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Essential Guide to Choosing the Right Bank: Fees, Features, and Account Types

Selecting a bank can be complicated, but understanding key features can simplify the process. This guide covers everything you need to know, including FDIC insurance, differences between savings accounts, money market accounts, and CDs. Learn about interest rates and annual percentage yields (APY), as well as important account features like overdraft protection and online banking. Discover how to avoid unnecessary fees and what to consider for convenient banking solutions. Equip yourself with knowledge to choose the best bank for your needs.

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Essential Guide to Choosing the Right Bank: Fees, Features, and Account Types

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  1. Personal Finance Selecting a Bank

  2. Review of yesterday… • FDIC Insurance? • Savings Accounts vs. Money Market vs. CDs? • Interest Rates vs. Annual Percentage Yield (APY)

  3. Selecting a bank • Features of accounts • Overdraft protection, ATM, Online Banking • What are the interest rates offered? • Compare APY (Annual Percentage Yield) • Read the fine print for restrictions and fee information

  4. Selecting a Bank • How will you bank • Online? • Use ATMS? • Use Tellers? • Where will you bank • Do they have convenient locations?

  5. Selecting an Account • Beating Bank Fees • Checking can cost $200-plus a year ($5-$20 a month) • Buy cheap checks by ordering direct from printer • Avoid Overdraft and Maintenance Fees ($5 - $40) • Avoid ATM fees by using your bank’s ATM ($1 - $3) • Find out what “Free” means • Balance requirement? Direct-deposit required? • Know what is allowed with your account • Some accounts charge for things like teller visits

  6. Activity – Selling Bank Services • Groups of 2 or 3 • Select a bank (first come, first serve) • Create a sales presentation in PowerPoint advertising the following accounts from your bank • Checking (Personal) • Savings (Personal) • CD

  7. What to include? • Include in your presentation information on: • Account Fees • Interest Rates/Required Balances • Bank Locations/Hours • Account Features (ATM locations, Online banking, etc.) • Bank History

  8. Activity- Selling Bank Services • Submit PowerPoint file for your group by end of class tomorrow • Remember: You are trying to convince your classmates to open accounts at YOUR bank • We will vote at the end of presentations to see what bank won the most customers • NOTE: IF you can not find APY’s for your bank on internet, you will need to call or visit that bank!!!

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