Depository_Institution_Research_2.2.1.A6 - Page|31 2.2.1.A6 TotalPointsEarned TotalPointsPossible Percentage Name Grace Benson Date Class 3rd period

Depository_Institution_Research_2.2.1.A6 - Page|31...

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Unformatted text preview: Page | 31 2.2.1.A6 Depository Institution Research Total Points Earned Total Points Possible Percentage Name Grace Benson Date 9/19/18 Class 3rd period Directions: Complete each section below by following the directions provided. Before Research What would be the three most important things you would look for in a depository institution? (3 points) 1. Location 2. Benefits 3. How many there are where I live Research Find a depository institution that offers at least one type of checking account and one type of savings account. Decide whether or not you should become a customer of this depository institution by conducting research and answering the questions in the table below. (15 points for completion) What is the name of the depository institution you are researching? SECU (State Employees Credit Union) What type of depository institution is it? Commercial Bank ✔ Credit Union Other. Please indicate the type: Location: Does this depository institution have a physical location or is it available only online? If there are physical locations, how many locations does the depository institution have? Online only ✔ Physical location(s) available Only one location available Multiple locations available locally ✔ Multiple locations are available across the state Multiple locations are available across the nation Other. Please explain: © Take Charge Today – August 2013 – Introduction to Depository Institutions Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 32 2.2.1.A6 Insurance: Is this depository institution insured? ✔ No Yes Checking account: Does the depository institution offer more than one type of checking account? If so, choose one checking account and answer the questions below. ✔ Only one type of checking account is available Multiple types of checking accounts are available. Which checking account did you choose? Are there any fees associated with this checking account? If so, can you avoid the fee(s) by managing your account responsibly or is there a non‐avoidable fee(s)? Explain. No fees ✔ Fees: $1 monthly maintenance fee (non-avoidable unless instructed otherwise) Does the checking account offer unlimited check writing? If not, what is the limit? Unlimited check writing Limited check writing. What is the limit? What is one other thing you would like to know about checking accounts before making your decision? If I can pay my bills online with the checking account Savings account: Does the depository institution offer more than one type of savings account? If so, choose one savings account and answer the questions below. ✔ Only one type of savings account is available Multiple types of savings accounts are available. Which savings account did you choose? What is the current interest rate on the savings account? If the rate is not listed online, what email or phone number could you use to learn? 0.75% / 0.75 APY Are there any fees associated with this savings account? If so, can you avoid the fee(s) by managing your account responsibly or is there a non‐avoidable fee(s)? Explain. ✔ No fees Fees: Is there any other information that is important to consider about this savings account? Has a minimum opening deposit of $25 © Take Charge Today – August 2013– Introduction to Depository Institutions Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 33 2.2.1.A6 Features Offered Does the depository institution offer debit cards as part of their accounts? ✔ Yes No How many (if any) ATMs does the depository institution have? ATMs are not available ✔ ATMs are available. Describe how you know ATM’s are available in your desired location. Does the depository institution offer online and/or mobile banking? Online banking is not available Online banking is available ✔ Online and mobile banking is available Other Services: Describe one other service this depository institution offers. Checking Account Switch Kit - used to move your checking account to the Credit Union Other information: What is one other piece of information that is important to know if deciding whether or not to become a customer of this depository institution. Research Reflection After examining your research, is this a depository institution that you would become a customer of? Make sure to consider the three items you identified as important factors to consider when choosing a depository institution. Answer this question in a well‐written paragraph. Provide at least three reasons to support your decision. (21 points – see rubric) © Take Charge Today – August 2013 – Introduction to Depository Institutions Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ...
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