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Assignment 3 Saving and Investing Essay

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Assignment 3: Banking
(16.0 points)
 
1. 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)
 Bank of America
      b. List three facts about savings account options at the bank or credit union you chose. (3 sentences. 1.0 points)
 For Platinum Money Market Savings Accounts, your combined balances can qualify you for a higher interest rate. For Personal Money Market Savings Account, You want to earn more interest as your balance grows. For Regular Savings Account, You’re just starting out and need a basic savings account.
      c. List three facts about checking account options at the bank or credit union you chose. (3 sentences. 1.0 points)
 A checking account gets you no monthly maintenance fee when you have at least one qualifying direct deposit of $250 or more monthly or maintain an average daily balance of $1,500 or more each statement cycle, Otherwise, $12 monthly maintenance fee. Unlimited teller access and optional a Regular Savings Account.

            d. Does this bank or credit union offer online banking? (0.5 points)
 Yes.
      e. 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)
 No, because high interest rates do not sound good to me. Also they charge $12 for monthly maintenance unless you meet certain requirements.
2. 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)
 Wells Fargo
      b. List three differences you found...

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