Key to the Future

Chapter 1, Lesson 2Chapter 1, Lesson 2

Warm-Up QuestionsWarm-Up Questions

CPS Questions 1 - 2CPS Questions 1 - 2

Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS

Key to the Future

$ The Advantages of Bank ServicesThe Advantages of Bank Services

$ Types of Bank ServicesTypes of Bank Services

$ How to Choose a BankHow to Choose a Bank

$ How to Conduct Banking TransactionsHow to Conduct Banking Transactions

$ Electronic BankingElectronic Banking

Chapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

Your summer part-time job has allowed you Your summer part-time job has allowed you to save $300, and your grandparents sent to save $300, and your grandparents sent $300 for your birthday. You have soccer gear $300 for your birthday. You have soccer gear you want to purchase for $90. The rest, you want to purchase for $90. The rest, $510, you have in your bedroom. Should $510, you have in your bedroom. Should you feel comfortable with this? Explain why you feel comfortable with this? Explain why you would consider a bank account at this you would consider a bank account at this time. What type of account would you time. What type of account would you open, savings or checking, and why? open, savings or checking, and why?

Chapter 1, Lesson 2Chapter 1, Lesson 2

Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS

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Key to the Future

$ Money is kept safeMoney is kept safe$ Easily accessibleEasily accessible$ Easily track money and perform financial Easily track money and perform financial

transactionstransactions$ May receive interestMay receive interest$ Demonstrate responsibilityDemonstrate responsibility

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Key to the Future

$ Savings Account Savings Account – – money you want to money you want to keepkeep

$ Checking Account Checking Account – – money from which money from which you can withdrawyou can withdraw

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Key to the Future

$ Certificates of DepositCertificates of Deposit

$ Direct DepositDirect Deposit

$ LoansLoans

$ Credit CardsCredit Cards

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Key to the Future

Things to consider: Things to consider: $ ConvenienceConvenience$ Friendly StaffFriendly Staff$ Hours Hours $ FeesFees$ Types of AccountsTypes of Accounts$ Online ServicesOnline Services$ Interest RateInterest Rate$ Reputation (Insured?)Reputation (Insured?)

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Key to the Future

$ Credit Unions Credit Unions are not-for-profit banks are not-for-profit banks owned by members:owned by members:

$ Affiliated with an organizationAffiliated with an organization$ Typically charges lower fees Typically charges lower fees $ May provide higher interest ratesMay provide higher interest rates$ Same types of AccountsSame types of Accounts$ Reputation (Insured?)Reputation (Insured?)

Chapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS

Chapter 1, Lesson 2Chapter 1, Lesson 2

Learning Check QuestionsLearning Check Questions

CPS Questions 3 - 4CPS Questions 3 - 4

Key to the Future

$ This activity enables students to identify This activity enables students to identify the criteria used to choose a bank.the criteria used to choose a bank.

$ On the worksheet provided list personal On the worksheet provided list personal criteria you would use to evaluate a bank criteria you would use to evaluate a bank using considerations listed in the textbook.using considerations listed in the textbook.

$ Be prepared to share your answers with the Be prepared to share your answers with the class.class.

Chapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

Chapter 1, Lesson 2Chapter 1, Lesson 2

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Key to the Future

$ On the handout provided complete the On the handout provided complete the steps to pay a bill to the Acme Telephone steps to pay a bill to the Acme Telephone Company:Company:

$ Amount: $43.29Amount: $43.29$ Date: May 15, 2013Date: May 15, 2013

$ Be prepared to share your answers with the Be prepared to share your answers with the class.class.

Chapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

Chapter 1, Lesson 2Chapter 1, Lesson 2

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Key to the Future

$ BalancingBalancing – compare bank statement to – compare bank statement to your checkbook registeryour checkbook register

$ ReconcileReconcile – verify your checkbook balances – verify your checkbook balances

Photo courtesy of ShutterstockChapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

To balance your checkbook:To balance your checkbook:1.1.Start with the “New Balance” on your statementStart with the “New Balance” on your statement2.2.Subtract any checks written that have not been Subtract any checks written that have not been recorded with the bankrecorded with the bank3.3.Subtract any debits that the bank has not recordedSubtract any debits that the bank has not recorded4.4.Add any deposits you made after the statement dateAdd any deposits you made after the statement date

The resulting number should be the same as your The resulting number should be the same as your current balance on your checkbook register.current balance on your checkbook register.

Chapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS

Chapter 1, Lesson 2Chapter 1, Lesson 2

Learning Check QuestionsLearning Check Questions

CPS Questions 5 - 6CPS Questions 5 - 6

Key to the Future

Chapter 1, Lesson 2Chapter 1, Lesson 2

$ Complete the checkbook register Complete the checkbook register for the scenario provided in the for the scenario provided in the handout.handout.

$ On the worksheet enter the sample On the worksheet enter the sample banking transactions.banking transactions.

$ Be prepared to share your answers Be prepared to share your answers with the class.with the class.

Key to the Future

$ Online banking is offered by Online banking is offered by almost every bankalmost every bank

$ Allows you to manage your Allows you to manage your banking on your computerbanking on your computer

$ Online bill paying services can Online bill paying services can save you money and timesave you money and time

$ A good practice involves a A good practice involves a combination of online combination of online banking with maintaining an banking with maintaining an accurate check registeraccurate check register

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Key to the Future

Advantages of Online Banking: Advantages of Online Banking: $ Convenience Convenience $ Personal SafetyPersonal Safety$ Time SaverTime Saver

Caution!Caution!$ Make sure to cross-check with registerMake sure to cross-check with register

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Key to the Future

Popular Popular Electronic Funds Transfer Electronic Funds Transfer (EFT) (EFT) services: services: $Direct DepositDirect Deposit$Automated Teller Machines (ATM)Automated Teller Machines (ATM)$Debit CardDebit Card$Pay-by-PhonePay-by-Phone$Electronic Check ConversionElectronic Check Conversion$Prepaid Debit CardPrepaid Debit Card

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Key to the Future

Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS

Chapter 1, Lesson 2Chapter 1, Lesson 2

Learning Check QuestionsLearning Check Questions

CPS Questions 7 - 8CPS Questions 7 - 8

Key to the Future

Chapter 1, Lesson 2Chapter 1, Lesson 2

$ Read the article on Safe Internet Read the article on Safe Internet Banking habits.Banking habits.

$ On the worksheet provided answer On the worksheet provided answer the questions on the article.the questions on the article.

$ Be prepared to share your answers Be prepared to share your answers with the class.with the class.

Key to the Future

$ The Advantages of Bank ServicesThe Advantages of Bank Services

$ Types of Bank ServicesTypes of Bank Services

$ How to Choose a BankHow to Choose a Bank

$ How to Conduct Banking TransactionsHow to Conduct Banking Transactions

$ Electronic BankingElectronic BankingChapter 1, Lesson 2Chapter 1, Lesson 2

Key to the Future

Chapter 1, Lesson 2Chapter 1, Lesson 2

Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS

Review QuestionsReview Questions

CPS Questions 9 - 10CPS Questions 9 - 10

Key to the Future

$ Real-life issues in buying and sellingReal-life issues in buying and selling

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Chapter 1, Lesson 2Chapter 1, Lesson 2