L05 Bank Exploration (5) - Bank Exploration Instructions This Application assignment will help you make informed decisions regarding monetary asset

L05 Bank Exploration (5) - Bank Exploration Instructions...

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Bank Exploration Instructions This Application assignment will help you make informed decisions regarding monetary asset management. Your goal is to determine the best accounts to maximize interest earnings and to minimize fees while keeping funds safe and readily available to pay for living expenses, emergencies, and saving and investment opportunities. To do so, explore and compare types of services offered by different financial institutions. First, visit 2 (or 3) local financial institutions of your choice. If there are banks and credit unions in your area, visit one of each. ( Note: If there aren’t any credit unions in your area you may visit two banks.) If the first two institutions you visit offer all three types of accounts then you do not need to visit a third one. However, if the first two institutions do not offer all three types of accounts, you need to visit a third institution to gather the needed data. Please remember to be professional in your communication as you speak with an employee regarding the items listed below: Services offered such as checking, savings, and money market accounts. Accompanying Information including interest rates, fees, and minimum balances for each type of account. Any legal protections for each account type. Record your findings in the “Physical Banks” tables provided below. Then investigate 2 (or 3) online financial institutions which provide the same or similar services as the ones you visited. Record your findings in the “Electronic Banking” spaces provided below. (Again, you only need to explore a third online bank if you do not find the information you need after exploring 2 online banks.) After your in-person visits and online explorations, reflect upon your experience by answering the questions at the end of this worksheet to decide which account options are best for you.

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