Opening a Checking Account
2020.10.13 9:31 am - 10:14 am
Teaching point: What do I need to open a checking account?
Do Now - Check In
Our Unit 1 Test will be on Thursday. Reflect back on your success in Unit 1. Enjoy the music as you reflect. This theme song is courtesy of Taliyah Coard.
Agenda
Do now (5 - 10 min)
What's a Credit Union? (10 - 15 minutes)
What do you need to open a checking account? (10 Minutes)
Opening a Checking Account Class Work (10 Minutes)
What is a credit union?
In the world there are two different ways that you can do your banking. You can either go through a Bank or a Credit Union. What’s the difference? Well, a Credit Union is a non – profit organization that are owned by members. They’re Cooperative institutions in which members pool their resources to provide services to other members. While a bank is a for profit organization which is typically owned by shareholders. They provide a wide variety of financial services in a way that’s efficient and that will maximize profits for shareholders. Below is an infographic that shows you some basic differences between the two.
Your choice: Watch the video, skim the article, and analyze the infographic to answer these questions about how banks and credit unions differ.
Choose bank, credit union, or both for each statement below:
Must be part of a specific member group to join
credit union
Profits are given to shareholders
Bank
Offer checking and savings accounts, CDs, loans
Both
Deposits are insured up to $250,000
Both
Fees tend to be higher
Bank
Interest customers earn on deposits tends to be higher
Credit Union
