1. Advantages of credit unions: � Pay higher interest rates than commercial banks � Have lower fees and minimum balances � Tend to offer more favorable rates on loans Disadvantages of credit unions: � You must be eligible to become a member � You must become a member before you can use it � Generally do not offer all the services/conveniences that a local bank would 2. Advantages of online banking: � Access to your accounts 24 hours a day 7days a week � Can transfer funds easily � Do banking without leaving your home-pay credit card bills and loans online, monitor accounts � Usually offer lower fees/costs, but higher interest rates Disadvantages of online banking: � Some banks may charge a fee for the use of online banking � Security issues � Do not generally have physical location so it may be difficult to resolve any problems with your account 3. The following are factors that the Dumont�s should consider when choosing another bank: � Cost Factors o What are the fees associated with the account? o How are the rates? o Does the institution require......

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