1.3 Read the Fine Print Due 8/18/22 SOC

Instructions

Learning Objectives
Students will be able to
Learn 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

QUESTION OF THE DAY: What is the average fee to take money out of a non-network ATM? 
Answer the question on the first slide in your Student Activity Packet. Then, follow your teacher’s directions on how to answer the follow-up questions.

Required

5

Make an estimate -- what is the average fee to take money out of a non-network ATM?

Required

10

Did it surprise you that the charge includes TWO different charges? Why or why not? UCS

How to Start Using Your Checking Account Properly
Checking accounts are fundamental, as you saw in the last lesson, but it’s important to know how to use your account properly. Watch this video, starting at 0:42, to answer the questions.

Required

10

Why is it vitally important to understand the fees your bank may charge on your checking account? UCS

Required

10

Why do the women from the Financial Diet recommend using direct deposit, mobile banking, and financial apps? UCS

Required

10

Bank Overdraft Fees
Overdraft fees, which average $35 per transaction, can devastate your checking account balance. Let’s dive a little deeper into these fees and how you can prevent them. Watch this video and then answer the questions.

Required

10

What is misleading about the term “overdraft protection”? UCS

Required

2

Required

20

3 Mobile Banking Alerts Everyone Should Activate
In a previous video, you saw Sharon recommend setting alerts to help prevent overdraft fees. Skim this article for recommendations on three alerts you, too, should set. Then, answer the questions.

Required

15

In your own words, briefly describe the benefit of each type of alert below UCS:

a. Low Balance:_______ 

b. Direct Deposit:_______ 

c. Unusual Activity:_______

Required

20

While all three of the alerts are highly recommended, which one do you think is most important? Why? UCS

Exit Ticket

Required

10

All of the following are reasons to open a checking account EXCEPT…

Required

5

Name one benefit of having a checking account. UCS

1.3b Read the Fine Print
FINE PRINT: Checking Account Agreement

In this activity, you will explore a checking account agreement in more detail to understand its various components. Then, you will answer questions using the sample checking account agreement below.

Part I: Read The Fine Print
Analyze this sample checking account agreement and answer the questions that follow.

Required

5

A Student Checking account would be classified as what type of account according to the Agreement? UCS

Required

15

What is the minimum deposit needed to open each type of account?

Basic Account-_______ 

Special Account-_______ 

Premium Account-_______

Required

15

Assuming you have a TCF Free Student Checking Account, what are 3 possible fees that would end up costing you extra money? UCS
_______ 
_______ 
_______ 

Required

10

You choose Option A for Overdraft Options. What would happen if you had $30 in your checking account and you tried to take out $45 at the grocery store using your debit card? UCS

Required

10

You choose Option B for Overdraft Options. Assume that you have $30 in your checking account and $50 in your savings account. What would happen if you tried to take out $45 at the grocery store using your debit card? UCS

Required

20

You choose Option D for Overdraft Options. What would happen if you had $10 in your checking account and completed the following debit card transactions on the same day:

Required

5

Assuming you have a TCF Free Student Checking Account and chose Option D for your overdraft, how many maximum overdraft fees can you incur in one day? UCS

Required

2

You have the following transactions post to your account on the same day: your paycheck deposit, a check you wrote for your rent, and a debit transaction for groceries. Which would be processed FIRST?

Required

10

You deposit your birthday check for $50 at the TCF ATM. When will you have access to the money?

Required

30

1.3 Read the Fine Print Due 8/18/22 SOC

QUESTION OF THE DAY: What is the average fee to take money out of a non-network ATM?

Make an estimate -- what is the average fee to take money out of a non-network ATM?

Did it surprise you that the charge includes TWO different charges? Why or why not? UCS

How to Start Using Your Checking Account Properly

Why is it vitally important to understand the fees your bank may charge on your checking account? UCS

Why do the women from the Financial Diet recommend using direct deposit, mobile banking, and financial apps? UCS

Bank Overdraft Fees

What is misleading about the term “overdraft protection”? UCS

3 Mobile Banking Alerts Everyone Should Activate

While all three of the alerts are highly recommended, which one do you think is most important? Why? UCS

Exit Ticket

All of the following are reasons to open a checking account EXCEPT…

Name one benefit of having a checking account. UCS

1.3b Read the Fine Print

FINE PRINT: Checking Account Agreement

In this activity, you will explore a checking account agreement in more detail to understand its various components. Then, you will answer questions using the sample checking account agreement below.

Part I: Read The Fine Print

Analyze this sample checking account agreement and answer the questions that follow.

A Student Checking account would be classified as what type of account according to the Agreement? UCS

You choose Option A for Overdraft Options. What would happen if you had $30 in your checking account and you tried to take out $45 at the grocery store using your debit card? UCS

You choose Option B for Overdraft Options. Assume that you have $30 in your checking account and $50 in your savings account. What would happen if you tried to take out $45 at the grocery store using your debit card? UCS

You choose Option D for Overdraft Options. What would happen if you had $10 in your checking account and completed the following debit card transactions on the same day:

Assuming you have a TCF Free Student Checking Account and chose Option D for your overdraft, how many maximum overdraft fees can you incur in one day? UCS

You have the following transactions post to your account on the same day: your paycheck deposit, a check you wrote for your rent, and a debit transaction for groceries. Which would be processed FIRST?

You deposit your birthday check for $50 at the TCF ATM. When will you have access to the money?

What advice would you offer to someone who is considering opening a checking account? What fees and criteria should they pay attention to? Why? UCS

QUESTION OF THE DAY: What is the average fee to take money out of a non-network ATM?

Make an estimate -- what is the average fee to take money out of a non-network ATM?

Did it surprise you that the charge includes TWO different charges? Why or why not? UCS

How to Start Using Your Checking Account Properly

Why is it vitally important to understand the fees your bank may charge on your checking account? UCS

Why do the women from the Financial Diet recommend using direct deposit, mobile banking, and financial apps? UCS

Checking account transactions are NOT reported to the credit bureaus and do not affect your credit score. Why is it still important to manage your checking account well? UCS

Bank Overdraft Fees

What is misleading about the term “overdraft protection”? UCS

True or False: Once you are signed up for overdraft protection, you cannot opt out.

3 Mobile Banking Alerts Everyone Should Activate

While all three of the alerts are highly recommended, which one do you think is most important? Why? UCS

Exit Ticket

All of the following are reasons to open a checking account EXCEPT…

Name one benefit of having a checking account. UCS

1.3b Read the Fine Print

FINE PRINT: Checking Account Agreement

In this activity, you will explore a checking account agreement in more detail to understand its various components. Then, you will answer questions using the sample checking account agreement below.

Part I: Read The Fine Print

Analyze this sample checking account agreement and answer the questions that follow.

A Student Checking account would be classified as what type of account according to the Agreement? UCS

You choose Option A for Overdraft Options. What would happen if you had $30 in your checking account and you tried to take out $45 at the grocery store using your debit card? UCS

You choose Option B for Overdraft Options. Assume that you have $30 in your checking account and $50 in your savings account. What would happen if you tried to take out $45 at the grocery store using your debit card? UCS

You choose Option D for Overdraft Options. What would happen if you had $10 in your checking account and completed the following debit card transactions on the same day:

Assuming you have a TCF Free Student Checking Account and chose Option D for your overdraft, how many maximum overdraft fees can you incur in one day? UCS

You have the following transactions post to your account on the same day: your paycheck deposit, a check you wrote for your rent, and a debit transaction for groceries. Which would be processed FIRST?

You deposit your birthday check for $50 at the TCF ATM. When will you have access to the money?

What advice would you offer to someone who is considering opening a checking account? What fees and criteria should they pay attention to? Why? UCS

Checking account transactions are NOT reported to the credit bureaus and do not affect your credit score. Why is it still important to manage your checking account well? UCS

True or False: Once you are signed up for overdraft protection, you cannot opt out.