Finding your best bank

 

For this assignment, you will take on the role of a personal financial advisor and create a personal financial portfolio.

Step 1: Using the large National Bank (Wells Fargo), the Regional/Local Bank, and the Credit Union you identified in the Module 1 Assignment 2, compare and contrast each institution by completing the

Module 3 Assignment 2 template

.   

National Bank- Wells Fargo, offers accounts for personal, small business, and commercial banking.  Offers loans and credits, insurance, investments, and even retirement and much more. For savings the interest rate is 0.01%  APY.    

Www.wellsfargo.com

 

            For my regional bank- Metro Bank-Southside, offers personal and business checking, and investment accounts, programs for mortgage loans with fixed rates, equity lines of credit, and savings with a rate of 0.25% APY 0.25%  

www.metrobankpc.com

            Credit union- Family Savings Credit Union, offers a variety of different insurances, banking, keeping up with finances simpler, have multiple member services, and member discounts. www.familysavingscu.com

Step 2: Once you have completed the Module 3 Assignment 2  template, create a financial portfolio. This financial portfolio is a professional one. Please follow the following instructions when preparing it:

• Identify, describe, and explain the financial institution that would be the best fit for you. Be sure to justify your selection by referencing the information collected in your completed template.
• Identify, describe, and explain which type of saving account would best fit your current financial position.  Be sure to justify your selection by referencing the information collected in your completed template.
• Analyze the following situation and answer the questions below:

After choosing  a savings account with a 3% interest rate, you decide to invest $5,000 into the savings account.Using the future value calculation, determine at an interest rate of 3%, what would be your total balance available at the end of five years if you leave the $5,000 untouched. Show your calculations, as well as, your answer in your portfolio.How will this interest earned be reported on your federal income tax returns?

• Be sure to include the following in your financial portfolio:

Contact information for the financial institutions Show all steps of your future value calculations in Excel or Word format.Support your statements with examples and at least three scholarly references.

Your financial portfolio should be presented as a 3–4-page paper in Word format.  Be sure to also include the template you completed for step 1 of the assignment..

 

36

36

24

24

36

44

Assignment 2 Grading Criteria	Maximum Points
Completed template, comparing and contrasting the various checking and saving options available and the benefits of each for each institution, including details such as loans, automated teller machine (ATM) access, credit card rates, banking fees, and minimum balance requirements.
Identified, described, and explained which financial institution would be the best fit. Justified selection by referencing the information provided in completed template. Provided contact information for the financial institutions.
Identified, described, and explained which type of saving account would be the best fit for current financial position.  Justified selection by referencing the information provided in completed template.
Calculated FV of $5000 at the rate of 3% for 5 years.
Discussed how income earned from savings option is reported on a federal tax return.
Writing Criteria: Organization (12) Style (4) Usage and Mechanics (12) APA Elements (16)
Total:	200

FIN201: Module 3 Assignment 2

Using the large National Bank, Regional/Local Bank, and Credit Union you identified in your Module 1 Assignment 2, compare the each institution based on the following categories:

Categories	National Bank: Wells Fargo	Regional/Local Bank” Metro-Bank Southside	Credit Union Family Savings Credit Union
Checking Accounts: Type of Checking Accounts Available Minimum Balances required Fees	Offers basic checking, minimum balace of 1000 or direct deposit, College combos no monthly fees, Custom Management offers free bill pay no monthly fee if a balance of $1000 is maintained or $25 is set to transfer. a Complete Advantage Package free bill pay, free checks an interest earning savings account, and a PMA Package free bill pay free checks no monthly fee if a $25000 balance is maintained.
Savings Accounts: Type of Savings Accounts Available Minimum Balances required Fees	Savings APY 0.01% Way2Save – APY for balances of $0 and above – $5 monthly fee waived with $300 minimum daily balance, or set up and maintain one or more automatic, recurring savings options. Money Market- 0.03% Money Market Savings – All balances – $10 monthly fee waived with $3,500 minimum daily balance or a $75 automatic monthly transfer from a WFB account – Rate collected.
ATM: ATM access ATM Fees	Fees vary by type of account. Typical fees for transactions at non-Wells Fargo ATMs are: Non-Wells Fargo ATM Withdrawal Transaction fee*: U.S.: $2.50 International: $5 Balance Inquiry fee: $2.00 Transfer fee: $2.00 Other fees: Owners and operators of non-Wells Fargo ATMs may charge a fee in addition to those described above. Surcharge fees are waived (up to five per statement cycle for International ATMs and unlimited for ATMs in the U.S.) for customers who have more than $250,000 in qualifying relationship balances in their PMA Package. *Customers with a Wells Fargo PMA® Package will receive a total of up to 2 free non-Wells Fargo ATM withdrawal transactions (combined U.S. and International) per statement cycle; fee waived if PMA qualifying balance is at least $250,000.
Credit Cards Interest Rates Offered Annual Fees	Wells fargo Rewards Card, Annual Percentage Rate (APR) on balance transfers 0% introductory APR for 12 months on balance transfers, then 12.15% – 25.99% variable APR. The APR will vary with the market based on the U.S. Prime Rate. Balance transfer fees apply. When you apply for this card, simply fill in the balance transfer information on the application. Wells Fargo Cash back Card: Annual fee $0 Annual Percentage Rate (APR) on purchases 0% introductory APR for 12 months on purchases, then 12.15% – 25.99% variable APR. This APR will vary with the market based on the U.S. Prime Rate
Loans: Types of Loans Offered Interest Rates

Topic Title (Arial, 9 pt) Document Title

Page of 2(Arial, 9 pt)

Course Name (not number)

©2008 Argosy University Online Programs

Page of 1

Personal Finance

©2012 Argosy University Online Programs