The Uniform Transfer to Minors (UTMA) Savings account is a great way to save money for the children in our lives. The minor is the owner of the funds, though he/she cannot access the funds until the custodian transfers the account to a different savings account type and the minor has reached the age of majority.
Note: All funds must be used for the benefit of the minor. The court, not the bank, is responsible for ensuring the proper use of funds. The custodian on the account does not have to be a parent or guardian of the minor. Once the minor reaches the age of majority, CCB sends a letter instructing the client to contact his/her banker.
When you discuss UTMA Savings accounts, do the following:
Discuss Features and Benefits
In order to feel comfortable selling products or services or even referring individuals to CCB, it helps to know what the product or service is (feature) and how it helps individuals (benefits). Below are the features and benefits of the UTMA Savings account.
Features
- Only $50 to open
- No monthly service charge
- Federal regulations limits withdrawals/transfers
- No average balance required
- FDIC Insurance up to $250,000
Benefits
- Save money for a child's future
- Reasonable access to funds because money can be accessed up to a certain regulatory limit
- No worrying about being able to save money for college
- Teaches the importance of banking at a young age
Identify Opportunities
Always be on the lookout for individuals who may need a savings account. Most people like to have a nest egg or plan for the future. Below are examples of prospective clients.
- Clients who have young children and would like to open an account for them
- Individuals who are currently expecting a child
- Individuals who are planning to adopt a child
- Someone who has a niece, nephew, goddaughter, godson, and so on for whom they would like to save money
- Clients who are expecting a grandchild
- Anyone who has a child in their life for whom they would like to save money
Discover Client Needs
Before you recommend a product or service to a client, prospect, family or friend, it only makes sense to recommend things they might actually need or like. This is why it's important to ask questions that help us gain insight about an individual's banking preferences.
Sales Associates
To identify the best savings vehicle for each prospect based on his or her needs, you need to ask some discovery questions. Some examples include:
- Tell me about your family.
- Do you have any excess funds you'd like to save?
- What do you look for in a savings account?
- I noticed that you have your baby with you. Have you thought about opening a savings account for him/her?
- Do you have money set aside for your child's education?
Non-sales Associates (Take it to 10)
If you don't feel comfortable with savings account product information, but are working towards your Take it to 10 goals, don't focus on a specific account. Instead, ask if the prospect is interested in opening a savings account at CCB. To do this say:
I work at Capital City Bank and we offer several savings and investment products, including our UTMA Savings account. Would you be interested in learning more about them from an associate of mine?
Recommend Products/Services
When you have identified a need or learned about a prospect's banking preferences, you are ready to start making recommendations that align with his or her goals.
Sales Associates
Below are examples of what you might say when recommending a specific savings account after having used the qualifying questions.
I recommend our UTMA Savings account. This account can be opened with as little as a penny! It has no transaction fees, has an optional automatic savings program, and is a great way to save for your child's future. To make saving easier for you, we can automatically withdraw a specific dollar amount from your checking account weekly, monthly, or semi-monthly.
Non-Sales Associates (Take It to 10)
If you are simply trying to make a referral to CCB, then you are recommending the bank, and even a specific banker. Below is an example of how you make this recommendation.
I recommend that you check out Capital City Bank. I work there and I know it's a great place to bank. CCB is a stable, community bank that can help you with your savings need. I don't know too much about the various options, but I can certainly connect you with a friendly banker who would be willing to help. His name is _______________.
Handle Objections
It is highly likely that once you make a product or service recommendation, you will receive objections. Before responding, keep the following points in mind:
- Make sure you understand the question or objection
- Be empathetic
- Address the question or objection even if you can't change the product or service
- Check with the prospect to make sure he or she accepts your response or explanation
To respond to objections, use Feel, Felt, Found to structure your responses. Below are examples of checking account objections and suggested responses.
Sales Associates
Client Objection: "I will probably think about college when he/she gets a little older.
Feel: I understand that you feel that waiting is more appropriate.
Felt: Many of my clients have felt the same way.
Found: What most of them have realized is that the cost of college only goes up from here. Even if you have some sort of pre-paid college plan, the money can help them purchase their books and help with their rent, electricity, gas, food, etc. If you can afford to put away $10.00 a week, that will be $520 per year that you can save for them. It is very easy to get the account started and setup on an automatic withdrawal. I would be happy to get that started for you if you would like.
Non-Sales Associates
Client Objection: "Why should I open a savings account?"
Feel: I understand that you currently have a checking account.
Felt: Most people I know only have a checking account.
Found: From my understanding, having a savings account helps you save more money because it is not as easily accessible like a checking account. If you would like, I can refer you over to a Personal Banker to answer any other questions that you may have. Would that be okay?
Ask for the Business
If you don't receive an objection or have already come to an acceptable resolution with the client or prospect, you are ready to ask for the business. Asking for the business is what we say to move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I open that account for you now?
- Would you like to open the UTMA Savings account for Johnny?
- Do you want to open the account now?
- Are you still interested in opening the savings account or do you prefer to explore other options?
Non-sales Associates
If you are making a referral for Take it to 10, you are trying to get the prospect to agree to meet with a banker about a need. Below are some examples of what you might say to do that.
- I would be happy to connect you with a banker who can help you. What is your name and number?
- May I get your contact information so I can have my friend, ___________, call you?
- Can I get your name and number so I can have a banker call you about opening your account?
- May I have a banker call you to help you find the best account for you?
Make a Referral
If you are a sales associate or non-sales associate who cannot open savings accounts, but have identified someone who is interested in a savings account, remember to refer him or her to an associate who can help.
Making referrals at Capital City Bank is as easy as A B C! Below is an example of the ABC method to making referrals.
Process the Sale
Sales are processed generally one of two ways:
- The associate who can sell the product follows established policies and procedures to open a savings account.
- An associate connects the person to a qualified banker using a Synapsys referral for the savings account. The qualified associate opens the account.
Additional Information on Sale Processing
For personal savings account procedures, see Help U.
See the Synapsys referral instructions.
