Fp/101 Week Two

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Foundations of Personal Finance FP/101

Week 2 DQ 1-

Identify two cash management provide a short description of each. Do you have any experience with these products?

The two cash management products I choose to identify are, Checking Accounts are demands deposit accounts, giving you the right to deposit, and withdraw funds at your own will with little or no notice to the bank. Checking accounts allow you to pay bills and make deposits without the hassle of handling cash all the time. I currently have two checking accounts, one is for my personal use and the other is business use only. CD Accounts are like regular savings account, only you have to wait until the maturity before you can use any of the money that you deposited. CD generally pay a higher interest rate that other savings options, the longer the commitment, the higher the interest rate  I have never had a CD account and my experience is limited. 

Week 2 DQ 2-

What are some questions you should consider when opening a checking account?

1. Are the minimum opening balance requirements?

2. What is the bank’s overdraft policy?

3. How do fees associated with this accounts you are considering?

4. When you have questions about your account, is customer support service readily availed and helpful?

Week 2 DQ 3-

What are some ways to save and store your personal financial information?

The best ways to save and store your personal financial information is to collect all personal financial information including account numbers, names, and addresses of institutes where deposits are held. Use spreadsheet to keep track of your personal financial information. Spreadsheets are simple to use and often come with option of using a temple. Use storage bin that stack easily to maximize the space and a safe is good also.