Personal Finance Ch 3: Selecting a Bank

Macky wants to open a checking account. He is examining different banks and banking accounts. Then he will choose a bank account for his needs. Which of the following statements should not be one of Macky’s reasons for choosing a bank? c.The first bank Macky considered offered a chance to win a prize upon opening an account.
You are examining your choices of banks to open a new checking account. Potential costs include monthly maintenance fees, statement copy fees, and ___________. c.Overdraft fees
Which of the following items may be a good consideration in selecting a bank? b.II and III
Which statement below gives the best reason for considering personal needs, values, and circumstances in selecting a bank account? b.This information can lead to a better match between account features and the person’s needs.
Barry wants to open a checking account. He wants online services, and a debit card. He is looking at the following tables of fees from his employer’s credit union, EECU, and a local bank, E-town Bank: b.$78
Bill wants to open a checking account to pay bills from and a savings account to cover overdrafts and other emergencies. He wants online services, and a debit card. He analyzes the following statements of fees from State Bank and Common Bank: a.State Bank is expected to cost the least.
Henry is moving and needs to open a new checking account. He is trying to decide between three banks using the chart below:Henry usually has about $300 in his account at any given time during the month. He limits his ATM visits to one per week and is interested in banking online options. Bank X and Bank Z have 5 ATMs within a 5 mile radius of Henry’s work and his new home. Which bank should he choose? c.Bank Z
Why is it sometimes easier to open an account with a bank rather than with a credit union? a.Most credit unions require some kind of affiliation, but banks will let anyone with money open an account.
Emma is ready to open a new checking account and is trying to decide between three banks using the chart below:Emma usually has about $1000 in her account at any given time during the month. She usually visits the ATM twice a week and is interested in banking online options. Bank R has 10 ATMs within a 5 mile radius of Emma’s home. Bank S has 1 ATM 10 miles from Emma’s work. Which bank should she choose? a.Bank R
If you were teaching a foreign visitor about checking and savings accounts at banks and credit unions in the USA, which item below would you say consumers of these accounts usually do not have as a protection of their rights? d.No automatic fees charged to the account.

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