Personal Finance Selecting a Bank. Review of yesterday… FDIC Insurance? Savings Accounts vs. Money Market vs. CDs? Interest Rates vs. Annual Percentage.

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Presentation transcript:

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? Compare APY (Annual Percentage Yield) Read the fine print for restrictions and fee information

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

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 banks 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

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

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

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 APYs for your bank on internet, you will need to call or visit that bank!!!