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1.5 Online & Mobile Banking Due (Due 8/23/22 SOC)

Last updated 12 months ago
20 questions
Note from the author:

In this lesson, you will learn 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
  • 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

Complete the entire document and show work for full credit.

In this lesson, you will learn 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
  • 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

Complete the entire document and show work for full credit.

1.5a Online & Mobile Banking

Required
5

Have you used online or mobile banking before?
If yes, what did you use it for and why?
If no, what has kept you from using it thus far?

The Evolution of Personal Banking

This infographic provides an overview of how banking has changed every thirty years since the 1920s. Review the graphic and complete the chart.



Required
10
How did people in the 1920s...

Get their money?
_______

Pay for things?
_______

UCS
Required
10
How did people in the 1950s...

Get their money?
_______

Pay for things?
_______

UCS
Required
10
How did people in the 1980s...

Get their money?
_______

Pay for things?
_______

UCS
Required
10
How do people in the 21st century...

Get their money?
_______

Pay for things?
_______

UCS

8 Tips for Getting the Most Out of Your Checking Account

Sure, anyone can set up a checking account and then execute basic skills like using the ATM or swiping their debit card at the mall. But how do you FULLY maximize all of the benefits of a checking account to make your financial life stress free? Read these 8 tips and answer the questions.

Required
16
Rank the 8 tips for getting the most out of a checking account. UCS
1._______
2._______
3._______
4._______
5._______
6._______
7._______
8._______
Required
30
What are the 3 tips you think would be most important to implement first and why? UCS

1._______

2._______

3._______

Pay Day 101: Direct Deposit

Tip 1 in the previous article was to set up direct deposit, which you can do once you have your first job that pays you formally via payroll check. Watch this video to learn what some of the benefits of direct deposit are. Then, answer the questions.



Required
10

In your own words, explain what direct deposit is. UCS

Required
10

Out of the four benefits of direct deposit (safety, convenience, quick access to money, increased savings), which is the MOST compelling to you? Why? UCS

Exit Ticket

Required
10
Name one way banking has changed in the last 100 years and one way that it has stayed the same.

Changed
_______

The same
_______

1.5b Online & Mobile Banking

The Advantages of Personal Internet Banking

The second tip for fully utilizing your checking account is to sign up for mobile and online banking. Being able to conduct transactions online and on our phones has reduced the need for people to go to banks in person and do things on paper. Read the Features section of the article (up to Making Transactions Safe) about the advantages of online banking. Then, answer the questions.

Required
20
The article listed 7 major advantages of online banking. Choose 2 and, in your own words, explain how they can make banking easier or more convenient. UCS

1. _______

2. _______
Required
20

Do you already conduct your banking online or through your phone? If yes, which of these advantages do you find helpful? If no, which of these do you think you would find to be the most helpful? Why? UCS

Online Bill Pay: What It Is and Why You Should Use It

Tip 7 was to look into automatic payments. Before you get to the level of recurring payments, you should understand how online bill pay, in general, works. Read this article and then answer the questions.

Required
10

In your own words, how does one get set up to use online bill pay? UCS

Required
20
Picture yourself moving out on your own or maybe with a roommate, working your first full-time job. List at least four people or companies you might want to pay regularly by using online bill pay.

1._______

2._______

3._______

4._______

Using Apple Pay in the Real World

When you learned about payment types in an earlier lesson, you learned about person-to-person payments. Apple Pay, Android Pay, and Samsung Pay are ways to make payments at retail locations using your phone. Watch this (slightly old) video for Apple Pay and answer the questions.



Required
10

How is using a digital wallet payment similar to using a debit card? UCS

Required
10

In what ways is Apple Pay more secure than using a debit card? UCS

Required
10

What potential downsides do you see for using a digital wallet payment? UCS

Exit Ticket

Required
2

When you open a checking account for the first time, you need to have each of these items EXCEPT…

Required
2

Which of these best describes why you should make sure your bank is FDIC insured?

Required
2

Which of the following would likely be LEAST important to a college freshman looking for a checking account?