Nicole still has her checking account with her hometown bank, and the ATM fees are killing her. Jack banks at the local credit union, which has 10 ATMs around town and allows unlimited use of these;...

Nicole still has her checking account with her hometown bank, and the ATM fees are killing her. Jack banks at the local credit union, which has 10 ATMs around town and allows unlimited use of these; however, it charges for withdrawals from other bankowned ATMs. Peter banks at a large national bank with ATMs all over the country. He likes his bank because he travels back to Colorado frequently, and he can typically find his bank’s ATMs when he travels; however, there are only three of his bank’s ATMs in this town. Leigh banks at a locally owned bank, which has purchased some of her artwork. She likes banking with them because they gave her a car loan when she was a new teacher and didn’t have a long salary history. As a result, she feels very comfortable with the personal service they provide.

Jen is also still banking with her hometown bank. She plans to spend the summer in an internship at a resort in Florida and then will be back in town in the fall. Since she doesn’t plan on returning to her hometown during the summer break, she thinks it is time to change banks as well.

All of the banks used by the roommates have similar accounts and fees.

1. Whose bank would you suggest Nicole switch her checking account to and why?

2. Whose bank would you suggest Jen switch her checking account to and why?