Banking (16. 0 points)
- Visit the website of a large national bank, regional bank, or credit union, and use the information you find there to answer the questions below.
EXAMPLE: Some large banks you might consider include Bank of America®, JPMorgan Chase®, Wells Fargo®, Citibank®, and U. S. Bank®.
- a. What is the name of the bank or credit union? (0. 5 points) The name iof the bank I chose is SunTrust.
- b. List three facts about savings account options at the bank or credit union you chose. (3 sentences. 1. points)
* In order to avoid a monthly maintenance fee, either have a minimum $5 automatically transferred monthly from a checking account or maintain $300 in savings account at all times
* Can access the account anytime with MasterCard check card
* Is FDIC insured up to the maximum allowed by law
- c. List three facts about checking account options at the bank or credit union you chose. (3 sentences. 1. 0 points)
* Unlimited Check Card usage
* 30 pack of SunTrust exclusive checks
* Combined statements
Does this bank or credit union offer online banking? (0. points) SunTrust does offer online banking.
- d. Would you be likely to choose this as your bank or credit union? Why or why not? List at least two reasons for or against choosing this bank or credit union. (3-6 sentences. 2. 0 points)
I would most likely choose this bank because my mother uses it and she is satisfied with the services she gets. I don’t think I would use it as a savings account option though because of having to maintain $300 in the account at all times. I like being able to access the bank online and can use the check card everywhere. I also like the fact that I would be able to receive 300 checks.
- Visit the website of a second large national bank, regional bank, or credit union, and use the information you find there to answer the questions below.
- a. What is the name of the bank or credit union? (0. 5 points) I chose Wells Fargo as the credit union.
- b. List three differences you found between the accounts and features this bank or credit union offers and the bank from question 1 above. (1-3 sentences. 1. 0 points) Wells Fargo has over 12,000 ATM locations and 6,200 bank locations.
In order to waive the monthly service fee for SunTrust is to have a daily balance of $500 or direct deposit of $100 a month. With Wells Fargo, in order to waive the monthly fee, there has to be a daily balance of $1,500 or direct deposit of $500 or more. When you have a savings account with Wells Fargo, you have to have at least $300 in it at all times or have $25 automatically transferred from your checking account monthly. A SunTrust savings account also requires you to have at least $300 in it daily but you can also have $5 a monthly taken out of your savings account instead.
- c. Which of the two banks or credit unions that you researched would you be most likely to choose to open an account with? Why? (2-4 sentences. 2. 5 points)
I would most likely choose to open an account with SunTrust because it is cheaper to have an account with them instead of Wells Fargo. There are more wells Fargo locations than SunTrust but with the check card from SunTrust, I can use it at any ATM. The monthly fees for Wells Fargo are a lot more expensive than SunTrust.
- What type of bank risk would worry you the most as an account holder? How should the bank protect itself against that risk? 2-4 sentences. 1. 0 points)
I think the bank risk that would worry me the most would be if the bank got robbed. I would worry if the bank lost all of its money. I do believe that the bank should have security officers working at the bank. I also think the bank should have insurance in case all of the money is taken. The most important thing I think would help the bank would make it hard for the bank tellers to access all of the money.
- If you had a bank account, which two methods of completing transactions do you think you would use most frequently? Why? 2-4 sentences. 1. 0 points)
I think I would use my check card the most. Whenever I make a purchase, I would use the card because it would help me not to be over-drafted. I would also withdraw money when I need cash for certain things. The check card would also let me get money back when I buy something at certain stores.
- In your Section_3 folder, navigate to and open the Example_Check_Register and Example_Bank_Statement, and then answer the questions below.
- a. According to the bank statement, how many checks were written from this account during the statement period? 0. 5 points)
There were eight checks written.
- b. There are two differences between the bank statement and the check register. Describe each of them. (2-4 sentences. 1. 0 points)
TIP: These are transactions that Jessie Robinson forgot to write down in the check register. Jessie forgot to write down both purchases from Bob’s Drug store. One of the purchases was for $25. 50 and the other was for $11. 40. He also forgot to write down the Main Street Cinema purchase. The purchase at the cinema was for $10.
Do you think it is best to keep track of finances using a check register, a bank statement, or both? Why? (2-4 sentences. 1. 0 points) I think it is best to use both a check register and a bank statement. It helps to use a bank register because you can write down your purchases and deposits whenever you have them. It is good to use the bank statement because you can look and see if you forgot to write something down.
- c. List at least two non-discretionary expenses listed on the bank statement or check register. (1-2 sentences. 1. 0 points)
Jessie bought groceries to eat. He also paid an electric bill.
- d. List at least one discretionary expense listed on the bank statement or check register. (1-2 sentences. 0. 5 points)
Jessie paid for a haircut. He didn’t need to pay to get his hair cut.
- f. Describe at least one challenge of keeping a check register. (1-2 sentences. 1. 0 points)
One challenge of keeping a check register is being able to remember to write all expenses down. If you forget to write something down, you can end up over-drafting because you won’t have enough in your checking account to pay for everything.
