1.7 Select a Checking Account (Due 8-31-22 SOC)

Instructions

In this lesson, you will learn to:
Compare and contrast banks and credit unions
Consider different features, fees, and requirements of checking accounts at various banks and choose the options that are best for you, personally
Understand the specific “perks” and requirements of a student checking account
Conduct online research to select a checking account
Enumerate what paperwork is required to open a checking account

Required

10

Do you have your own checking account already?

If so, how or why did you choose your specific account? If not, what factors do you think are most important in selecting an account? UCS

How to Open a Checking Account: Before You Apply
Read the “Before You Apply” section of this article for some factors you’ll want to consider before opening your first checking account or switching to an account that will work better for you. Then, answer the questions.

Required

15

Rank the 3 cost factors by their importance to you. UCS
_______ 

_______ 

_______ 

Required

20

What are 2 non-cost features are you looking for in a checking account? UCS

1._______

2._______ 

Required

10

What's the Difference Between Banks and Credit Unions?
You’ve got a couple of options when it comes to choosing an establishment for opening a checking account. Read the article and then choose bank, credit union, or both for each statement.

Required

30

Five Questions to Ask When Choosing a Bank
Watch this video specifically about opening a checking account as a student. Then, answer the questions.

Required

10

According to this video, what should a good checking account offer for FREE? UCS

Required

10

Why would it be important to have a low minimum balance requirement on a student checking account? UCS

Required

10

Day 2
8-30-22

Best Banks for Students of 2020
Review this list to familiarize yourself with banks that offer accounts to get students started with opening a checking account. Then, answer the questions.

10

With ONLY the information provided in this chart and what you know from personal experience about each bank, which of these accounts would you choose? UCS_______ 

Why? UCS_______ 

20

Before opening an account at your chosen bank, list two other questions you’d want to be answered. UCS

Question 1
_______ 

Question 2
_______ 

How to Open a Checking Account: A Step-by-Step Guide
Read the “Opening a Checking Account: A Step-By-Step Guide” section of this article to learn about the logistics of opening an account once you’ve decided on the right bank for you. Then, answer the questions.

Required

10

Which pieces of documentation do you need to open the account do you ALREADY have? UCS

Required

10

Are there any documents required to open an account that you don’t yet have and will need to obtain? UCS

Required

10

Required

10

Ally Bank Commercial: Accept It
Watch this commercial from Ally Bank, and then answer the question.

Required

10

What exactly are the people in the commercial urging the man at the ATM to “accept?”

Required

10

Given all you know about checking accounts, should the man at the ATM just “accept it?” Why or why not?”

Required

2

When you open a checking account for the first time, you need to have each of these items EXCEPT…

Required

2

Which of these best describes why you should make sure your bank is FDIC insured?

Required

2

	Bank	Credit Union	Both
Must be part of a specific member group to join
Profits are given to shareholders
Offer checking and savings accounts, CDs, loans
Deposits are insured up to $250,000
Fees tend to be higher
Interest customers earn on deposits tends to be higher

	Bank	Credit Union	Both
Must be part of a specific member group to join
Profits are given to shareholders
Offer checking and savings accounts, CDs, loans
Deposits are insured up to $250,000
Fees tend to be higher
Interest customers earn on deposits tends to be higher

In this lesson, you will learn to:

In this lesson, you will learn to:

1.7 Select a Checking Account (Due 8-31-22 SOC)

In this lesson, you will learn to:

In this lesson, you will learn to:

Do you have your own checking account already?If so, how or why did you choose your specific account? If not, what factors do you think are most important in selecting an account? UCS

According to this video, what should a good checking account offer for FREE? UCS

Why would it be important to have a low minimum balance requirement on a student checking account? UCS

Day 2

8-30-22

Best Banks for Students of 2020

Review this list to familiarize yourself with banks that offer accounts to get students started with opening a checking account. Then, answer the questions.

How to Open a Checking Account: A Step-by-Step Guide

Read the “Opening a Checking Account: A Step-By-Step Guide” section of this article to learn about the logistics of opening an account once you’ve decided on the right bank for you. Then, answer the questions.

Which pieces of documentation do you need to open the account do you ALREADY have? UCS

Are there any documents required to open an account that you don’t yet have and will need to obtain? UCS

Ally Bank Commercial: Accept It

Watch this commercial from Ally Bank, and then answer the question.

What exactly are the people in the commercial urging the man at the ATM to “accept?”

Given all you know about checking accounts, should the man at the ATM just “accept it?” Why or why not?”

When you open a checking account for the first time, you need to have each of these items EXCEPT…

Which of these best describes why you should make sure your bank is FDIC insured?

Which of the following would likely be LEAST important to a college freshman looking for a checking account?

Do you have your own checking account already?If so, how or why did you choose your specific account? If not, what factors do you think are most important in selecting an account? UCS

A friend says, “Eh, I’ll just open an account at my parents’ bank, and I’ll switch later if I don’t like it.” Does this sound like a good strategy to you? Why or why not? UCS

Choose bank, credit union, or both for each statement below:

According to this video, what should a good checking account offer for FREE? UCS

Why would it be important to have a low minimum balance requirement on a student checking account? UCS

The video recommends asking what happens to your account when you graduate from college. Why should you ask this question? UCS

Day 2

8-30-22

Best Banks for Students of 2020

Review this list to familiarize yourself with banks that offer accounts to get students started with opening a checking account. Then, answer the questions.

How to Open a Checking Account: A Step-by-Step Guide

Read the “Opening a Checking Account: A Step-By-Step Guide” section of this article to learn about the logistics of opening an account once you’ve decided on the right bank for you. Then, answer the questions.

Which pieces of documentation do you need to open the account do you ALREADY have? UCS

Are there any documents required to open an account that you don’t yet have and will need to obtain? UCS

Are there any documents required to open an account that you don’t yet have and will need to obtain?If so, how will you get the money into your account?If not, what’s your plan for saving up the minimum deposit amount? How long do you think it would take to save this amount?

Would you prefer to open your account in-person at a bank branch or online? Why?

Ally Bank Commercial: Accept It

Watch this commercial from Ally Bank, and then answer the question.

What exactly are the people in the commercial urging the man at the ATM to “accept?”

Given all you know about checking accounts, should the man at the ATM just “accept it?” Why or why not?”

When you open a checking account for the first time, you need to have each of these items EXCEPT…

Which of these best describes why you should make sure your bank is FDIC insured?

Which of the following would likely be LEAST important to a college freshman looking for a checking account?

A friend says, “Eh, I’ll just open an account at my parents’ bank, and I’ll switch later if I don’t like it.” Does this sound like a good strategy to you? Why or why not? UCS

Choose bank, credit union, or both for each statement below:

The video recommends asking what happens to your account when you graduate from college. Why should you ask this question? UCS

Are there any documents required to open an account that you don’t yet have and will need to obtain?If so, how will you get the money into your account?If not, what’s your plan for saving up the minimum deposit amount? How long do you think it would take to save this amount?

Would you prefer to open your account in-person at a bank branch or online? Why?

Do you have your own checking account already?

If so, how or why did you choose your specific account? If not, what factors do you think are most important in selecting an account? UCS

Do you have your own checking account already?

If so, how or why did you choose your specific account? If not, what factors do you think are most important in selecting an account? UCS

Are there any documents required to open an account that you don’t yet have and will need to obtain?

If so, how will you get the money into your account?

If not, what’s your plan for saving up the minimum deposit amount? How long do you think it would take to save this amount?

Are there any documents required to open an account that you don’t yet have and will need to obtain?

If so, how will you get the money into your account?

If not, what’s your plan for saving up the minimum deposit amount? How long do you think it would take to save this amount?