In this lesson students practice comparing and evaluating various banking services, including checking and savings accounts, debit cards/ATM, and online banking. Perform the tasks associated with maintaining checking and savings accounts.
Teaching Objectives:
- Understand the services offered by banks, savings and loans, and credit unions
- List some of the factors to consider when shopping for bank services
- Understand the responsibilities of having a checking account
- Write checks and keep a running balance in a checkbook
- Describe how to deposit a check
- Read and interpret a checking account statement
- Reconcile a checking account using a checking account statement and a check register
- Describe what an ATM card is and explain how it is used
- Describe what a debit card is and explain how it is used
Suggested Grade Level
7th Grade – 12th Grade
Lesson Excerpt:
If the fee for an ATM transaction to withdraw money is $1 and a person withdraws money twice a week, the banking fees for that person will be $104 a year. Over a five-year period, those fees invested at five percent would grow to more than $570.
Most students know that banks and other financial institutions (credit unions, savings and loan associations) offer a variety of services. However, few people know how to make wise choices when using financial services. In this lesson, students will learn about the different types of financial service products available and the features of each.
When selecting a checking account, remind students to consider the required balance, monthly fees, interest earned, cost of printing checks, and charges for other fees and services.
Teacher’s Guide
Presentation Slides