Assignment 3

673 Words Jul 5th, 2014 3 Pages
Assignment 3: Banking
(16.0 points) 1. Visit the website of a large national bank, regional bank, or credit union, and use the information you find there to answer the questions below. EXAMPLE: Some large banks you might consider include Bank of America®, JPMorgan Chase®, Wells Fargo®, Citibank®, and U.S. Bank®. a. What is the name of the bank or credit union? (0.5 points) Answer: Bank of America
b. List three facts about savings account options at the bank or credit union you chose. (3 sentences. 1.0 points) Answer: regular savings is for standard savings account; it’s good if you’re just started saving up. Personal savings is if you want to earn more interest with your balance account.
c. List three facts
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c. Which of the two banks or credit unions that you researched would you be most likely to choose to open an account with? Why? (2-4 sentences. 2.5 points) Answer: Bank of America because it just seem more reliable to me. It’s more of a savings account bank than a checking account bank.
3. What type of bank risk would worry you the most as an account holder? How should the bank protect itself against that risk? (2-4 sentences. 1.0 points)
Answer: I worry about my cash being stolen.
4. If you had a bank account, which two methods of completing transactions do you think you would use most frequently? Why? (2-4 sentences. 1.0 points) Answer: I would do debit cards and cash.

5. In your Section_3 folder, navigate to and open the Example_Check_Register and Example_Bank_Statement, and then answer the questions below. a. According to the bank statement, how many checks were written from this account during the statement period? (0.5 points) Answer: 8
b. There are two differences between the bank statement and the check register. Describe each of them. (2-4 sentences. 1.0 points) TIP: These are transactions that Jessie Robinson forgot to write down in the check register. Answer: the check register describes in detail how she spent her money the bank statement just informs you.
c. Do you think it is best to keep track of finances using a check register, a bank statement, or both? Why? (2-4 sentences. 1.0 points) Answer: I think it’s best to use

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