IBA’s Bank Club Offers Benefits for Members
Are you looking for a product that improves your bottom line, promotes Iowa, and gives your customers more? If so, then the Iowa Bankers Association’s Bank Club checking account program could be what you need.
The IBA developed the club program exclusively for Iowa banks so that they could offer cost-saving opportunities and revenue-generating programs. With this program, your bank can provide added value products that are tailored to fit your customers’ needs.
The IBA Bank Club provides superior customized products, promotes Iowa, and is much more reasonably priced then any of our competitors. Basic program features include Accidental Death & Dismemberment Insurance and exclusive Iowa vacation promotions. Brochures such as Explore Iowa, a supplement that includes vacation specials across Iowa and exclusive to your bank’s club members, are available to you at no charge. In addition, your customers can enjoy discount coupons to the following attractions: Newton Speedway, Adventureland, Iowa State Fair, Carmike, Fridley, AMC, Douglas, and CEC Movie Theatres, Worlds of Fun/Oceans of Fun, Henry Doorly Zoo, Omaha Children’s Museum, The Beach Waterpark, Blank Park Zoo, Arnolds Park, Boji Bay Water Park, Iowa Cubs Baseball, Boone & Scenic Valley Railroad, Living History Farms, and more. There are also national programs offering a Quest hotel, dining, and travel discount as well as rental car discounts.
By participating in the IBA’s club program, you will also receive the following printed marketing materials for your club program at no charge: McGruff Child I.D. Kits, Emergency First Aid Guides, Credit Card Protection form, Key Ring Registration form, and a Home Inventory Protection List.
Along with all of these incentives, the IBA also offers marketing support for your club.
For more information regarding the IBA’s Bank Club program and pricing, feel free to contact Gary Livesay at 1-800-532-1423, ext. 4368, Cheryl Miller at ext. 2950 or Dia Gross at ext. 4384.
FDIC to Test Small Loan Reward Initiative
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) recently approved a two-year pilot project to review affordable and responsible small-dollar loan programs in financial institutions. The purpose of the study is to identify effective and replicable business practices to help banks incorporate affordable small-dollar loans into their other mainstream banking services. Best practices resulting from the pilot will be identified and become a resource for other institutions.
FDIC plans to select between 20 and 40 participants of varied sizes and diverse locations and settings. In choosing participants, the selection panel will look at current or planned products offered by the bank and determine how closely they meet the recently released guidelines on small-dollar lending
Key features of a preferred small-dollar lending program may include:
• Loan amounts of up to $1,000;
• Amortization periods longer than a single pay cycle and up to 36 months for closed-end credit, or minimum payments that reduce principal
• Annual percentage rates (APR) below 36 percent;
• No prepayment penalties;
•Origination and/or maintenance fees limited to the amount necessary to cover actual costs; and
• An automatic savings component.
Institutions can potentially use the small-dollar loan pilot to tap into new markets by expanding relationships with individuals who currently may not be fully utilizing the mainstream financial system. An intangible benefit is community goodwill that would likely be created as a result of offering consumers credit products with significant savings over payday loan fees.
The FDIC will accept applications though Nov. 20 and choose 20 to 40 banks to participate, according to information about their small-dollar programs. Any depository institution can apply for the program; other federal agencies with oversight over participating banks will consider giving higher ratings during their CRA exams, an FDIC spokesman said.
Go online to www.iowabankers.com to learn more about the program and how to get involved.
IBA Announces New Endorsed Vendor
IBA member banks are now eligible to receive $11 flood zone determinations as a result of the endorsement of CBCInnovis for flood zone determinations.
“IBA’s mortgage affiliate, Iowa Bankers Mortgage Corporation (IBMC), has used CBCInnovis for some time and, while not requiring them to do so, strongly promotes its users to choose CBCInnovis for their flood determination needs. We are excited over strengthening our relationship with this 59-year-old company that has deep Midwest roots,” announced IBA President & CEO John Sorensen.
CBCInnovis will now offer IBA member banks preferred pricing on all flood determination products with standard “Life-of-Loan” determinations available for $11 and “Life-of-Loan” Home Equity determinations for $9. Additional benefits to CBCInnovis flood zone determinations include:
• Nationwide coverage including all 50 states and U.S. territories.
• Comprehensive analysis of current FEMA Flood Insurance rate Maps.
• HMDA/Census Tract Data available on the flood certificate or as a stand-alone product.
• Password secure environment with 24-hour access to automated processing.
Contact John Banks at 512-668-4612 or Kristy Barrett at 1-800-324-1284 to learn more about CBCInnovis preferred IBA pricing program.
2008 IBA Mid-Winter Management Conference
The 2008 Mid-Winter Management Conference will be held at the Stonebridge Inn located in Snowmass Village, Colorado. The conference runs January 20-22, 2008.
Starting off the agenda will be skier Chris Davenport of Aspen, Colorado, who is considered one of the world’s most accomplished big mountain skiers. Other speakers include Scott Anderson, senior economist for Wells Fargo Bank and Dominic Langteau, Midwest Regional Manager for Brintech.
Spouses and children are welcome to attend. For more information, please contact the IBA’s Molly Lydon at 800.532.1423 or email mlydon@iowabankers.com. Additional information is available on the IBA website, www.iowabankers.com, click on 2008 Mid Winter Conference. The hotel room block expires November 30, 2007. Make your reservation soon!
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