I'm definitely NOT gonna utilize their service, but now I'm concerned that I linked my bank account to them. Should I reverse that and get rid of that account altogether?
It's best if you are not gonna use your account there, just delete it. There's nothing better to do other than that. You might forget that you have input your bank account to them, at least by deleting your account you can just set and forget about them.
So, I just downloaded Electrum and was setting it up and when i got to the screen where it asks what kind of wallet I want to create, my Norton Power Eraser popped up saying that it detected a lot of outbound traffic and if I wanted to run it... Should there be a lot of outbound traffic when setting up my wallet?
And which type of wallet should I choose?
The standard wallet would be okay since you are already just starting. Sometimes antivirus detects that anything cryptocurrency related could be a possible entry point for a hack or something. I'm worried that that outbound traffic might be because of the Electrum version that you have downloaded.
https://electrum.org/#downloadAnd verify your downloaded software as well
https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/