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
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
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.
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
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.
Five Questions to Ask When Choosing a Bank
Watch this video specifically about opening a checking account as a student. Then, answer the questions.
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
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?
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?
Choose bank, credit union, or both for each statement below:
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 |
Would you prefer to open your account in-person at a bank branch or online? Why?