Academics · Adult Learning

Compare accounts
before the fees add up

A $15 monthly fee is $180 a year, and one overdraft can cost more than that. Make deposit insurance a must-have, weigh fees and overdraft by how tight money gets, rate each account from its fee schedule and see the yearly cost side by side.

Start a comparisonWhat you get

Comparisons

The worked example is made up: a credit union, a large bank with a monthly fee and an online bank, for a paycheck account, and two savings accounts for an emergency fund. Use initials or a code.

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What you get

Academics · Adult LearningFree

What you finish with
A saved comparison per account decision: how much insurance, fees, overdraft, access and ease matter; each account rated 1 to 5 with the monthly fee and the minimum to open; seven questions such as insurance, the fee waiver and the overdraft opt-in marked answered or still to ask; and a next step. The flags rank the accounts, turn monthly fees into a yearly cost, warn on an account not confirmed as insured and call out a must-have rated 2 or lower. A side-by-side table prints.
Who it is for
Adult learners opening a first or new bank or credit union account, and adult education and financial literacy instructors.
Format
Browser tool with a saved record per decision. Prints a side-by-side table with the scores, the full record, every comparison in a table or a blank form; downloads a spreadsheet (.csv); exports and imports a file.
Access
Free. No account, no sign-in and nothing to install. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Adult Learning space in Caveat Academics.
Support
Questions about access, an order or a correction: team@caveatacademic.com.

How to use it

  1. Make insurance a must-have.
  2. Get each account's fee schedule.
  3. Enter the monthly fee and minimum.
  4. Rate each account.
  5. Print the side-by-side table.

Start a comparison

What protects your money

Bank or credit union, in generalBankCredit unionInsured byFDICNCUACoverage$250,000 per depositor$250,000 per memberOwned byShareholdersIts membersTo joinOpen to anyoneMembership rules applyOverdraft feeOnly if you opt in*Only if you opt in*Bank or credit union, in generalInsured byBank: FDICCredit union: NCUACoverageBank: $250,000 per depositorCredit union: $250,000 per memberOwned byBank: ShareholdersCredit union: Its membersTo joinBank: Open to anyoneCredit union: Membership rules applyOverdraft feeBank: Only if you opt in*Credit union: Only if you opt in*
Coverage is per depositor, per insured institution, per ownership category. *The opt-in rule covers ATM and one-time debit card purchases.

Deposit insurance

Money in a checking or savings account at an FDIC-insured bank is protected up to $250,000 per depositor, per bank, per ownership category. Credit unions insured by the NCUA have the same limit. Some apps that look like banks are not; check that the bank holding your money is insured.

Overdraft and low-cost accounts

Banks and credit unions must ask your permission before charging an overdraft fee on ATM withdrawals and one-time debit card purchases; you can say no and the purchase is declined instead. Accounts certified under the Bank On national standards have low or no monthly fees and no overdraft fees.

Sources

  1. Federal Deposit Insurance Corporation. Deposit Insurance FAQs and BankFind (fdic.gov).
  2. National Credit Union Administration. Share Insurance Coverage (mycreditunion.gov).
  3. Consumer Financial Protection Bureau. Checking accounts and overdraft opt-in (consumerfinance.gov).
  4. Cities for Financial Empowerment Fund. Bank On National Account Standards (joinbankon.org).

The worked example and its accounts are made up. Insurance limits are the current federal limits in general terms; check each institution's own fee schedule. Nothing you type is sent to Caveat. Support: team@caveatacademic.com.