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Sarah wanted a savings account to help her save for a car and she wanted a checking account to pay her bills. She went to a bank near her office. Sarah was surprised that they charged a monthly fee to anyone with less than $1,000 in the bank.
So Sarah decided to do some homework. She made a list of things that were important to her. She wanted a bank with lots of ATMs. She didn't want to pay fees, so she wanted a bank that let her keep a low minimum balance without charging her extra. She also wanted a bank that paid interest on both her savings and checking accounts.
Knowing what she wanted, Sarah compared a credit union to another bank. The credit union didn't have many ATMs, but they could use any other credit union ATM for free. There were no fees or minimum balance requirements, and both accounts paid a low interest rate.
The bank had many ATMs and it also charged a fee if one's balance fell below 300. The savings account paid interest, but the checking account did not. Sarah thought the bank might be more convenient, but she worried about paying fees if her balance dropped below 300. And she liked the idea of getting even a little bit of interest on his money. Sarah decided the right place to help her save and pay her bills was the credit union. But it was a difficult decision.
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