For this project you need to work in a group of 2, 3, or 4. (No more than 4)
Research:
For this project you will find and compare 4 depository institutions. 2 must be commercial banks and 2 must be credit unions. Use this form to be sure you have all your facts in line.
Present your research with a PowerPoint or typed evaluation – include tables comparing and contrasting your 4 depository institutions.
For each of your 4 depository institutions include the following: (you do not need to hand in this form –just use it for your guidance
- What is the Name of the depository institution?
- What type of depository institution is it? (commercial, credit union, or other)
- Does the depository have a physical location or is it only available online?
- If there is a physical location, how many locations does the depository institution have? Are they in multiple city? States? Nations?
- Is this depository institution insured? If yes, who insures the institution? (FDIC or NCUA)
- Does the institution offer more than one type of checking account? If so, what are they?
- Are there any fees with the checking account(s)? If so, can you avoid the fee(s) by managing your account responsibly or is there a non-avoidable fee?
- Does the checking account offer unlimited check writing? If not, what is the limit?
- Does the depository institution offer more than one type of savings account? If so, what types do they offer?
- What is the current interest rate on the savings account(s)? If the rate is not listed online, what email or phone number could you use to find out?
- Are there any fees associated with this savings account? If so, can you avoid the fee(s) by managing your account responsibly or is there a non-avoidable fee(s)?
- Is there any other information you consider important about the savings account?
- Does the depository institution offer home mortgages?
- What is the current interest rate on the mortgages? If the rate is not listed, what email or phone could you use to find out?
- Locate rates for 15 year, 30 year, and Adjustable Rate Mortgage (ARM).
- Are there any fees associated with the mortgage accounts? If so, can you avoid the fee(s) by managing your account responsibly or is there a non-avoidable fee(s)?
- Is there any other important information you would consider about home mortgages?
- Does the depository institution offer debit cards as part of their accounts?
- How many ATMs does the institution have?
- Does the depository offer online and/or mobile banking?
- Describe one other service the depository institution offers. (ie: car loans and their rates)
- What is one other piece of information that is important to know if deciding whether or not to become a customer of the depository institution?
- Reflection: After examining your research, is there a depository institution you would become a customer of? Make sure you consider three items you identified as important factors to consider when choosing a depository institution.
Make a PowerPoint or a Typed Evaluation
Turn into Edmodo by 11/14 (REMEMBER DO NOT USE INTERNET EXPLORER)
Names: ______
______
Description / Points Possible / Points Given4 institution – 2 credit unions, 2 commercial / 10
Locations / 10
Insurance / 10
Checking accounts / 10
Savings accounts / 10
Mortgages / 10
Other featured offers (debit cards, online, mobile banking) / 10
One other service / 10
Piece of important information to become a customer / 10
Reflections / 10
Total / 100 points
Names: ______
______
Description / Points Possible / Points Given4 institution – 2 credit unions, 2 commercial / 10
Locations / 10
Insurance / 10
Checking accounts / 10
Savings accounts / 10
Mortgages / 10
Other featured offers (debit cards, online, mobile banking) / 10
One other service / 10
Piece of important information to become a customer / 10
Reflections / 10
Total / 100 points