Where do you stash your allowance, birthday cash or paycheck? There are lots of ways to keep your money safe, but knowing which option is best for you means researching your choices. Listen to the FDIC podcast at practicalmoneyskills.com/HS14 on financial institutions and write down four facts that you learn about each type of institution below. Listen to the podcast twice if needed to fill in the chart. Then, decide which one you would choose to put your money in and why.
Facts About Banks Facts About Credit Unions Facts About Thrifts
1. Provides money to customers 1. Provides money to members 1. Federally insured financial
institution
2. Business with services 2. Members must have similarities 2. Used to be
extremely different
3. Provides loans. 3. Provides almost all of the same 3. Technical differences
things as banks. from banks and credit
unions.
4. Helps keep money secure. 4. Only has members. 4. Helps save money.
Based on the above facts, where would you choose to put your money and why?
I would keep my money in a credit union because it seems to be more secure with money than a bank or a thrift.
The battle is on. You have $500 to deposit into a checking account and it’s up to you and your team to use the Internet to find the best “bargain” bank—the one that offers the most services for the lowest associated fees.
Bank A: Bank of America
Tech-savvy services (e.g., online banking, text message banking, etc.): checking and mobile banking
Other services (e.g., overdraft protection): Great cash back deals
Minimum opening deposit: $25
Monthly maintenance fees: None unless requirement are not followed, otherwise, $12 or $5
Overdraft fees: Only effective if you exceed what you have in your account.
ATM fees: Free if using the bank’s own ATMs.
Penalties and withdrawal limits: Set by user.
Bank B: Fifth Third Bank
Tech-savvy services (e.g., online banking, text message banking, etc.): Online bill payment, mobile banking.
Other services (e.g., overdraft protection): Overdraft protection, identity theft protection.
Minimum opening deposit: $50
Monthly maintenance fees: None if requirements are met, otherwise, $15-$25
Overdraft fees: $12 per transfer
ATM fees: None
Penalties and withdrawal limits: Limited by user.
Bank C: Suntrust Bank
Tech-savvy services (e.g., online banking, text message banking, etc.): Mobile banking
Other services (e.g., overdraft protection): LightStream loans
Minimum opening deposit: $100
Monthly maintenance fees: None if requirements are met, otherwise, $4-$15
Overdraft fees: No fee
ATM fees: No fee
Penalties and withdrawal limits: Set by user
Based on your research, which bank would you deposit your $500 in and why?
Based on my research, I would put my $500 into Bank of America because it seems slightly cheaper and more trustworthy than the other banks.
Facts About Banks Facts About Credit Unions Facts About Thrifts
1. Provides money to customers 1. Provides money to members 1. Federally insured financial
institution
2. Business with services 2. Members must have similarities 2. Used to be
extremely different
3. Provides loans. 3. Provides almost all of the same 3. Technical differences
things as banks. from banks and credit
unions.
4. Helps keep money secure. 4. Only has members. 4. Helps save money.
Based on the above facts, where would you choose to put your money and why?
I would keep my money in a credit union because it seems to be more secure with money than a bank or a thrift.
The battle is on. You have $500 to deposit into a checking account and it’s up to you and your team to use the Internet to find the best “bargain” bank—the one that offers the most services for the lowest associated fees.
Bank A: Bank of America
Tech-savvy services (e.g., online banking, text message banking, etc.): checking and mobile banking
Other services (e.g., overdraft protection): Great cash back deals
Minimum opening deposit: $25
Monthly maintenance fees: None unless requirement are not followed, otherwise, $12 or $5
Overdraft fees: Only effective if you exceed what you have in your account.
ATM fees: Free if using the bank’s own ATMs.
Penalties and withdrawal limits: Set by user.
Bank B: Fifth Third Bank
Tech-savvy services (e.g., online banking, text message banking, etc.): Online bill payment, mobile banking.
Other services (e.g., overdraft protection): Overdraft protection, identity theft protection.
Minimum opening deposit: $50
Monthly maintenance fees: None if requirements are met, otherwise, $15-$25
Overdraft fees: $12 per transfer
ATM fees: None
Penalties and withdrawal limits: Limited by user.
Bank C: Suntrust Bank
Tech-savvy services (e.g., online banking, text message banking, etc.): Mobile banking
Other services (e.g., overdraft protection): LightStream loans
Minimum opening deposit: $100
Monthly maintenance fees: None if requirements are met, otherwise, $4-$15
Overdraft fees: No fee
ATM fees: No fee
Penalties and withdrawal limits: Set by user
Based on your research, which bank would you deposit your $500 in and why?
Based on my research, I would put my $500 into Bank of America because it seems slightly cheaper and more trustworthy than the other banks.