Objectives

 Evaluate different banking institutions and the
services that they offer
 Compare and contrast various financial services
products
 Explain how compound interest is a key benefit of
saving
 Explain the impact of technology on banking
 Identify the components of a bank statement
 Demonstrate the ability to reconcile a bank statement
Key Vocabulary

 Account Summary
 ATM
 Automatic Payment
 Balance
 Bank Statement
 Certificate of Deposit
 Checkbook
 Checking Account
 Check Register
 Credit Debt
 Direct Deposit
 Electronic Banking
 Individual Retirement
Account
 Money Market Account
 Reconciliation
Key Vocabulary

 Savings Account
 Secured loan
 Unsecured loan
 Withdraw
To Bank or Not to Bank

 You are about to hear testimonies from two
individuals regarding their views of banks and
banking services.
 Based on what you know of banks and your
experience with banks, you must decide which
testimony most accurately represents your feelings
regarding banks and their services.
 Reactions should be in response to the statements as
a whole and not on specific points within each
testimony
To Bank or Not to Bank

 “I think that everyone, as soon as they start earning
money, should have their own bank account. I feel so
independent being able to conveniently access my own
money. I have a special checking and savings account that
is geared for teens, which helps me to monitor and
manage my money. It doesn’t cost anything to set up, and
the bank automatically takes $25 from my checking
account each month to help me reach my savings goal. I
also have my own debit card, which is accepted almost
everywhere! Bank accounts are great and easy to use. I
was always nervous about keeping my money hidden
under my mattress anyway.”
To Bank or Not to Bank

 “I have never wanted to use any of the services provided
by banks. I really don’t see the point in having someone
else monitor your money. I love having access to my cash
whenever I need it, and I feel good about keeping it
hidden in my dresser drawer. Whenever I get my
paycheck I just sign it over to my mom and she cashes it
for me at her bank. It’s really no big deal. Some of my
friends have their own checking and savings accounts,
but I always feel good just knowing that I have a wad of
cash in my pocket. Plus, I keep hearing stories in the news
about banks failing and being bought by other banks… I
don’t know, I just like being in control of my own
money!”
To Bank or Not to Bank

 Move to the “+” or “-” to the degree of how strongly
you want to bank “+” or not to bank “-”
Choosing a Bank

 Download: Reading- Choosing a Bank
 Create the following table for notes in the reading
Savings
Services
Payment
Services
Loan Services
Electronic
Banking
Services
Choosing a Bank

 Based upon what you have learned from the reading,
what two products and/or services would be most
important to you when deciding upon a bank?
Explain your answer.
 Attach to bottom of table and submit to classpress
drop box
Banking Poster

 Form groups of 2
 Download: Assignment- Banking Poster
 Pay particular attention to the assessment criteria
that are listed on the bottom half of the resource as
these will be the exact criteria with which your
posters will be assessed
 Download- Example: Banking Poster
Banking Poster

 In what ways does and doesn’t this example meet
the assessment criteria for the assignment?
 How would you improve the layout and
organization of the poster?
Banking Poster

 Understand the range and terms of common services
and products that banks offer
 Begin the research for their posters
 Research, on their own, an institution that provides
banking services and then come to me for approval
Banking Poster

 Download: Graphic Organizer- Investigating Banking
Services
 Groups must complete this graphic organizer before
beginning your posters
 You will be required to investigate the savings account,
payment, and loan services of their particular institution,
 You will also get the opportunity to choose two other
services that they would like to highlight on your posters.
 For instance, you could choose to research investment
and insurance products or mortgages and individual
retirement accounts (IRAs) as two alternative services
Banking Poster

 For example there may be 5-6 savings account types,
highlight one or two tops
Banking Poster

 Your job is to create an informational poster about the
products and services of the specific bank that they
researched
 Along with following all of the required elements
presented on the assignment sheet, make sure that the
information is presented in an objective (and not
persuasive) manner.
 For example, do not write, “Bank of the West has the
BEST free checking program for students” but rather,
“Bank of the West offers a free checking program for
students.”
Banking Poster

 Your peers will be viewing the poster with the intent
of making an informed decision as to which bank
can best meet their own personal needs
 Keep in mind that the financial institution that your
group researched may or may not be the one that is
the most appropriate for them
Banking Poster

 Download: Worksheet- Reflection and Peer Review
 Walk around and fill out the worksheet based on the
posters
Which Bank is Right for
You

 Based on what you have learned from your peers’
posters, what financial institution and its services
would best meet your needs? Explain your answer
using specific examples and facts from the posters
Bank Statements

 Regardless of which type of institution you choose,
you will have access to a very important service
offered by banks, the bank statement
 Being able to read and understand the different
components of a bank statement is important to
effective money management
Bank Statements

 Predict the type of information that would be
included on a bank statement
 Form groups with one note taker
 Banks offer a variety of services to help individuals
manage their money
 Keeping track of an individual’s spending and
earning transactions is just one of the many services
that a bank statement provides
Bank Statements

 One way to keep track of your spending and earning
is to review and balance your monthly bank
statement
 Download: Example- Bank Statement
 Identify the different parts of the bank statement
Bank Statements

 Although banks try their best to keep extremely
accurate records of every financial transaction,
individuals, families, and businesses should not
solely rely on the bank statement as their only record
of spending and earning
Bank Statement vs.
Check Register

 Download: Worksheet- Check Register and
Reconciliation Form
 You must check the hypothetical account records
against the bank’s account statement
 You must understand the steps that they must take
when reconciling their hypothetical account.
 You should realize that the ending statement
balance, plus outstanding deposits, minus
outstanding checks will equal the new balance
Review

 Think back to the two testimonies that you heard at
the beginning of the section. In what ways have your
views of banks and their services changed?
 How will you apply the information that you have
learned in this lesson to your own life?
Enrichment

 Respond to the following article,
http://www.washingtonpost.com/wpdyn/content/article/2008/09/29/AR2008092903045.
html.
 Write a summary addressing whether you agree or
disagree with the Capital Gains program.
 Predict whether or not they think the program will
increase a student’s motivation in school
Enrichment

 In groups of 4 which I will assign, I want you to
create a bank.
 We have looked at the different products and
services that several banks provide and this is your
turn to try
 Be sure to focus on specific products and services
 Fees, interest rates, and deposit requirements.
 Bank’s revenue, hours, etc
Enrichment

 The class will then vote on the bank they think will
perform the best based on revenue and services
provided
 Make sure you take notes, to compare at the end.
 Be able to answer questions from the class and Mr.
Retzbach
Cross-Curricular
Integration

 Social Studies: Have students design and create an
informational brochure that focuses on the First Bank
of the United States. Along with basic facts about the
bank (founder, year established, location, cost to
build, etc.), students should research its original
purpose and its overall effect on the economy.
Students should also include the services and
products that the bank offered to its customers.
Before students begin they should study current
brochures from a local bank in their community.