1.7 Select a Checking Account (Due 8-31-22 SOC)
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Last updated 12 months ago
19 questions
Note from the author:
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
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
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
1._______
2._______
3._______
Required
20
What are 2 non-cost features are you looking for in a checking account? UCS
1._______
2._______
Required
10
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
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.
Required
30
Choose bank, credit union, or both for each statement below:
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 |
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
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
Why would it be important to have a low minimum balance requirement on a student checking account? UCS
Required
10
The video recommends asking what happens to your account when you graduate from college. Why should you ask this question? UCS
The video recommends asking what happens to your account when you graduate from college. Why should you ask this question? UCS
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
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
Are there any documents required to open an account that you don’t yet have and will need to obtain? UCS
Required
10
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?
Required
10
Would you prefer to open your account in-person at a bank branch or online? Why?
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.
Required
10
What exactly are the people in the commercial urging the man at the ATM to “accept?”
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?”
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…
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?
Which of these best describes why you should make sure your bank is FDIC insured?
Required
2
Which of the following would likely be LEAST important to a college freshman looking for a checking account?
Which of the following would likely be LEAST important to a college freshman looking for a checking account?