After brainstorming as a group, it was decided to teach the class how to open a bank account. There are many ways people can go about the ordeal. The group figured out that as college students it can be hard to save or budget any money they earn and that is why knowing about opening a bank account is something that every student should know. The group will be discussing how to choose the right bank and account, what documents are required when opening the account and online banking vs regular banking. This project will show what a bank application looks like and the steps needed when opening the account. This project will also show the class that waiting in a bank line can be avoided but the choice is still theirs. Thus, the group hopes by the end of the presentation that the class will understand how to open an account stress free despite their busy lives.  

Each of the members in the group has found some useful sources via Google for each subtopic, for example, choosing a bank, choosing an account, require documents, etc.

First, the group found some images that relate to the project, such as “Bank Accounts” and “the difference between saving account and checking account”.

Then, there is a video about how to open a bank account found on YouTube, produced by Money Advice Service. The video shows you how to open a bank account step by step, whether on the internet, over the phone, or at a branch. And it gives important tips and advice to help you set up an account. It also shows you what documents are needed and what information you need to fill. Besides, the video tells that you still have many other options if you’re being rejected by a bank.

Furthermore, the group found a personal finance article “7 Top Questions to Ask Before You Open a Bank Account” in Credit.com that helps you to choose the best bank and right account by considering your needs as a customer. The author, Gerri Detweiler, states that you really need to know what you want from the financial institutions. In the article, Detweiler breaks down all the important questions you need to ask before you open an account, such as whether your money will be safe and what is the most convenient. For each question, Detweiler explains in very details. After thinking about these questions, you know everything you need to know about opening a bank account, and you are ready to go.

The group also found an article about online banking vs. regular banking from website Business Insider – “Here’s Why Online Banks Are Better Than Traditional Banks” by Megan Durisin. Durisin compares online banks to traditional banks, and he believes that online banks are much better because they simply have almost all the services as traditional banks, such as 24/7 access to your account, personal customer service, and relatively high-interest rates, except that you can not be banking at a branch. Also, online banks have the lower fee, require lower monthly balances, and do not charge any fee for using other bank’s ATMs. And Durisin suggests that you can choose an online bank backed by FDIC if you worry about the security.

Another article that the group had found is “Checking Vs. Saving Accounts: what’s the Difference”, wrote by Richie Bernardo, from website Wallethub. This article helps you to choose the right bank account by comparing checking accounts and saving accounts. Bernardo states that, generally, checking accounts and saving accounts both require a minimum balance, monthly fee, overdraft or excessive withdrawal fee. But, checking accounts also require non-sufficient funds fee, paper statement fee, and online bill pay fee. In addition, saving accounts have higher rates of interest. So, you can save more money if you open a saving account; you can have more ways to spend and withdraw your money if you open a checking account.

All these sources the group has found provide general information support the topic. After reading, analyzing, and annotating the source for the project, each of the members in the group started organizing and writing the subtopics. For all the sources the group used and quoted, it is all cited properly in the “Works Cited” page of the project.