Final answer:
To choose between banks, savings and loans, and credit unions for opening a checking account, one should compare personal criteria such as services, fees, convenience, and reputation. Factors like fees, interest rates, the number of branches, and customer service should be charted and weighed against personal financial needs to make an informed decision.
Step-by-step explanation:
When comparing various financial institutions such as banks, savings and loans, and credit unions, one should consider factors like services, fees, convenience, and reputation. Banks are for-profit entities that provide a wide range of financial services and are often widely accessible.
Savings and loans, also known as thrifts, traditionally specialize in housing-related loans and may offer competitive rates for such loans. Credit unions are nonprofit entities owned by their members, often providing favorable rates and personalized services.
If one were to make a decision on where to open a checking account, they should chart the services, possibly including fee structures, interest rates, accessibility (such as the number of branches and ATMs), customer service ratings, and any additional benefits that might suit their financial needs and lifestyle.
For example, if convenient access to physical branches and a broad array of services are top priorities, a bank might be the best choice. On the other hand, if the focus is on lower fees and better interest rates, and if one is eligible for membership, a credit union might be preferred.
Each individual will have different needs, so it's essential to create a personal criteria chart and compare each institution based on those personalized needs before making a decision.