Standard 2

Objective: Students will demonstrate understanding of the differences between checking and savings accounts, and the benefits of each.

To satisfy this objective, it is necessary that you provide a reflection as explained below.

Evidence:

Compare and contrast standard banking methods with online/internet services.

Standard Banking- Pros- Can be helpful when you are in an emergency cause you can talk with a real person, can do the same and more than online banking. Cons- Very Time consuming

Online Banking- Pros- Fast, easy, up-to-date, more rewards, automatic bill pay, helps control money more easily, can set goals. Cons- more ways to be rejected, easier to be a victim of identity theft

Reflection:

Explain the differences between checking and savings accounts, and the benefits of each.

A checking account is for your everyday transactions, such as writing checks, debit card transactions, online purchases, etc. A checking account can also be overdrawn easily if you don't keep your finances in check. A savings account is meant to be sitting money- money that sits in your account collecting interest. A savings account would normally be used to save for a car, house, retirement, college, and more.