Overview
Students will be able to
Explain what a checking account is used for and why it is important to have one
Understand the variety of ways they can deposit and withdraw funds from their checking account
Describe the consequences of not being in the banking system
Understand various options for payment (cash, check, debit, person-to-person, prepaid card) and determine when to use each type
Learn tips for using their checking account effectively, including the use of mobile alerts
Read a checking account agreement and identify the fees associated with a checking account
Understand how overdraft protection works and how to avoid high fees attached to the service
Read a bank statement to verify its accuracy and interpret how their money is being used
Conduct various banking activities, such as write a check, use an ATM, make a purchase with a debit card, make a deposit, and pay bills
Learn how to complete a check register and why it’s important for understanding your cash flows
Understand how to balance and reconcile their checkbook and how doing so helps protect their money
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
Learn how to 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
Compare and contrast banks and credit unions
Consider different features, fees, and requirements of checking accounts at various banks and choose the options that are best for them, personally
Understand the specific “perks” and requirements of a student checking account
Conduct online research to select a checking account
Enumerate what paperwork is required to open a checking account