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4.4
4.4 Lesson Plan
DISCUSSION:
Discuss these questions with your classmates or with a partner.
Do you have your own checking account already?
If so, how or why did you choose your specific account?
If not, what factors do you think are most important in selecting an account?
1 5 mins
In this activity, students will be able to:
Discuss the experiences with checking accounts.
ARTICLE:
Difference Between a Bank & a Credit Union
You’ve got a couple of options when it comes to choosing an establishment for opening a checking account. Read the article and then choose a bank, credit union, or both for each statement below:
Must be part of a specific member group to join
Profits are given to shareholders
Offer checking and savings accounts, CDs, loans
Deposits are insured up to $250,000
Fees tend to be higher
Interest customers earn on deposits tends to be higher
2 8 mins
In this activity, students will be able to:
Understand the difference between a commercial bank & a credit union.
ARTICLE:
10 Questions To Ask Before Opening A Checking Account
You need an everyday place to manage your household bills, and a checking account lets you do just that. But with all the different banks and credit unions out there to choose from, there are several questions you need to ask before you open a checking account. To find the best checking account for your needs, ask these 10 questions to help match you with the perfect balance of fees and features.
Which cost factors are most important to you, personally?
What non-cost features are you looking for in a checking account?
Which overall feature is most enticing for you when considering a checking account?
A friend says, “Eh, I’ll just open an account at my parents’ bank, and I’ll switch later if I don’t like it.” Does this sound like a good strategy to you? Why or why not?
3 8 mins
In this activity, students will be able to:
Understand the features of a checking account
VIDEO:
Five Questions to Ask When Choosing a Bank
Watch this video specifically about opening a checking account as a student. Then, answer the questions.
According to this video, what should a good checking account offer for FREE?
Why would it be important to have a low minimum balance requirement on a student checking account?
The video recommends asking what happens to your account when you graduate from college. Why should you ask this question?
4 8 mins
In this activity, students will be able to:
Analyze how to navigate the choosing of a checking account.
ARTICLE:
Best Banks for College Students
Review this list to familiarize yourself with banks that offer accounts to get students started with opening a checking account. Then, answer the questions.
With ONLY the information provided in this chart and what you know from personal experience about each bank, which of these accounts would you choose?
Why?
Before opening an account at your chosen bank, list two other questions you’d want answered.
5 8 mins
In this activity, students will be able to:
Review a list of the most popular banks for college students.
ACTIVITY :
Select a Checking Account
Now that you have considered features for various checking accounts, it’s time to decide which criteria are important to YOU and to select the best bank to meet your needs. Follow the directions on this worksheet to complete the activity.
6 30 mins
In this activity, students will be able to:
Determine what features they value in a checking account and then conduct online research to determine which accounts best meet their needs.
Compare and then select which bank would be best for them.
VIDEO:
How to Open a Checking Account: A Step-by-Step Guide
Read the “Opening a Checking Account: A Step-By-Step Guide” section of this article to learn about the logistics of opening an account once you’ve decided on the right bank for you. Then, answer the questions.
Which pieces of documentation you need to open the account do you ALREADY have? Are there any documents required to open an account that you don’t yet have and will need to obtain?
Do you already have the minimum deposit amount needed for your selected bank?
If so, how will you get the money into your account?
If not, what’s your plan for saving up the minimum deposit amount? How long do you think it would take to save this amount?
Would you prefer to open your account in person at a bank branch or online? Why?
7 10 mins
In this activity, students will be able to:
Enumerate what paperwork is required to open a checking account
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