You enter college as a freshman, you must have seen banks all over campus trying to get you to open an account (checking account, credit card, etc.) with them. Similarly, once you get the degree and go to work as a fresh graduate, you will see many financial institutions trying to get you to open an account with them for more sophisticated financial products, such as pension, insurance, and mutual fund, etc..

Which of the following emotional biases best explains why these banks/financial institutions are so enthusiastic to make you their account and offer you very good terms at the beginning? Explain the bias and your reasoning.

1. Overconfidence bias
2. Self-Control bias
3. Status quo bias