Essay On Bank Of America And Educational Employee Credit Union (Eecu)

Savings accounts

In the Bank of America, there is a minimum amount of money ($25) required to open a savings account. The amount that an individual decides to deposit into their savings account will determine the interest rate and fee charges (Bank of America par.1). Bank of America has three types of savings (Bank of America par.1) account namely: Rewards Money Market Savings Accounts (Bank of America par.1), Regular Savings Accounts, and Custodial Savings Accounts (Bank of America par.1). The annual percentage yield for the three accounts are 0.03%, 0.01% and 0.01% respectively. On the other hand, Educational Employee Credit Union’s (EECU) savings account has a minimum balance of $5 and has no fee for standard savings (EECU par.1). The annual percentage yield is 0.15% (EECU par.1).

Payment services

In both Bank of America and EECU, one can easily make payments online or through an application on their mobile phone (Bank of America). One can pay for goods and services, check their accounts statement, make deposits, and even apply for a loan (EECU par.1).

Types of Loans

Bank of America has the following types of loan: mortgage (2.75%-3.75%), refinancing (3.25%-4%), home equity (4.150%) and foreclosures loans. It also offers loans for auto refinance (2.29%), disability loans (2.39%-2.64%) and military loans (Bank of America). EECU offers the following loans signature loans (12%), overdraft protection (10%), budget balancer (12.5%), EZ loans (9.5%-10.5%) (EECU par.1), computer loans (6%), Energy efficiency loans (6.5%) (EECU par.1), student overdraft protection loan (10%-15%), my cash computer loan (3%), share secured loans (4%) and share certificate secured loans (3%)(EECU par.1).

Mutual Funds

In both the Bank of America and EECU, individuals are given the option of investing in mutual funds. This means that a group of people join together and save money in stocks or bonds for a common goal (EECU par.1). This group is given free professional advice by the bank and the credit union so that they can invest their money wisely. Mutual funds likewise allow them to invest in different areas so that if one fails they can rely on the other (EECU par.1).

Tax Assistance

Bank of America and EECU assist their customers to fill tax forms and answer any questions they may have concerning tax. They offer this service free. They also help remit taxes to the relevant authority directly from the customer’s account, if they are requested to.

Work Cited

Bank of America. 'Bank Of America', 2015. Web. 18 Mar. 2015.
EECU. 'EECU Credit Union', 2015. Web. 18 Mar. 2015.