If someone had $5,000 and wanted to place it in a financial institution, what type of institution and account would you suggest to the person? What factors would you ask the person about before making your recommendation?
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Answer:
I, personally, use Campus USA Credit Union with both a checking account and a savings account, so this is what I would recommend simply because I use it and am so far satisfied with the services. But it is alsoimportant that they take in other factors, not just the fact that I myself am satisfied with the services I receive. These factors are the four P’s. Products, price, place, and people. Many institutions carry similar products, but some can fit a person’s needs more than the others. Price plays an important role in the decision-making based on the person, they must decide on things such as if they want an uninsured account that has higher interest rates or if they want an insured account that has lower interest rates. Place is important because many people just settle for what is closest to them, just because it is convenient, putting their money at a potential risk, or losing the opportunity to seek better benefits elsewhere. People need to be considered in the decision-making process as well. Yes, online customer service is convenient for simple services, but a lot of the time, it is safer to have a physical location that you can go to in the case that you need help immediately. Often, having an actual person that you can sitdown and talk to is much more helpful than doing it online where things may be misunderstood