Question

Assume that you are going to open a checking account. You are examining different banks and banking accounts to choose a bank account for your needs. Which of the following statements should not be one of your reasons for examining different banks?
a.
Being more informed leads to being better prepared to make financial decisions.
b.
Bank E offers you a chocolate bar for filling out an application for checking and credit at the same time.
c.
Banks could have charges that you do not know about until reading carefully.
d.
You will become more aware of how well the banks meet your particular needs.

Answer 1

b.

A free chocolate bar is not a good reason to choose or to examine a bank. You should focus on substantive factors — fees, account terms, services, convenience, security and how well the bank meets your needs — and be wary of small promotional incentives or pressure to apply for credit.