Press Release #1

Commercial Banks

by Elizabeth Massucci, David Gardne , Bryan Jannetty, Madison Altwies

A commercial bank is a for-profit institution that offers a full range of financial services,

including checking, savings, and lending. The most common types of accounts commercial

banks offer are savings accounts, checking accounts, and certificates of deposits (CD).

A savings account is the best way to safely save up your money while earning interest on

it. A checking account offers many more deposit and withdrawal options from that of a savings

accounts. However, yet many do not collect interest on your money in the account. A certificate

of deposit is a savings alternative in which money is left on deposit for a stated time period to

earn a specific rate of return.

When polled, two Southington High School senior business classes, only 48% of students

said that they cUITently have a savings account. When asked about having a CD, none of the

students said that they had one. Some students were more knowledgeable to the banking industry

and the economy. One student said that a CD is a "waste of money right now," while another

student said, "CD? That's a compact disc right?"

These surveys showed the knowledge that some high school students know much more

about the facts of banking while others know very little. To those that do not know much about

the banking industry, it would be extremely beneficial in the long run to learn how to properly

save their money, and know the different ways in which commercial banking can help you.

Press Release #2

Credit Unio~----

b Elizabeth Massucci, avid Gardner, Bryan Jannetty, Madison Altwies

In today's world, there are many different ways to safely keep track of your

money. Some include commercial banks, online banking and credit unions.

Credit unions are non-profit organizations owned by their members and organized

for their benefit. Usually its members have some common bond like a membership in the

same labor union. Credit unions offer a variety of services such as checking accounts,

loans, credit cards, ATM's, and investment services.

Unlike commercial banks, which are owned by stock-holders, credit unions are

always in constant contact with their members. My classmates and I recently interviewed

Hannah Zmarlicki, the SHS branch manager of the Achieve Credit Union. She shared a

lot of important information from her experience working at the credit union. According

to manager Zmarlicki, credit unions usually have higher interest rates on savings and

certificates of deposits. Also, there are usually lower rates on loans.

Altogether, there are fewer and smaller fees at credit unions. The main advantage

of credit unions is the fact that they are non profit. This feature means that the earnings of

the organization are returned back to its members. Unlike commercial banks, whose

profit~ and earnings are divided among the bank's stock-holders for the benefit of the

bank (not its members.) My classmates and I also asked Manager Zmarlicki what her

opinion was on teenage students and their money saving habits. She said that from her

experience there are kids who are very good at saving their money, and are responsible

with putting the money they earn into accounts. However she also has encountered kids

who can barely maintain their account, and would rather spend their money once they

receive it instead of save it for later. Either way, credit unions are a great option for

keeping money safe, with their low fees and loan rates and high interest rates every

member can benefit somehow.

Press Release #3

On-Line Banking

by Elizabeth Massucci David Gardner Bryan Jannetty, Madison Altwies

Online banking is changing the way the banking system works. Online banking

offers many advantages such as faster transactions and higher interest rates on both

certificates of deposits and savings accounts. Another advantage is being able to readily

access your account information or set up automatic payments on bills. Money is able to

be quickly and easily transferred from account to accounts.

Online banking company's interest rates are able to be higher because they pay

substantially less money to employees because they do not need branch employees. They

are able to cut back and let the automated system do the work of many employees. This

gives the company some leniency on the interest rates to make them higher compared to

regular commercial or credit unions with many local branches throughout the country.

The biggest concern with online banking is that the account information is not

properly secured. Everybody is afraid that people will be able to hack into the network

and steel money. The truth to this myth is that your money is very secure. The companies

use a very safe encryption system that ensures that no hacker online is able to steal your

hard-earned money. If you are still unsure about the safety, ask your bank to see if they

offer a ·l28-bit encryption system. Even if your money does somehow get stolen, you

may feel better knowing that the FDIC (Federal Deposit Insurance Corporation) insures

your money up to $250,000.

We are in the age of technology. Paper is becoming more and more obsolete as

each year progresses. The internet is connecting everybody together making most

information available in a few quick clicks. This quick access to information offers many

benefits in a variety of ways; one of which is banking.