You will research a checking account at a local bank. You may visit the bank and interview a bank teller or pick up a pamphlet. You could also research the bank on the internet. Be sure to follow the guidelines and safety precautions for completing internet searches.

Submit to your instructor the following information for the checking account:

Name of Bank

Name/Type of Account

Opening Deposit Requirement

Minimum Balance Requirement

What types of fees are associated with the account? (e.g., monthly fee, minimum balance, checks, overdraft, etc.)

Does the account include overdraft protection?

Is electronic banking or online bill pay included?

Are debit cards included?

Does the account have an interest rate? If so, what is it?

Does the account include account alerts?

Where did you obtain your information (e.g., teller, pamphlet, website)? If you received the information from a website, include the site address.

You will research a savings account at a local bank. You may visit the bank and interview a bank teller or pick up a pamphlet. You could also research the bank on the internet. Be sure to follow the guidelines and safety precautions for completing internet searches.

Submit to your instructor the following information for the savings account:

Name of Bank

Name/Type of Account

Opening Deposit Requirement

Minimum Balance Requirement

Interest Rate

What types of fees are associated with the account? (e.g., monthly fee, minimum balance, checks, overdraft, etc.)

Is electronic banking or online bill pay included?

Does the account include account alerts?

Is there a maximum withdrawal amount each month? If so, what is the penalty for withdrawing more than the maximum number of times?

Does the account allow holders to write checks from the account?

Where did you obtain your information (e.g., teller, pamphlet, website)? If you received the information from a website, include the site address.

Imagine you have opened a checking account in the bank you researched. In order to open an account, you'll first need an opening deposit. You may either use the dollar amount you receive from a job or allowance. If you do not have a job or an allowance, use $125.

In a given week, how might you spend that money? Use the check register below to record your deposit and purchases. You are encouraged to use the actual payments or purchases you have made within the past week. If you have not made any purchases in the past week, think of another week where you did make purchases and use those values. Or, you may create one. Remember to adjust your balance with each new deposit and purchase.

Check Number Date Description Payment, Fee, Withdrawal Deposit, Credit BALANCE

Submit the following information to your instructor:

Your job title and weekly wage or allowance, if applicable. If you do not have a job or an allowance, use $125.

The completed check register with your weekly deposits and expenditures.

Answers to the following questions, in complete sentences:

Would you pay any fees to the bank based on your account balance? Why or why not?

Would you need to transfer money from a savings account, if you had one, in order to keep money in your checking account? Why or why not?

Consider your financial situation. Do you have a job? Do you get a regular allowance? Are you saving to go to college or purchase a car? Regardless of your goals, everyone should have a financial plan. Think about your own income and goals and then respond to the following statements, using complete sentences.

Describe your job and income.

Describe your plans for receiving an income after you graduate from high school and/or college.

Explain which type of account (checking, savings, or both) you would rather have and why. Consider your financial situation both now and in the near future.

Explain how you would like to keep track of your spending habits. For example, would you use a check register, ATM, or online statement? In your response, consider how you would reconcile your records with the bank's records.