optional Research Paper - Theresa Mueller Section I terms...

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Theresa Mueller Section I: Describes the basic product or service in straightforward terms Park National Bank (PNB) has several different products. The main products that it offers are checking accounts, Money markets, savings accounts, loans, credit cards and Certificates of deposits (CD). There are three main checking accounts that offer different benefits depending upon the minimum balance required. There is the free checking the value and the market rate checking. Several of the other accounts change frequently, usually weekly, so they are hard to describe, however some can be explained in broad terms. A CD has a stated minimum balance, term and interest rate. You can not retract or add any money to a CD until the term is over. Money markets are like checking accounts except they usually require a higher minimum balance, but they offer better rates of returns. PNB offers many different products. Section II: Describes the “real business” of the firm as expressed in “user-benefits” provided to the buyer/user of the product or service. The three checking accounts each have unique features and benefits. The free checking offers no additional services except your basic account and your standard amenities, such as direct deposit and a debit card. The value checking requires a daily minimum balance of five hundred dollars or combined 1
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Theresa Mueller deposits of ten thousand dollars, but offers a free safe deposit box, one overdraft reversal fee, free bank checks, 0.5% interest etc. The Market rate checking has Daily minimum balance of ten thousand dollars or combined deposits of twenty- five thousand dollars must be met but it offers several amenities. Some of these amenities include no ATM fees and reimbursement for other banks' ATM fees, free check imaging, free checks for life, one free NSF waiver annually, and free cashiers' checks. The bank offers a visa credit card which has all of your basic credit card attributes. However, the PNB does offer the first six months free of charge (no interest). A Certificate of Deposit (CD) has many more restrictions than a checking account as stated in section one, but it offers a much greater interest rate. The customer can pick a set term, which is usually in months, which meets there needs, which has a corresponding interest rate. The savings accounts once thought of as a great place to keep your savings, is now more of a learning tool for children. The savings account does have a three hundred dollar minimum balance, but the interest rate is so low that many people find this account to be unbeneficial. Park National Bank offers several different loans. It offers commercial loans, mortgages, lines of credit, and auto loans. The loans allow customers to have money now and repay it back later in small increments along with interest. While loans are a great deal of business for PNB they will not be the focus of this
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optional Research Paper - Theresa Mueller Section I terms...

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