21st Century Student FinLit -Getting Personal SW

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LET’S PRACTICE

Name: _____________________________________________________________________________

The Battle of the Banks As a young adult, you are bound to face many years of meager bank balances and lean times. Don’t give your hard-earned money away to a bank! List 5 things you will do to avoid bank fees and charges. Then complete the chart below.

1. _ ______________________________________________________________________________ 2. _ ______________________________________________________________________________ 3. _ ______________________________________________________________________________ 4. _ ______________________________________________________________________________ 5. _ ______________________________________________________________________________ PRODUCT PREVIEW Savings Account Checking Account Certificate of Deposits Money Market Account offered at consumer/retail banks earns interest may charge service fees ATM access deposits insured by FDIC offers account alerts

comes with debit card for making purchases may have a minimum balance requirement time deposit

offered by online-only bank earns a higher rate of interest limited or no checking privileges available at investment banks Caution, overdraft fees apply!

requires picture ID social security or TIN # substantial penalties for early withdrawal

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Chapter 2 | Battler of the Banks

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