Find the websites of three different financial institutions that offer the money management tools discussed in this section. Write a report (about 500 words) describing how you would use each of these tools.

Bank: Wells Fargo is a commercial bank that provides services for individuals, small businesses, and corporations.

The bank manages IRAs (traditional and Roth), which are retirement funds that invest in different stocks and bonds to earn interest. Traditional IRAs offer tax-deferred growth. An individual doesn't have to pay taxes on earnings until he or she is ready to make withdrawals (i. e., after retirement). Roth IRAs offer tax-deferred growth until retirement and tax-free withdrawals while in retirement.

The bank offers merchant services for small businesses. The bank processes payments via credit cards, debit cards, checks, gift cards, and international payments. Wells Fargo also gives small businesses options on how to accept customer payments: online shopping carts, mobile apps, and onsite payment processing equipment.

The bank offers affordable student loans to cover the cost of tuition, books, computers, and housing. Students are not required to make loan payments until six months after leaving school. The bank offers two types of interest rates on student loans: variable and fixed. Variable interest rates range from 3% to 8% and fixed rates range from 5% to 10%.

Credit union: Navy Federal Credit Union has more than 5 million members. It is available for anyone who is affiliated with the Armed Forces, Coast Guard, National Guard, or the Department of Defense, or anyone who has a family member who is already a Navy Federal member.

It offers a fixed-rate home equity loan for members. Home equity loans use a borrower's home as collateral for the loan. These loans are usually used to pay for major expenses such as home repairs, college education, medical bills, and so on. The borrower can borrow up to 100 percent of the home's property value, with the agreement that the fixed-rate loan will be paid off in 20 years (longest term available). This credit union guarantees no hidden closing costs on the loan.

It offers motorcycle, boat, and leisure vehicle loans. The loans require zero down payment and promise to cover the cost of the vehicle/boat, taxes, title, and tags. This is a good loan for someone who has not saved any money prior to choosing to buy a vehicle.

It also offers prepaid Visa cards, which are useful for students and young adults who are learning to control expenses. Unlike most prepaid cards, this credit union states there are no hidden monthly fees, activation charges, or purchase fees. The prepaid cards can be loaded up to $10,000 and are protected by the credit union's zero liability policy. There are spending limits associated with the program: an ATM withdrawal limit per day of $600 and a spending limit of $3,000 per day.

Financial service company: First Financial advertises itself to be a leading provider of bad credit auto loans. It markets to individuals and companies who have bad credit ratings and cannot qualify for loans with banks and credit unions.

It offers auto loans for anyone who earns $1,500 if the borrower's credit score is less than 650. People who have filed bankruptcy can also obtain loans. The company's website does not quote an interest rate or loan term.

It offers business loans to high-risk merchants with bad credit. The website does not quote interest rates or loan terms.

It offers merchant cash advances, which provide quick cash for businesses. The site does not provide detailed information about this service.

Explanation:

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