Economics Project
Becoming an adult brings upon many new responsibilities that you never have had
before. One of those responsibilities is picking a bank that you will now use to handle your
money. It is a very big decision because there are many options available to you and it is hard to
choose which option is the right one. There are many things to look for when choosing a bank.
Some important things to look at are FDIC insurance which means if your bank fails you will
still be guaranteed your money. Also things like reasonable fees, low minimum requirements,
great customer service, highly accessible ATMs and online banking are all important
components which will impact your decision on which bank you pick. The decision on which
bank to choose is a tough one which will take time. Your decision will be based on personal
research on various banks and also personal experiences of friends and family members who
have used the banks.
I interviewed Angelina Donadio and Mary Lynne Webster and asked them about what
banks they have affiliated with and what their best advice for me would be. Mrs. Donadio told
me that it is important to not put all of your money in one place. She belongs to more than one
bank because she doesn’t feel safe keeping her money all in one bank incase a bank were to fail.
“Don’t keep all your eggs in one basket,” is what Mrs. Donadio told me regarding my future
banking. She works at Trustco bank but also has a bank account at First Niagara. Even though
she works at Trustco she fears having all of her money in one bank is too risky and both banks
have their own advantages and disadvantages. Another thing she told me is that I have to begin
saving up now. In her opinion there will be no social security or pensions in the future so it is
important I begin saving now because times will get tougher. Mrs. Donadio has (add accounts
and services she has at each bank). A very important aspect in choosing a bank for her was
interest rates and reasonable fees. She searched for the cheapest interest rates and reasonable fees
which would help her get the most out of her money. Although working at Trustco does give her
some benefits in banking, she still stays strong by her belief that she shouldn’t just have one
bank.
Mary Lynne Webster also has more than one bank she is affiliated to. She uses (name
banks) which help her use her banking accounts across the country. One thing that is important
to Mrs. Webster is online banking. It is very important to her that she can go online and do
transactions without having to go to the bank. It is also important to her that her banks are not
just located in one place. She has a bank in Florida (name) and some in New York (names) so
that no matter where she is she can go to the bank if she needs to. “ ( add quote here)