Financial Literacy Essay Sample

(Score for Question 1: ___ of 5.0 points)

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.

What is the name of the bank or credit union? (0.5 points)

JPMorgan Chase

List three facts about savings account options at the bank or credit union you chose. (3 sentences. 1.0 points)

1. The bank offers compounds its interest rates on monthly and annual basis

2. The bank has clear terms and conditions for customers regarding savings account

3. The bank offers the best advice concerning the amount of interest accumulated from your savings after a specific period.

List three facts about checking account options at the bank or credit union you chose. (3 sentences. 1.0 points)

1. JPMorgan Chase has automatic savings transfers that are executed monthly.

2. The savings account has higher savings rate compared to other US banks.

3. The savings account provides customers with overdraft protection.

Does this bank or credit union offer online banking? (0.5 points)

Yes

Would you be likely to choose this as your bank or credit union? Why or why not? List at least two reasons for or against choosing this bank or credit union. (3-6 sentences. 2.0 points)

Answer:

I would choose JPMorgan Chase as my bank because it has the best customer support and provides online services making it easily accessible.

(Score for Question 2: ___ of 4.0 points)

Visit the website of a second large national bank, regional bank, or credit union, and use the information you find there to answer the questions below.

(a) What is the name of the bank or credit union? (0.5 points)

Wells Fargo

List three differences you found between the accounts and features this bank or credit union offers and the bank from question 1 above. (1-3 sentences. 1.0 points)

1. The bank has faster account alerts compared to JPMorgan Chase

2. The bank does not provide efficient overdraft protection like chase

3. Although they provide online banking services, they are not well detailed like chase

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:

I would prefer JPMorgan chase because I trust their services and provide fair interest rates.

(Score for Question 3: ___ of 1.0 points)

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)

Answer:

I will be worried about stealing of my money and cases of money barrowing by the bank. The bank should have secured accounts and ensure strict features are followed to access the money by any bank user.

(Score for Question 4: ___ of 1.0 points)

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)

Answer:

Using ATM for deposit and withdrawal. Writing checks is another efficient method mainly for paying bills.

(Score for Question 5: ___ of 5.0 points)

In your Section_3 folder, navigate to and open the Example_Check_Register and Example_Bank_Statement, and then answer the questions below.

(b) According to the bank statement, how many checks were written from this account during the statement period? (0.5 points)

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.

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)

List at least two non-discretionary expenses listed on the bank statement or check register. (1-2 sentences. 1.0 points)

List at least one discretionary expense listed on the bank statement or check register. (1-2 sentences. 0.5 points)

Describe at least one challenge of keeping a check register. (1-2 sentences. 1.0 points)

Answer:

Type your answer here.