A decision matrix of the twelve variables that matter.
Visuals
The eight-question bank comparison
A single grid with rows for the eight questions the Scholar should ask before opening an account: (1) Is it FDIC-insured under its own certificate? (2) What is the APY, and against what benchmark? (3) What fees apply — monthly, overdraft, wire, foreign transaction, ATM? (4) What is the network of no-fee ATMs? (5) What is the wire cutoff and cost? (6) Are external transfers instant, next-day, or three-day? (7) What is the mobile deposit limit? (8) What customer service channels exist and what are the response times? Columns compare two or three candidate banks.
Key Ideas
APY alone is a poor comparison; total cost of ownership matters more.
Every household bank should pass the eight questions, or be replaced.
Visuals
Diagrams and schematics accompanying this lesson.
Your record
Enrol as a Scholar to keep a record of the lessons you complete and the credentials they lead to.