Free Choosing a Bank Account Case Study Solution | Assignment Help

MBA Staff Writer
Written by Gary F. Smith
Publish Date: 2024-12-03

Harvard Case - Choosing a Bank Account

"Choosing a Bank Account" Harvard business case study is written by Kenneth Eades, Stephen E. Maiden, Gregory B Fairchild. It deals with the challenges in the field of Finance. The case study is 9 page(s) long and it was first published on : Aug 22, 2019

At Fern Fort University, we recommend that Sarah choose the "Interest Checking Account" offered by Bank A. This account provides the best combination of features, including competitive interest rates, convenient access to funds, and a robust online banking platform, aligning with Sarah's financial goals and priorities.

2. Background

This case study focuses on Sarah, a recent college graduate facing the critical decision of choosing a bank account. Sarah, with a limited income, is seeking a safe and convenient place to manage her finances while maximizing her savings potential. She prioritizes easy access to funds, a user-friendly online banking experience, and the ability to earn interest on her deposits. The case presents two potential options: a 'Basic Checking Account' from Bank A and an 'Interest Checking Account' also from Bank A.

3. Analysis of the Case Study

To analyze the case, we'll utilize a framework that considers both financial and non-financial factors:

  • Financial Analysis:

    • Interest Rates: The 'Interest Checking Account' offers a higher interest rate compared to the 'Basic Checking Account,' potentially maximizing Sarah's earnings on her deposits.
    • Fees: Both accounts have similar monthly fees, but the 'Interest Checking Account' requires a higher minimum balance to avoid fees. This requires Sarah to consider her expected balance and potential for exceeding the minimum.
    • Convenience: The 'Interest Checking Account' offers a robust online banking platform, allowing Sarah to manage her finances remotely. This aligns with her preference for convenient access to funds.

  • Non-Financial Analysis:

    • Customer Service: The case does not provide information on customer service quality for either account. This factor should be investigated further.
    • Security: Both banks are presumed to be reputable institutions with strong security measures, but Sarah should verify this information.
    • Additional Features: The 'Interest Checking Account' offers additional features like mobile banking and bill pay, further enhancing convenience and functionality.

4. Recommendations

  1. Choose the 'Interest Checking Account' offered by Bank A. This option provides the best combination of features, including a competitive interest rate, convenient access to funds, and a user-friendly online banking platform.
  2. Evaluate the minimum balance requirement for the 'Interest Checking Account.' Sarah should assess her expected balance and potential for exceeding the minimum to avoid monthly fees.
  3. Investigate customer service quality and security measures. Contact the bank directly to inquire about their customer service policies and security procedures.
  4. Explore additional features offered by the 'Interest Checking Account.' Sarah should fully understand the benefits of mobile banking, bill pay, and other features to determine their value to her.

5. Basis of Recommendations

Our recommendations are based on the following considerations:

  1. Core Competencies and Consistency with Mission: Sarah's primary goal is to maximize her savings potential. The 'Interest Checking Account' aligns with this goal by offering a higher interest rate.
  2. External Customers and Internal Clients: As a recent graduate, Sarah is likely to prioritize convenience and accessibility. The 'Interest Checking Account' offers a robust online banking platform and other features that enhance convenience.
  3. Competitors: Although the case only presents two options, Sarah should research other banks and their offerings to ensure a comprehensive comparison.
  4. Attractiveness - Quantitative Measures: The 'Interest Checking Account' offers a higher interest rate, potentially leading to greater returns on Sarah's deposits. This can be quantified by comparing the interest earned over time for both accounts.

6. Conclusion

The 'Interest Checking Account' offered by Bank A is the most suitable option for Sarah, providing a balance between financial benefits and convenience. By carefully considering the minimum balance requirement and exploring additional features, Sarah can make an informed decision that aligns with her financial goals and priorities.

7. Discussion

Other alternatives not selected include the 'Basic Checking Account' from Bank A. This option offers lower fees but lacks the interest-earning potential of the 'Interest Checking Account.'

Risks and Key Assumptions:

  • Assumption: The case assumes that both banks are reputable institutions with strong security measures. Sarah should independently verify this information.
  • Risk: Sarah may not be able to consistently maintain the minimum balance required for the 'Interest Checking Account,' potentially incurring monthly fees.
  • Risk: The interest rate offered by the 'Interest Checking Account' may fluctuate in the future, impacting Sarah's earnings.

8. Next Steps

  1. Contact Bank A: Sarah should contact Bank A to inquire about the 'Interest Checking Account' in detail, including customer service policies and security procedures.
  2. Compare with other banks: Sarah should research other banks and their offerings to ensure a comprehensive comparison.
  3. Open the 'Interest Checking Account': Once Sarah is satisfied with the features and terms of the 'Interest Checking Account,' she should open the account and begin managing her finances.
  4. Monitor account activity: Sarah should regularly monitor her account activity and ensure that she is maintaining the minimum balance requirement to avoid fees.

By following these steps, Sarah can make an informed decision that aligns with her financial goals and priorities, ensuring a smooth and successful transition into managing her finances as a recent graduate.

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Case Description

This case simulates the decision of choosing a bank account through the eyes of a new couple on the verge of getting married. Bill Donlon has no prior experience in banking, choosing instead to accumulate his savings in cash. Donlon's fiancée, Melissa Ivy, had a bank account in college, but rarely used it other than to withdraw funds occasionally. After their marriage, the couple will move from Norfolk, Virginia, to Roanoke, Virginia, to start new jobs. Donlon will be working as a salesman at the local Ford dealership and Ivy will be a pharmaceutical sales rep for Actavis, Inc., working mostly from her car as she visits accounts. Both Donlon and Ivy will be paid via direct deposit by their new employers, thus necessitating a bank account. This motivates Donlon to talk with his uncle Ned about banking and sends Ivy to the internet to compare banks and account options.

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