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
Question 1
1.
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
Question 2
2.
Required
10
Question 3
3.
Required
10
Required
10
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
Question 6
6.
Rank the 8 tips for getting the most out of a checking account. UCS
1._______
2._______
3._______
4._______
5._______
6._______
7._______
8._______
Required
30
Question 7
7.
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
Question 8
8.
In your own words, explain what direct deposit is. UCS
Required
10
Question 9
9.
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
Question 10
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
Question 11
11.
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
Question 12
12.
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
Question 13
13.
In your own words, how does one get set up to use online bill pay? UCS
Required
20
Question 14
14.
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
Question 15
15.
How is using a digital wallet payment similar to using a debit card? UCS
Required
10
Question 16
16.
Required
10
Exit Ticket
Required
2
Required
2
Required
2
How did people in the 1920s...
Get their money?
_______
Pay for things?
_______
UCS
How did people in the 1950s...
Get their money?
_______
Pay for things?
_______
UCS
Question 4
4.
How did people in the 1980s...
Get their money?
_______
Pay for things?
_______
UCS
Question 5
5.
How do people in the 21st century...
Get their money?
_______
Pay for things?
_______
UCS
What are the 3 tips you think would be most important to implement first and why? UCS
1._______
2._______
3._______
In what ways is Apple Pay more secure than using a debit card? UCS
Question 17
17.
What potential downsides do you see for using a digital wallet payment? UCS
Question 18
18.
When you open a checking account for the first time, you need to have each of these items EXCEPT…
Question 19
19.
Which of these best describes why you should make sure your bank is FDIC insured?
Question 20
20.
Which of the following would likely be LEAST important to a college freshman looking for a checking account?