Directions: Many people in the U.S. have bank accounts. As mentioned in the Unit, bank accounts can provide places to save money, access loans, and purchase other financial products such as savings bonds. For this Activity, pretend you are opening your first bank account and research information about different banks. Go online or visit some banks in person to find out what kind of accounts they offer, what types of loans they provide, the costs associated with accounts, and any other information you feel is important. Some of the largest U.S. banks include Chase, Wells Fargo, Citibank, and Bank of America. Make sure you can answer the following questions; track the answers to these questions using the Research Grid:
- What bank would you choose if you were opening an account and why?
- What type of account would you want to open and why?
- What type of products does this bank offer customers (loans, free checking accounts, etc.)?
- What interest rates do they charge for short term loans? What interest rates do they charge for longer term loans?
Then you will use the information you gathered to create a presentation on the bank you would want an account at.
- describes the bank (What is it’s name? Is it local or national? Does it have many branches? How many people does it employ?)
- explains how you found the bank (Did you do an Internet search? Is there a branch by your house? Do your parents have an account at the bank?)
- lists at least five services the bank provides (this could include auto loans, home loans, free checking accounts, CDs, free ATMs, weekend hours, online banking, etc.)
- explains why you chose the bank; provide a minimum of three reasons for your choice (Did it have the friendliest employees? Are the branches and ATMs close to your home or school? Does it offer the lowest loan rates? Do they provide some type of incentive to opening an account, such as free checks or no minimum balance requirement?)
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