Automatic transfer of funds to or from a member’s account (external source)
Money Order – Check purchased for the purpose of paying funds (up to $1,000) to another person or entity. Guaranteed payment.
Notary Public Service – Service to attest legal and other documents
Signature Guarantee – Service to guarantee the signature of an authorized signer. Transfer, redemption or changes to securities
Payroll Deduction – Disburses funds from a member’s paycheck to make a loan payment (ISU, Eagle Iron, Iron Works)
Safe Deposit Box – secured container, rented by members on an annual basis
Wire Transfer – Service that allows transfer of funds to or from a credit union account and an account at another financial institution
Overdraft Protection – Automatic transfer of funds from a specified savings account to cover non-sufficient fund items in a checking account
Privileged Courtesy Pay (PCP) – member is charged $25 per item for insufficient funds
Check Imaging – cleared checks are scanned and available for member’s to view via online banking
VIGO – International electronic money transfer system
Switch Kit – Free, online tool allowing members to quickly and easily change their accounts over to Greater Iowa from another institution.