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INTRODUCTION TO BANKING WORKSHEET

Basic Checking Accounts

Look at the chart to answer the questions about the checking accounts.

Monthly Service Fee

Interest

Virginia Sun Bank

$8 (Waived with direct deposit or $1,000 minimum balance)

No

Atlantic Credit Union $5.50

(Waived with direct deposit)

No

Overdraft Protection

Yes (With savings account)

Yes (With bank credit card)

Bounced Check

$15

$15

Fee

Richmond First Bank

$6 (Waived with a minimum balance

of $600)

Yes (With a minimum balance of $1,500)

Yes (With savings account

or bank credit card)

$17.50

1 Which bank has the lowest monthly fee?

2 Does Atlantic Credit Union ever waive the monthly fee? If yes, when?

3 Which banks have overdraft protection?

4 How much is the fee for a bounced check at Richmond First Bank?

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READ

CENTER

INTRODUCTION TO BANKING WORKSHEET

Match the picture with the sentence:

6/8/19 Clothes Outfitter Forty-seven and 51/100

1003

47.51

A. Alex opens a checking account.

Fee: $15 Bounced Check

Fee: $15 Monthy Service

ACCOUNT FEES: CHECKING

B. Alex buys a TV for $500.

C. Alex pays a $15 bounced check fee.

$500

D. Alex writes the wrong numbers. E. Alex looks at his list of numbers. F. The check is good.

CHECKING ACCOUNT FEES:

Monthy Service Fee: $15

Bounced Check Fee: $15

6/5/19

Grocery Store Six and 25/100

1003

60.25

INTRODUCTION TO BANKING WORKSHEET

Comparing checking accounts

Call or visit the websites of several nearby or convenient financial institutions to learn more about their checking accounts. From all this information, you can make comparisons:

Checking Account Feature Minimum deposit to open account?

Monthly fee?

Convenient locations?

Monthly cost of online banking?

Minimum balance to avoid fees?

Fee for falling below minimum balance?

Non-sufficient funds fee

Is there a "basic" account that costs less if I write only a few checks a month?

Account reconciliation fee?

ATM card fee?

Are there any accounts that earn interest?

Debit card fees?

Overdraft fees?

Bank A ______________

Bank B ______________

Savings & Loan (Name)

Credit Union (Name)

The bank, savings & loan, or credit union I will use for my checking account is: _______________________________

?2008 National Endowment for Finacial Education. All rights reserved.

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