#1

• Comparing banks online. What type of bank serves your needs best? Visit the Internet sites of the following institutions and prepare a chart comparing the services offered, such as traditional and online banking, investment services, and personal financial advice. Which one would you choose to patronize, and why?
  1. Wells Fargo a nationwide, full-service bank
  2. A leading, local commercial bank in your area
  3. A local savings institution
  4. A local credit union

#2

• 4.

Exposure from stolen ATM card. Suppose that someone stole your ATM card and withdrew $1,000 from your checking account. How much money could you lose (according to federal legislation) if you reported the stolen card to the bank: (a) the day the card was stolen, (b) 6 days after the theft, (c) 65 days after receiving your periodic statement?

#3

• 5.

Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts:

1. Monthly fee $4, check-processing fee of 20 cents, average of 23 checks written per month
2. Annual interest of 1.5 percent paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average monthly balance $815, account falls below $750 during four months