Pick one: Read each customer situation below and determine what deposit account product(s)

will best meet each customers needs. Discuss reasons.

Situation 1

Toni has come to your bank to open a savings account. She has $25,000 and wants to

earn as much interest as possible. She will not need access to the funds for at least six

months.

Situation 2

Paul is excited to have received his first paycheck from an after-school job at a pizza

parlor. He has come to your bank to open a deposit account. He currently has no

monthly bills to pay but would like to take money out of the account as needed. He

estimates that he will be depositing about $100 every two weeks.

Situation 3

Anna is self-employed and wishes to save money for retirement. She also has some

extra money in her checking account (about $5,000) and wants to put that money into

an account that will earn interest. However, she may need access to the money from

time to time (no more than twice a month).

Situation 4

Howard is planning to open a retail store in the area. He will need an account to

deposit revenue and pay expenses. He also has about $20,000 that will be used to

purchase inventory, but he will not need it immediately. He purchases inventory two

or three times a month and will need funds available only as needed.