Banking Unit

In this lesson, students will be able to:

• Explain what a checking account is used for and why it is important to have one
• Understand the variety of ways they can deposit and withdraw funds from their checking account
• Describe the consequences of not being in the banking system
• Understand various options for payment (cash, check, debit, person-to-person, prepaid card) and determine when to use each type

In this lesson, students will be able to:

• Learn some tips for using their checking account effectively, including the use of mobile alerts
• Read a checking account agreement and identify the fees associated with a checking account
• Understand how overdraft protection works and how to avoid high fees attached to the service
• Read a bank statement to verify its accuracy and interpret how their money is being used

In this lesson, students will be able to:

• Conduct various banking activities, such as write a check, use an ATM, make a purchase with a debit card, make a deposit, and pay bills
• Learn how to complete a check register and why it’s important for understanding your cash flows
• Understand how to balance and reconcile their checkbook and how doing so helps protect their money

In this lesson, students will be able to:

• Appreciate the range of online and mobile banking  services available to help manage and fully utilize their checking account
• Explain what direct deposit is, how they sign up for it, and why it could be beneficial
• Learn how to use online bill pay
• Understand the advantages and disadvantages of digital wallet payments such as Apple and Google Pay
• Identify ways they can protect their checking account when using online and mobile banking

In this lesson, students will be able to:

• Compare and contrast banks and credit unions
• Consider different features, fees, and requirements of checking accounts at various banks and choose the options that are best for them, personally
• Understand the specific “perks” and requirements of a student checking account
• Conduct online research to select a checking account
• Enumerate what paperwork is required to open a checking account

Students will be able to:

• Explain how saving is linked to overall wealth
• Describe how saving and investing are different
• Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
• Acknowledge the role of delayed gratification in saving

Students will be able to

• Identify everyday obstacles Americans experience when trying to save money
• Understand why it is important to maintain an emergency fund
• Describe their own savings goals as well as big picture reasons to save, such as for college or retirement
• Estimate the cost of medium- and long-term goals and devise smaller, periodic savings goals to reach them

Students will be able to

• Identify various rules of thumb and strategies to save money
• Determine whether a direct deposit or manually saving is the best strategy for them
• Understand how compound interest works to increase savings
• Explain how to use the Rule of 72
• Recommend different mobile apps that can help them manage and increase their savings

Students will be able to

• Compare different savings vehicles such as a savings account, CD, and money market account
• Identify important criteria to consider when selecting a savings account
• Make a systematic and informed decision by gathering, evaluating, and comparing information