Bank Brochure Creation: Tips for Highlighting Checking Accounts

Assignment:

In this assignment, you will create a bank brochure to attract new customers. The purpose of the brochure is to provide information showing that your bank has the best options for a checking/debit account. You will research at least three local banks of your choice. From your choices, pick the best option as the bank you will promote and encourage others to join. Using reference materials and Internet sites, you will collect information about the benefits and disadvantages of the banks you selected. Useful references for gathering this information are at the end of this document. You will include a works-cited document along with your completed brochure.

Assignment Instructions

Step 1: Gather materials and necessary information.

You will collect the following data for your bank brochure:

1. Search for three local banks. Find the benefits and disadvantages of each bank’s checking accounts.

2. Answer the following questions for each bank:

– Is a minimum balance required?

– Is there a minimum opening balance?

– Are there monthly fees?

– Can you earn interest on the checking account?

– Is there a check card?

– Are the account provider’s ATMs free to use? If not, what types of charges are there?

– Is online banking free? If not, what is the charge?

– Is there the ability to set up direct deposit?

– Is there 24/7 customer service? What types of services are available?

– Are there ATM rebates?

– Is there overdraft protection?

– Is there fraud insurance?

– How do you open the checking account? Are there any special requirements?

Assignment Solution:

To create a compelling bank brochure that highlights the best options for a checking/debit account, you’ll need to follow these steps:

Step 1: Gather Materials and Necessary Information

1. Search for Three Local Banks

Research and identify three local banks that offer checking accounts. Ensure that these banks have a presence in your area.

2. Collect Data on Each Bank’s Checking Accounts

For each bank, gather the following information:

• Minimum Balance Required: Determine if the bank requires you to maintain a minimum balance to avoid fees.
• Minimum Opening Balance: Find out how much money you need to open the account.
• Monthly Fees: Check if there are any monthly fees associated with the account.
• Interest Earnings: Investigate whether the checking account earns interest and, if so, the interest rate.
• Check Card Availability: Confirm if the account includes a check card (debit card).
• ATM Fees: Find out if the bank’s ATMs are free to use and any associated charges for using out-of-network ATMs.
• Online Banking Fees: Determine if online banking is free or if there are any charges.
• Direct Deposit: Check if you can set up direct deposit for your paycheck.
• Customer Service: Verify if 24/7 customer service is available and what types of services are offered.
• ATM Rebates: Find out if the bank offers rebates for ATM fees.
• Overdraft Protection: Determine if the bank provides overdraft protection and under what terms.
• Fraud Insurance: Check if fraud insurance is provided and what it covers.
• Account Opening Requirements: Learn about the process to open an account and any special requirements.

Example Data Collection

Bank A: Local Savings Bank

• Minimum Balance Required: $100
• Minimum Opening Balance: $50
• Monthly Fees: $10 (waived with a $500 balance)
• Interest Earnings: 0.05% APY
• Check Card: Yes
• ATM Fees: Free at in-network ATMs; $2.50 out-of-network
• Online Banking Fees: Free
• Direct Deposit: Available
• Customer Service: 24/7 phone support; in-person service during business hours
• ATM Rebates: None
• Overdraft Protection: Available with a fee
• Fraud Insurance: Up to $1,000,000
• Account Opening Requirements: Proof of ID, Social Security Number, and initial deposit

Bank B: City Bank

• Minimum Balance Required: $0
• Minimum Opening Balance: $0
• Monthly Fees: $5 (waived with direct deposit of $500 or more)
• Interest Earnings: 0.01% APY
• Check Card: Yes
• ATM Fees: Free at all ATMs within the network; $3.00 out-of-network
• Online Banking Fees: Free
• Direct Deposit: Available
• Customer Service: 24/7 chat and phone support
• ATM Rebates: $1.00 per month
• Overdraft Protection: Automatic overdraft with fee
• Fraud Insurance: $250,000 coverage
• Account Opening Requirements: ID and Social Security Number

Bank C: Community Trust Bank

• Minimum Balance Required: $50
• Minimum Opening Balance: $25
• Monthly Fees: $7 (waived with a $300 balance)
• Interest Earnings: 0.10% APY
• Check Card: Yes
• ATM Fees: Free at in-network ATMs; $2.00 out-of-network
• Online Banking Fees: Free
• Direct Deposit: Available
• Customer Service: 24/7 customer support via phone and email
• ATM Rebates: None
• Overdraft Protection: Available with a fee
• Fraud Insurance: $500,000 coverage
• Account Opening Requirements: Valid ID, Social Security Number, and initial deposit

Step 2: Create Your Bank Brochure

Design Your Brochure

1. Front Page:
   • Bank Name and Logo
   • Tagline or Call to Action (e.g., “Find the Best Checking Account for Your Needs!”)
2. Inside Pages:
   • Bank A:
     • Benefits: List and elaborate on the advantages.
     • Disadvantages: Mention any potential downsides.
   • Bank B:
     • Benefits: List and elaborate on the advantages.
     • Disadvantages: Mention any potential downsides.
   • Bank C:
     • Benefits: List and elaborate on the advantages.
     • Disadvantages: Mention any potential downsides.
3. Comparison Chart:
   • Create a table comparing the features of each bank.
4. Conclusion:
   • Recommend the bank that offers the best overall value based on your analysis.
   • Provide contact information for the recommended bank.

Works Cited Document

• Include references to the sources used for gathering the information. This could include websites of the banks, financial reviews, and other credible sources.