Customer Retention for CDs Overview

Quontic Bank may occasionally decide to retain Certificate of Deposit (CD) Customers.

The CX CD Retention Pipeline is only used during periods when requested by the VP/Customer Success.

• Empathy and enthusiasm to save the customer MUST be apparent in all channels
• Use CX General or CX OLB Pipelines unless CX Retention has been activated

• Quontic Bank provides a ten (10) day grace period for the customer to close or change the terms of their CD.
• If the client does not contact the Bank within the grace period, the CD automatically renews.
• If a client requests to close their CD and transfer the funds to a different financial institution, the CX team reviews the current rates and uses a retention offer to retain the client.
• Funds needed for an emergency or payment towards a home or business venture, deceased, or medical purpose, we do not attempt to save.

• Report all CD close-out requests accurately using HubSpot tickets
• Gather all information needed before sending HubSpot ticket to DBO
• Ensure that CD closure requests receive HIGH priority
• Follow the outlined scripts the management team provided and use special offers when applicable
• Communicate to the client when their request has been completed
• Prevent a complaint from the client for not completing their request or responding to their request
• Escalate to the VP/Customer Success for rate approvals for all requests greater than $250k CDs that fall outside the current offer available. (Includes customer asking to close CDs with a penalty)
• VP/Customer Success or SVP Digital Bank Operations is responsible for gaining permission from the Chief Operating Officer (COO) to meet or beat offers outside current rates for all accounts greater than $250k
  • Have ready the rate to meet and the institution
  • The COO reviews and approves offers over 10 bps and more than $250k

CX Specialist responsibilities include but are not limited to the following:

The client may send a CD close-out request at any time:

• Within the ten-day grace period upon maturity
  • Title HubSpot Ticket: Maturity Date_In Grace Period_CD Close-out_Last four digits of CD_Client’s Name
  • Attempt to call client first if initial contact is not via phone
    • See why they want to close the CD, use retention offer if it makes sense (better rate or does not provide a reason)
  • If not reachable by phone, use correct template to respond to request to close
• During the penalty phase
  • Title HubSpot Ticket: Penalty_CD Close-out_last four digits of CD_Client’s Name
  • Escalate to VP/Customer Success for any special requests
• Within 30 days of the maturity date
  • Title HubSpot Ticket: Maturity Date_CD Close-out_Last four digits of CD_Client’s Name
  • Attempt to call first if initial contact is not via phone
    • See why they want to close the CD, use retention offer if it makes sense
    • If not reachable by phone, use correct template to respond to request to close
  • Offer the .10 BPS to renew and notate the rate on the ticket
  • Document ticket
  • If the rate increases by the time of renewal, we will add .10 to the rate
  • If rate decreases by the time of renewal, we will give the rate promised
• Greater than 30 days to maturity date
  • Title HubSpot ticket: Maturity Date/Due date for call_CD Close-out_last four digits of CD_Client’s Name (example: example:MD 3/31 Call 3/27_CD Close_xxxx_Murphy)
    • Add a task for the call date
  • Place in Pending Maturity > 30 days
  • Attempt to call on date if initial contact is not via phone
  • See why they want to close the CD, use retention offer if it makes sense
  • If not reachable by phone, use correct template to respond to close