Checking Accounts Webquest

Checking Accounts WebQuest

Visit the website http://www.bankrate.com/finance/checking/checking.aspx

and answer the following questions.

Chapter 1:  Types of Checking Accounts

1. What are checking account “gifts” and why are they offered?  What were/are some of the “gifts” banks would offer?

Camping gear and beach gear. Because banks want to attract more consumers to open checking accounts.

1. Do banks offer more than one type of checking account?

Yes, they do. Basic, Free, Express, Lifeline…

Identify which type of checking account is being described.

1. In this checking account you must maintain a certain balance in order to receive the monthly interest.

Interest- bearing

1. This checking account is required by law in Vermont and has minimum terms, fees and conditions that are set by law, not by individual banks.

Lifeline accounts

1. This checking account usually boasts unlimited check writing, low minimum balance requirements, and low or no monthly fees, BUT you have to pay a fee for using a bank teller.

Express Accounts

Identify which type of checking account would best suit each person/scenario.

1. For couples who share a household and split the cost of expenses.

Joint Checking accounts

1. For students or younger customers who prefer to “bank-on-the-go” through ATMs.

Students checking account

1. For people who just need a checking account to pay an occasional bill, write a few checks (not many) per month, and just to have access to a debit card for cash.

Basic Checking accounts

1. For people who want to put money away to save or invest where it can earn a good amount of interest.

Money Market accounts

1. For older customers who can receive special perks like free checks and discounts on travel and prescriptions.

Senior Checking accounts

1. The checking account preferred by most because of the no service fees and no balance restrictions.

Free Checking accounts

Chapter 2:  ABCs of ATMs

1. What does ATM stand for?

Automated teller machines

1. What does the “debit feature” of an ATM card allow you to do?

1. How does a debit card differ from a credit card?

No "pay later" option with debit cards.

1. When are you charged an ATM fee?

Using an ATM that doesn't belong to your bank

Click on the article “10 Consumer Tips for ATM Safety and Security” and answer the following questions.

1. Who should you receive help from when having trouble using an ATM?

1. Is it safe to record your pin on the back of your debit card in case you forget it?

1. If you are involved in a confrontation with an assailant who demands money, what should you do?  (Be realistic!)

1. What is the safest location for an ATM?