Dumont case #2 from financial planning Free Essay, Term Paper and Book Report
1. Advantages of credit unions:
ü Pay higher interest rates than commercial banks
ü Have lower fees and minimum balances
ü Tend to offer more favorable rates on loans
Disadvantages of credit unions:
ü You must be eligible to become a member
ü You must become a member before you can use it
ü Generally do not offer all the services/conveniences that a local bank would
2. Advantages of online banking:
ü Access to your accounts 24 hours a day 7days a week
ü Can transfer funds easily
ü Do banking without leaving your home-pay credit card bills and loans online, monitor accounts
ü Usually offer lower fees/costs, but higher interest rates
Disadvantages of online banking:
ü Some banks may charge a fee for the use of online banking
ü Security issues
ü Do not generally have physical location so it may be difficult to resolve any problems with your account
3. The following are factors that the Dumonts should consider when choosing another bank:
ü Cost Factors
o What are the fees associated with the account?
o How are the rates?
o Does the inst......
Word Count: 3966
Page Count: 15.8 (250 words a page / double spaced)
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