(Solved): 3. Interest-paying checking accounts - Their features and uses What are interest-paying checking ac ...

3. Interest-paying checking accounts - Their features and uses What are interest-paying checking accounts and how do they work? Most interest-paying checking accounts exhibit characteristics of both checking and savings accounts. Specifically, they earn relatively high rates of interest, especially compared with regular savings accounts, and allow relatively limited check-writing privileges. They are available through depository and nondepository institutions, including commercial banks, savings banks, credit unions, stock brokerage firms, mutual funds, and other financial services companies. What are some of the important characteristics of the following four major types of interest-paying checking accounts? The following tables shows abbreviations for the types of accounts: Use the following table to indicate which of the money market accounts is described in the statements. Use the fundamental characteristics of the four major types of interest-paying checking accounts to assess the following scenario. During a discussion about money market accounts with her coworker, Kate says that it is critically important to create a unified and coordinated bundle of checking, savings, stock brokerage, and mutual fund accounts whose transactions are reported in a single monthly statement. Which interest-paying checking account would you recommend to Kate? An MMMF An AMA A NOW account