New Membership Scenario #1 by Danielle_Gettis https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario Review the scenario and describe how you would respond to this members request to open an account. Would you open the account? Why or why not? en-us 2017-01-06 20:46:38 UTC 2024-08-23 05:05:11 UTC hello@padlet.com 1. Review the information below as well as the credit bureau attached. danielle_gettis https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/145786203
Your member has come into the branch to open a membership because she noticed the Servus billboards around the city. She currently banks with PC Financial but finds it inconvenient that she can never meet someone in person.
Family
-Not married but in a committed relationship
-Parents helped her buy a condo 3 years ago
Occupation
-Works for a local manufacturing company as IT support for the last 4 years
-She loves her job and there are lots of opportunities to continue advancing in the company
Recreation
-She loves to travel and goes on a trip least once a year
Future
-Her work now matches her RRSP contributions and she has about $10,000 at the moment
-With the tough economy she wants to make sure she's set up for financial success - better to be safe than sorry!]]> 2017-01-06 20:51:34 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/145786203 I would happily open this account and have a discussion regarding her short term and long term goals. There is a lot of potential for future savings. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327574075 2019-02-04 22:56:28 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327574075 I would open this account, however I would have a discussion with her regarding the items that have been sent to collections. She has a steady job, she has started savings, and has a fairly good credit score. Her BNI is good, and seems fairly certain that she wants to work towards future financial goals and so I see no reason to not give her the benefit of the doubt and open the account. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327574824 2019-02-04 22:58:57 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327574824 Maybe. Member would have to provide proof that the outstanding collection is being taken care of if this cannot be met then I would not open the account. Additionally, all outstanding credit cards are almost at max balances. Member would have to show that they are able to meet these debt obligations going forward. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327575197 2019-02-04 23:00:36 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327575197 At first I would be cautious, however I would ask further questions regarding her collections. She has one unpaid and I would make sure to ask if she is currently dealing with it and to also show me proof. If she is dealing with it and shows me proof then I would take it to my manager and get his or her approval. I would put limitations, for example, not allowing a credit card. If the collections is not being dealt with then I would not open the account. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327575356 2019-02-04 23:01:24 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327575356 Yes I would open an account but be cautious about the collections. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327575702 2019-02-04 23:03:09 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327575702 I would Open the Account with my managers approval. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327602020 I see that member have a fair credit score, which meet our guide line requirement.
Also see that Member has a stable job. Which show a steady source of income.
But seems like member is paying too much in interest on her credit card debt.
First I would work with the member to bring the item that is in collection to current and then will try to consolidate all the high interest debt that she is having into a loan and would advise to close all the external credit cards.
Also advice her to have a saving plan in place so that the member have a saving habit and can depend on her own money rather than borrowed funds.
Will also bring her RRSP with us and will advise a better option that suites her need and get better returns ]]> 2019-02-05 01:38:46 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327602020 I will open up an account for her only if she can approve that her current collection has been paid off. In addition, I would ask for branch manager’s approval on this. She has a fairly credit score and steady employment. She has her own condo and RSP investment. She has something that she can fall back on. I would work on some budgeting for her and see if we can set up an saving plan to help her pay down her debt faster. Maybe also looking at consolidation loan to pay down some of the high interest debts. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327634492 2019-02-05 06:59:11 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327634492 I would open an account for a debt consolidation to p/o debt and collection with BM approval. I would review her debts and see about a budget. Maybe see about curbing some expenditures to open an RRSP account. The debt consolidation loan would be a short-term loan. https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327831000 2019-02-05 15:36:44 UTC https://padlet.com/danielle_gettis/New_Membership_Opening_Scenario/wish/327831000