Banks VS Credit Unions

Who will you put YOUR money on… and in?

Directions: compare and contrast the services that are offered at Comerica Bank and Michigan First Credit
Union.

Part 1: Comerica Bank

Go to https://www.comerica.com

Click on “Personal”
Scroll over the “Banking” tab
Click on “ Access checking”
Type in your zip code in the box under “Access Checking”
Scroll down to Fees

1. Comerica Bank states that there is no monthly maintenance fee for checking if you meet 1
of 6 certain criteria. List 2

1)

2)

2. If you DO NOT meet those criteria, how much is the monthly maintenance fee?

3. It says that “students under age 26 are eligible for waiver” if they meet what condition?

- Would you qualify for this waiver? Why or why not?

4. How much money are you required to deposit when opening a checking account at Comerica
Bank?
.
5. List 3 of the free benefits that Comerica Bank provides for checking accounts. (There’s
several, just list 3).

Scroll back up and click on “banking”, then click on “Statement Savings Account”
Click on the “fees” tab

6. How much $ do you need to open up the regular savings account?

7. How much is the monthly maintenance fee?

8. To not be charged a monthly fee, how much $ must you have in your account?

9. How many withdrawals can you make without being charged a fee?

10. What is the fee for each additional withdrawal?

11. How much interest will you earn when you deposit $ in this account?

Comerica Bank does not list their auto loan interest rates, so let’s look at a bank that
does. Go to https://www.bankofamerica to look at Bank of America’s rates to answer
the following questions:

Click on the “auto loans” tab, then click on “auto loan rates” (in blue).
12. How much interest will you be charged for a new car?

13. How much interest will you be charged for a used car?

Car Loan!

To go back to the home page, click on the Bank of America logo on the top left. Click on
“auto loans” again, and then click on “calculate a payment”.
 o How much money do you think you will be borrowing (meaning, how much do you
think the car you want to buy would cost?)? Enter that number instead of the
$20,000 that is there. How much money did you enter?

o Keep the term at 60 months (a 5 year loan is the most common)

o Is it a new car or used car? Look back at numbers 12 and 13 and enter in the interest
rate of the new or used car. Which did you choose- new or used?

o Calculate: How much is your monthly car payment for the next 60 months?

Buying a home!
Go back to the home page, click on the Bank of America logo on the top left.
Click on the “Home Lans” tab and then click “Mortgages”
Then click “Mortgage Loan Calculator”.

Enter in the amount you think you’d pay for your first home (FYI: a typical home in the
Detroit area is around $175,000 - $250.000):
Enter in a down payment of at least 5% of the purchase price
Enter in your zip code

For a 30 year fixed rate, what is :

o Your interest rate?
o What is your monthly payment?

For a 15 year fixed rate, what is:

o Your interest rate?
o What is your monthly payment?

Part 2: Peoples Driven Credit Union

Go to https://www.peopledrivencu.org (This is a credit union in Southfield, MI)

Click on “services”, and then under “PDCU” , click “Member Elegibility”

14. Review the member eligibility. Would you be eligible to join?

15. What if you move from the area or stop working in the eligible areas, are you still able to
keep your account at Peoples Driven Credit Union?
Under “accounts”, under checking accounts, click ”Free Checking”

16 List 4 benefits of People Driven checking accounts:

17. What is the minimum amount required in a checking account?

Click the “accounts” tab, under savings, click “ Credit Union Member Savings ”.

19. How can you earn dividends?

20. How much do you need to deposit to open the savings account?

Click on “Loan Specials”

23. What is the interest rate for a new or used car loan?

24. What benefits do they have for recent graduates that have a car loan through this
credit union?
 Part 3: Compare and Contrast Banks and Credit Unions

Using prior knowledge, your readings, your notes and any other items, fill in the Venn diagram
below to compare and contrast banks and credit union. Enter in at least 3 items in the
“bank only” portion, enter in at least 8 items in the “both” portion, and enter in at least
3 items in the “credit union only” portion. I have an example of each to help you get
started.

Banks Both Credit unions

Anyone can join Have ATM”s You must be a member

Part
4: Your
Choice?

Conclusions/Summary: In 4-5 sentences explain which of these financial institutions you

would want to join. Feel free to list specific examples from the information you learned from
their website.