Description
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Personal Finance
Choosing a bank provider for a young professional like Reema with changing goals requires
consideration of different factors. It is important to determine if the bank can meet the current
needs, future plans, and lifestyle of Reema. Because of her plan of opening three different accounts
in one bank, Reema’s top consideration should be minimizing possible expenses that she may incur
when doing transactions and convenience of conducting transactions for several accounts.
First, there should be no recurring monthly fee to maintain several accounts in one bank. Instead
of paying for a monthly recurring fee for each account, this can even be deposited in her savings
account. Next, there should be no minimum maintaining balance. While some banks require a
small amount of minimum maintaining balance, these do not earn any interest resulting in money
just being locked up in the bank. In addition, there should be no transaction fees being charged
when doing transactions that can be incurred when doing several transactions such as deposit,
withdrawal, bills payment, and transferring between different accounts. Another factor that needs
to be considered is the federal deposit insurance that the bank has an agreement with the
government. This ensures that savings or deposits in a bank are secured and will be returned to
their clients when the banks have declared bankruptcy.
In terms of convenience of conducting transactions, one must consider the network of branches
and ATM. Having a large network of branches and ATMs in convenient locations make banking
transactions easy to do. This network must be wide enough to address the mobility or possible
relocat...