August Product Knowledge

20 Questions | Total Attempts: 41

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Product Knowledge Quizzes & Trivia

Questions and Answers
  • 1. 
    With TrueCar Promotion, a new or used auto loan with ALEC can be as low as .99% for up to 60 months.
    • A. 

      True

    • B. 

      False

  • 2. 
    ALEC's Home Equity Line of Credit introductory APR rate is ___ for the first 6 months.
    • A. 

      1.99%

    • B. 

      1.74%

    • C. 

      1.24%

    • D. 

      .99%

  • 3. 
    ALEC's Medallion Stamp has a maximum surety amount of ________ per transaction?
    • A. 

      $100,000.00

    • B. 

      $250,000.00

    • C. 

      $500,000.00

    • D. 

      $300,000.00

  • 4. 
    Which is the maximum number of eStatements a member can view online?
    • A. 

      12 months

    • B. 

      6 months

    • C. 

      3 months

    • D. 

      1 month

  • 5. 
    When adding a beneficiary to an IRA, OFAC must be run on the beneficiary.
    • A. 

      True

    • B. 

      False

  • 6. 
    What type of documents requires a Medallion Signature Guarantee?
    • A. 

      IRA withdrawal

    • B. 

      Any documents relating to the sale or transfer of stock, bonds or securities

    • C. 

      Verifying Signature

    • D. 

      Passport

  • 7. 
    Who at ALEC is authorized to perform a Medallion Signature Guarantee transaction?
    • A. 

      Service Center Managers

    • B. 

      MSR's

    • C. 

      Teller Supervisors

    • D. 

      All the above

  • 8. 
    Non member comes into a Service Center and requests a Medallion Signature Guarantee on a document, the request can be completed by the MSR.
    • A. 

      True

    • B. 

      False

  • 9. 
    If a member takes money out of their IRA, and the check is payable to themselves, how long do they have to put the money into their IRA without having to pay taxes?
    • A. 

      30 days

    • B. 

      90 days

    • C. 

      60 days

    • D. 

      120 days

  • 10. 
    What is the limit  for a Teller Trainee (90 Day) on cashing checks?
    • A. 

      $150.00

    • B. 

      $250.00

    • C. 

      $450.00

    • D. 

      $500.00

  • 11. 
    What is the limit for a Teller Trainee (90 Day) on check deposits without a hold?
    • A. 

      $1000.00

    • B. 

      $1500.00

    • C. 

      $3000.00

    • D. 

      $2000.00

  • 12. 
    If a check date is more than six months old, ALEC will not accept the check. (Unless otherwise noted of an earlier stale date or 12 months on a Federal check). 
    • A. 

      True

    • B. 

      False

  • 13. 
    If the check number is missing (starter check or otherwise), ALEC will accept the check and place a 10-day hold on the item due to the reasonable cause to doubt collectability.
    • A. 

      True

    • B. 

      False

  • 14. 
    ALEC will accept checks payable to a member and their new spouse up to a total of $500.00. Membership packet must be given to the member to add the spouse to the account subsequent to accepting the checks.
    • A. 

      True

    • B. 

      False

  • 15. 
    What are the correct steps to follow on resetting an online banking password for a member?
    • A. 

      Delete old Audio Pin and Crate New Audio

    • B. 

      Member needs to call LSI

    • C. 

      Contact a Call Center Representative

    • D. 

      Contact Operation Department

  • 16. 
    The new ALEC Loyalty Discount program can be applied to Fixed-Rate Home Equity Loans. 
    • A. 

      True

    • B. 

      False

  • 17. 
    New member may receive a .25% APR discount with $100.00 direct deposit into their checking account.
    • A. 

      True

    • B. 

      False

  • 18. 
    ALEC Investment Advisors offer tax advice during their first consultation.
    • A. 

      True

    • B. 

      False

  • 19. 
    Where can members enroll for E-statements or Bill Pay Online?
    • A. 

      Call LSI

    • B. 

      Under the Self-Service Tab

    • C. 

      Must come in to the Service Center for assistance

    • D. 

      ALEC Web

  • 20. 
    How many bill payments can a member make in a month free of charge?
    • A. 

      5

    • B. 

      10

    • C. 

      25

    • D. 

      Unlimited