Objectives:
Explain the purpose and benefits of a checking account
Read a bank statement
Analyze the consequences of not being in the banking system
Compare two different graph representations of account balance data
Analyze real-world data presented in a pie chart and bar graph.
Objectives:
Explain the purpose and benefits of a checking account
Read a bank statement
Analyze the consequences of not being in the banking system
Compare two different graph representations of account balance data
Analyze real-world data presented in a pie chart and bar graph.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Debit | arrow_right_alt | Comes right out of your wallet, requires going to ATM/bank or getting paid/gifted money in cash |
Check | arrow_right_alt | Connects to your checking account, takes money out instantly |
Credit | arrow_right_alt | Connects to your checking account, depending on where you are making a purchase, money may come out instantly or in a few days |
Cash | arrow_right_alt | Does not connect to your accounts, allows you to borrow money, borrowed money accrues interest which means you pay back more than you spent if you don't pay it back within a month (in most cases) |
Choose the THREE most common forms of payment, based on the graph
What total percentage of purchases were paid for with either a credit card, debit card, or check?
Make a prediction - how do you think popular payment methods might change over time?
Critical thinking - what is the benefit of paying with cash/debit/check?
Critical thinking - what is the benefit of paying with credit?
ARTICLE: The Complete Guide to Checking Accounts
Read the first few paragraphs of this article, up through the section titled “Free Checking Accounts -- and How to Qualify for One.”
List some ways to get money OUT of your checking account.
List some ways to get money INTO your checking account. Note: Two common methods not mentioned in the article are mobile banking apps and direct deposit. You’ll learn more about these methods in later lessons.
Why do you think it is important to have a FREE checking account, if possible?
INFOGRAPHIC: Good Reasons to Open a Checking Account
Now that you know how a checking account works, review the infographic to learn more about the benefits of opening one.
Which reason to open an account is the most important to you, personally? Why?
Why might it be beneficial to get a text or email alert if your balance is low, there is a deposit or withdrawal, or a bill is due?
Why do you think it’s important to choose a bank account that is FDIC-insured? Note: The Federal Deposit Insurance Corporation (FDIC) insures the money you deposit in certain bank accounts, so you will not lose your money if the bank fails.
What is the purpose of a bank statement?
Why is it helpful to check each transaction on your statement?
You get official statements monthly, but you can also stay up to date on your transactions using the bank's app or website. How often do you think you would want to check your bank transactions and balance? Why?
Why do many people choose to use check-cashing services?
What are some of the disadvantages of being unbanked?
How might the shift towards digital banking, online shopping, and online bill payments impact people who are unbanked?
Why Are Many Americans Unbanked?
Being unbanked is expensive, yet millions of Americans do not have bank accounts and regularly rely on alternative financial services, like check cashers. Analyze this graph to learn more about the reasons why people are unbanked.
Check off the THREE most common reasons people listed (cited) for not having a bank account? Hint: Look at the darker bar in each pair
What percentage of people said their main reason was not having enough money to meet minimum balance requirements? (Hint: the lighter bars show Main Reasons)
Opinion: Why do you think “bank fees are too unpredictable” is frequently cited as a reason not to have a bank account, but only 1.5% of respondents said it was the main reason?
Read this article about common checking account fees. Then, answer the questions.
What fee or fees are the largest? Approximately how much are they?
Why might small ATM fees turn out to be very expensive?
What fees do you think you personally would be most likely to get hit with (incur)? Why?
VIDEO: Bank Overdraft Fees
One of the most common fees banks charge is the Overdraft fee. Watch this video to learn what this fee is and what you can do to avoid it. Then, answer the following questions.
What is misleading about the term “overdraft protection”?
True or False: Once you are signed up for overdraft protection, you cannot opt out.
What else did Sharon do to avoid future overdraft fees?
ARTICLE: 7 Mobile Banking Alerts Everyone Should Activate
In the previous video, you saw that Sharon had set up some alerts so that she could avoid expensive banking fees. Skim this article to find out what kinds of alerts you can set up so you can avoid fees as well. Then, answer the following questions.
In your own words, briefly describe the benefit of each type of alert below:
Low Balance
Direct Deposit
Unusual Activity
Opinion: All three of the alerts are highly recommended, which one do you think is most important? Why?
Round to the nearest hundredth (two decimal places)
Round to the nearest hundredth (two decimal places)
Round to the nearest hundredth (two decimal places)
5 Point Quiz
This 5 Point Quiz will be about banking info and reading bank statements from sections 1-4 and percent questions like section 5
There will be three 1pt questions, two 2 pt questions, and two 3 pt questions. You need to complete a total of 5 points. You can do extra just in case you get something wrong.
Quiz Link (if you are doing this late, you need to ask Mrs. B to unlock it)
Click on the show your work box. Look at the pattern, then fill in the table, the graph, and answer the questions
How many blocks would Figure 4 have in the pattern?
When finding Figure 4, which representation (graph, table, or equation) is most useful for you? Why?
Given y = 3x + 2
What is the slope (rate)?
What is the starting value (y-intercept)?
Write the equation by finding the starting point and rate of change (slope)
Slope (rate)
Starting value (y-intercept)
Equation
Slope (rate)
Starting value (y-intercept)
Equation
What value goes here?
What value goes here?
y=4x+2
Rate (slope)
Starting point (Initial Value, y-intercept)
Rate (slope)
Starting point (Initial Value, y-intercept)
Write the equation for the table of values
Write the equation for the table of values
Emma is a freelance graphic designer. She charges a $50 setup fee plus $30 per hour of work.
Question: Write an equation that represents Emma’s total earnings, E, based on the number of hours worked,
A cell phone company charges a monthly base fee of $25, plus $0.10 per text message sent.
Question: Write an equation to represent the total monthly cost, C for t text messages.
David sells homemade cookies at a farmers' market. He spends $15 on ingredients and sells each cookie for $2.
Question: Write an equation for David’s profit, P after selling c cookies.
10 point graded assignment
If you are doing this late, you need to message Mrs B to unlock
