Omar and Lee plan to move in together. They are discussing how they will handle their joint finances. That$$s when Omar admits that he doesn$$t have a bank account. He said that for a few years, he did not monitor his bank accounts, and over drafted on his account several times a year. The bank closed his account, and now he pays his bills with money orders. Lee encourages Omar to try to re$-$establish a banking relationship. After reviewing the facts:

$1.$ What first step would you recommend before they approach a bank about opening a new joint account, and why?

$2.$ What documentation do they need to open an account?

$($a$)$

$($b$)$

$($c$)$

$3.$ Recommend: two types of bank accounts for Omar and Lee; explain the reason$($s$)$ they would be appropriate given the facts, and give us $2$ features of the account

$($a$)$ Type of bank account:

i$.$ Reason it is appropriate:

ii$.2$ features of the account:

$($b$)$ Type of bank account:

i$.$ Reason it is appropriate:

ii$.2$ features of the account:

iii.

$4.$ Recommend three banking or financial account strategies an account holder can use to avoid over drafting on their accounts.

$($a$)$

$($b$)$

$($c$)$

$5.$ Explain two benefits of being banked to Omar and Lee given their facts

$($a$)$

$($b$)$

$6.$ What is the protection provided by the FDIC and NCUSIF on consumer bank$/$credit union deposits?