2011 DC EITC Campaign Savings Promoter / Intake Specialist Training
Goals for the Day Learn about the DC EITC Campaign Understand your role as a volunteer Learn about tools to help clients take positive financial action Leave feeling ready to help ANY client take one positive financial step 2
DC EITC Campaign: A building block to a brighter financial future 3 Primary Goals: Promote awareness of tax credits Provide tax preparation Encourage taxpayers to TAKE ACTION 11 Tax Sites in DC, MD, VA Key Partners
Savings Promoters: Our Goal Promote FINANCIAL FREEDOM What does that mean? 4
Savings Promoters: Our Goal 5
Our Clients Income- up to $22k single up to $42k families Average Income: $15,968 Claim EITC: 37% No Bank Account: 18% Report Saving ANY Money: 21% Report Saving Regularly: 4%
Agenda About the Campaign How Tax Sites Work Screening & Intake Break Financial Products & Resources Break Framing & Messaging 7 You Are Here
Your Role at the Tax Site Screening, Intake, & Exit Introducing Financial Resources & Opportunities Registering Clients for Additional Services Money Management / Financial Coaching Savings Bonds Bank Accounts PNC Prepaid Debit Cards and Free Check Cashing (Selected sites) The Key: Encourage EVERY client to take ONE POSITIVE STEP
Your Resources Savings Promoter Guide Site-specific Materials Financial Resource Marketing Materials Campaign Team YOUR OWN INITIATIVE
How Tax Sites Work: Site Staff
How Tax Sites Work: Client Flow
Working with Clients: Potential “Speed Bumps” Previous Experiences Language Confusing Forms & Literacy Issues Disabilities and Physical Limitations Finances are Sensitive Homelessness Grumps Potential Speed Bumps?
Screening & Intake 13 Goals Ensure we can serve the client Build trust Prepare the Preparers
Greeting / Screening & Intake 14
Screening: Campaign Requirements Income Limits $22,000 or $42,000 Documentation Social Security Cards / ITINs ID W-2s, 1099s, Other Tax Documents 15
Screening: Campaign Requirements II Need to File? Earned income Any withholdings Kids Educational expenses Unsubsidized rent Complexity Limits No business owners No sales of property No rental property No capital gains Some sites may have other limitations 16
Intake: After Forms are Completed oIntake oIf Client Doesn’t Qualify, Explain WHY oSavings Discussion oExplain Process oUpdate Sign In Sheet 17 Advanced IssuesNot Served Today self- empl oyme nt pensi on home owne r educ ation expe nses other "advanced" issues, please specifiy Not Pres ent when calle d Missi ng pape rwork Over Inc. or too comp lx Will Retur n
Screening & Intake is Done! Time for practice See page 29 in your handbook 18
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Money Menu Savings Bonds Money Management 101 Pre-Paid Debit Card and Check Cashing Bank on DC Financial Coaching E-Newsletter
Savings Bonds Page 24 in your handbook
Savings Bonds- Quiz How many Americans own U.S. Savings Bonds? Over 1 million Over 10 million Over 50 million Which of the following are true about Series I U.S. Savings Bonds: They pay a competitive interest rate (.74% currently). They can be purchased for as little as $50. They can only be redeemed where they were purchased. They can be purchased as gifts for anyone else – all you need is the gift recipient's name.
Savings Bonds- Target Audience Parents & Grandparents 70% of buyers bought for others Larger Refunds $3.4k for average buyer $1.7k for average non-buyer Specific Savings Goals Education Retirement
Savings Bonds- How it Works “Client Wants to Buy a Bond” form Follow up with Tax Preparer Form 8888
Money Management 101 Target audience: everyone Information for clients: helps you take control of your money 5-week course at MLK or Benning Library Free, interactive class
CAAB e-newsletter 26 Financial tips and tricks Upcoming events and classes Target audience: every client with address
Prepaid Debit Cards- PNC Bank Jubilee Jobs and MLK Library Benefits: Faster refund Avoid check cashing fees Completely free at PNC Track expenditures Establish relationship with bank
Prepaid Cards- Info for Clients Enables direct deposit Spends like a regular debit card Free online / phone balance inquiries Non-reloadable Fees: - ATM fee withdrawal (at a non-PNC or Allpoint ATM) $ Statement Generation Fee $ Teller Cash Advance Fee $ Card Replacement Fee $ Inactivity Fee (after 3 month of inactivity) $3.00 per month - Live Agent Fee $2.50
29 PNC Card Ordering Process Step #2: Login to PNC System
30 Step #3: Select ‘Enrollment’ Menu Option PNC Card Ordering Process
31 Step #4: Confirm ‘Program’ Selection & Select ‘Continue’ PNC Card Ordering Process
32 Step #5: Enter Taxpayer Information (SSN is required) PNC Card Ordering Process
33 Step #6: Select ‘Preview Cardholder’ to Verify Entry PNC Card Ordering Process
34 Step #7: Select ‘Submit’ After Data Verified PNC Card Ordering Process
35 Step #8: Review Successful Card Order, Note ‘Account’ & ‘Card’ Numbers PNC Card Ordering Process
36 Note: If Data Entry Error, Return to Menu and Select ‘Find Cardholder’ to Edit PNC Card Ordering Process
37 Step #9: Order Next Card or Signoff PNC Card Ordering Process
Prepaid Cards- How it Works Application & direct deposit Card mailed to client Refund deposited onto card Client activates card
PNC Bank- Free Check Cashing Jubilee Jobs, MLK Library, UPO Client receives 2 letters Client will need: Letter Refund check Picture ID If Married Filing Jointly, both spouses
Bank On DC Target audience – clients not direct depositing Information for clients: Bank on DC Accounts are offered by 11 financial institutions No monthly fees, low opening balance Second chance accounts Banks may be at tax site
Financial Coaching On-site Arlington & Alexandria Off-site Financial Cafes CAAB’s Money Management 101
Earned matching funds from CAAB $3,000 Client savings $1,000 $4,000 HOME SMALL BUSINESS EDUCATION or JOB TRAINING Target audience: those working and saving for a home, education or business Matched Savings Program – Individual and Marriage Development Accounts
Other Site Services
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Discussion Flow Chart
Framing & Messaging 1. Small talk 2. Transition to savings promotion 3. Conversation starters 1. Ask a question 2. Pitching one option 4. Share something personal 5. Close the deal
Small Group Presentations Choose one topic to discuss Make it engaging and friendly Encourage people to talk with you afterwards to ask questions
Measures of Success Savings bonds purchased Money Management 101 enrollments CAAB e-newsletter enrollments Success stories 48