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Personal Finance

Personal Finance. Selecting a Bank. Review of yesterday…. FDIC Insurance? Savings Accounts vs. Money Market vs. CDs? Interest Rates vs. Annual Percentage Yield (APY). Selecting a bank. Features of accounts Overdraft protection, ATM, Online Banking What are the interest rates offered?

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Personal Finance

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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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