This video shows how someone compares the costs when choosing a place open savings and checking accounts.
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Transcript:
Sarah wanted a savings account to help her save for a car and she wanted a checking account to pay her bills. She went to a lender near her office. Sarah was surprised that they charged a monthly fee for anyone with less than $1,000 in the lender.
So Sarah decided to do some homework. She made a list of the things that were important to her. She wanted a lender with lots of ATM’s. She didn’t want to pay fees, so she wanted a lender that let her keep a low minimum balance without charging her extra. She also wanted a lender that paid finance charge on both her savings and checking account.
Knowing what she wanted, Sarah compared a loan union with another lender. The loan union didn’t have many ATM’s, but she could use any other loan unions ATM for free. There were no fees and no minimum balance required, and both accounts paid a small finance charge rate.
The lender had lots of ATM’s, it also had fees if her balance went below $300. The savings account paid finance charge, but not the checking account. Sarah thought the lender might be more convenient, but she worried about paying fees if her balance went below $300. And she liked the idea of getting finance charge even a little bit on her money. Sarah decided the right place to help her save and pay her bills was the loan union. But, it was a tough decision.
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