How Checking Works - spring.pptx
- 1. HOW CHECKING WORKS Standard – Planning and Money Management Learning Objectives Students will be able to •Compare and contrast services and products available from financial providers such as commercial banks, savings and loans, and credit unions.
- 2. A CHECKING ACCOUNT IS MOST PEOPLE’S FIRST EXPOSURE TO THE FINANCIAL WORLD. WHAT QUESTIONS DO YOU HAVE ABOUT CHECKING ACCOUNTS OR WHAT WOULD YOU LIKE TO LEARN ABOUT THEM? Essential Questions: How does a checking account work? Understand the variety of ways to deposit and withdraw funds from a checking account. Describe the consequences of not being in the banking system. Why should I have a checking account? How do I read my bank statement? Understand what the various components of a bank statement mean to interpret where you money goes.
- 3. WHAT PERCENT OF 14–22-YEAR- OLDS HAVE A BANK ACCOUNT? DO YOU HAVE ONE?
- 4. SPENT: LOOKING FOR CHANGE You may be wondering, “What are some of the disadvantages if you do NOT have a checking account?” Watch this short segment (9:08-12:47) of a much longer documentary to learn what some of the challenges are. Then, answer the question below. What are some of the disadvantages of being locked out of, or choosing not to belong to, the traditional banking system?
- 5. HOW DO BANKS WORK? What is the purpose of a Bank? What is a Savings Account? What is a Checking Account? What is a Loan?
- 7. TEN REASONS TO OPEN A CHECKING ACCOUNT It’s a way to keep your money safe There are no transaction limits You have more options for paying They make it easy to manage your money Dealing with checks is easier They offer more features than digital wallets Paying bills is a breeze You can get cash from an ATM There is a paper trail Member-specific benefits
- 8. Banks • Insurance covers up to $250,000 per person, per account Credit Unions • Insurance covers up to $250,000 per person, per account
- 10. WHAT TWO METHODS OF DEPOSITING AND WITHDRAWING MONEY ARE MOST CONVENIENT FOR YOU? WHY?
- 11. HOW DOES A PRE-PAID CARD COMPARE TO A DEBIT CARD?
- 12. TOP TIPS ON CHECKING YOUR BANK STATEMENT Credit = Money coming into account Debit = Money leaving account Use your own bank’s ATM Find a low fee account Keep an eye on your balance Check you have enough money to cover you
- 14. THE FINE PRINT EXPLORE A BANK STATEMENT IN DETAIL ANSWER THE QUESTIONS USING THE BANK STATEMENT
- 15. EXIT TICKET