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Module 2: Checking &Savings Edit

Math standards covered in this module include: Edit

Understand various meanings of multiplication and division • understand the effects of multiplying and dividing whole numbers • compute fluently and make reasonable estimates • select appropriate methods and tools for computing with whole numbers from among mental computation, estimation, calculators, and paper and pencil according to the context and nature of the computation and use the selected method or tools

Social studies standards covered in this module include: Edit

Ia. explore and describe similarities and differences in the ways groups, societies, and cultures address similar human needs and concerns; IIIc. use appropriate resources, data sources, and geographic tools such as atlases, data bases, grid systems, charts, graphs, and maps to generate, manipulate, and interpret information; IIIk. consider existing uses and propose and evaluate alternative policies for the use of resources and land in home, school, community, the region, and beyond; IVe. identify and describe ways family, groups, and community influence the individual’s daily life and personal choices; IVh. work independently and cooperatively to accomplish goals; Vc identify examples of institutions and describe the interactions of people with institutions; Vf. give examples of the role of institutions in furthering both continuity and change; VIa. examine the rights and responsibilities of the individual in relation to his or her social group, such as family, peer group, and school class; VIg. explore the role of technology in communications, transportation, information-processing, weapons development, or other areas as it contributes to or helps resolve conflicts; VIId. give examples of the various institutions that make up economic systems such as households, business firms, banks, government agencies, labor unions, and corporations; VIIf. describe the influence of incentives, values, traditions, and habits on economic decisions; VIIg. explain and demonstrate the role of money in everyday life; X. identifies and practice selected forms of civic discussion and participation consistent with the ideals of citizens in a democratic republic.


HOPE Corps volunteer tip: When vocabulary comes up in the lesson, reinforce new words by repeatingtheir definitions.

Vocabulary words: Edit

Automated teller machine (ATM)

A computerized electronic machine that performs basic banking functions (as handling check deposits or issuing cash withdrawals).

Balance
The amount of money remaining in one’s account at the end of the month, which should be equal to the value on the statement received from the financial institution. If there is discrepancy, one must try to identify the issue.
CheckAn order written on a specified and approved paper to a banker to release funds to pay for a debt or purchase.

Check registerGenerally attached to the checkbook, a ledger where the person can keep track of expenses as they write their checks or use the ATM card or debit card.

Checking accountA bank account against which the depositor can draw checks.

DebitAn entry that is generally found on the left-hand side of an account indicating either an expense or a deduction from the total amount.

Debit cardIt looks like a credit card, but it acts like a check. That is, the money is automatically deducted from your account and thus there is no monthly interest to pay.

Personal identification number (PIN)A code that is needed in order to get access to one’s account from the ATM (Automated Teller Machine).

DepositTo place money in a financial institution for safekeeping.

Deposit slipPiece of paper filled out especially for the purpose of depositing cash or checks in a financial institution.

F.D.I.C.
FDIC stands for the Federal Deposit Insurance Corporation; if a bank is robbed, suffers a natural disaster, or goes through some other change that makes it impossible to pay the customer his or her money, the government, through the FDIC, will replace all the money that was damaged or stolen up to $100,000 per customer.

InterestThe amount of money that one pays for the money that was borrowed, or the amount of money that the financial institution pays the shareholder or customer for maintaining their money with said institution.

Monthly statementFinancial ledger showing the income and expenses that a person or organization incurred during set time.

Overdraft/bouncing a checkTo write a check for more than the balance that is presently in the account.

Return checkA written check that a vendor can not cash because of insufficient funds in the checking account of the individual that wrote it.

SavingsThe amount of money that one has left after all the necessary expenses have been taken care of and one has chosen to safeguard or keep.

Savings accountAn account (as in a bank) on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form.

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• Checkbook with check register
• Savings book
• ATM/debit card• Worksheets

Lesson: checking & savings Edit

Begin by holding up the checkbook. Ask students if they’ve ever seen one of these. Lead a discussion about checkbooks

Draw a brain map on the board to illustrate how the conversation progresses. Start with a central bubble in the middle (what is a checking account?) with lines and bubbles leading out from it including other concepts and ideas we will cover in the discussion.

Lead a discussion about checkbooks that includes the following questions:: What is this called? Where does the money for the checks come from?->What is this called?

->Where does the money for the checks come from?

This should include both of the following ideas:
1. Checks are not free money;2. Checks are linked to a checking account

Is there another way to pay for items through your checking account besides using a check? Why is it smart to have a checking account?Explain the concept of FDIC What can you buy with checks?

->What happens if you don’t have enough money in your
account to cover a check?“bounced check”/overdraft

->How do people keep track of the money in
their checkbook?
Monthly statement/check register/balancing check book

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Notes:

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HOPE Corps volunteer tip: By using students’ everyday experiences, such as shopping with their family, teachingfinancial concepts will be easier.

These discussions can happen all at once, or you can choose to use worksheets to break up the discussion. You will use the following worksheets:

You will use the following worksheets:

->Worksheet with two blank checks. Students will use the worksheets to make out their own checks. It would probably be most helpful for the module instructor to use an overhead transparency of the check worksheet.

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->A worksheet with check register that needs to be completed

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->A worksheet with check deposit and check withdrawal slips.

Dedededed

Help guide the students through the worksheets, offering as much help as necessary. Make sure to have extra copies of the worksheets in case students want to “write” more than one check or withdraw or deposit more money.

Depending on how quickly the students are grasping the idea of check writing or using deposit/withdrawal slips, you can choose to do either or both of these worksheets as a teacher-led group activity, or students may do them individually.When completing each of these three worksheets (filling out check; filling out deposit slip; filling out withdrawal slip; emphasize what needs to be filled out, and what happens when you fill out each one of these slips/checks in real life.

HOPE Corps volunteer tip: Gauge your students’ skill levels, and adapt your lesson plan for the day
to accommodate their skills.

Group activity Edit

After the first three worksheets have been successfully completed, have students break up into five groups. Tell students that each group will pretend to be a family, and each “family” must balance their checkbook register.
Give students a blank check register worksheet and one of the following family financialcards. Instruct students that they must use the financial facts reported on each card to balance their checkbook.

Answer key (family financial cards on opposite page):
Brown family: $2000.00
Garrett family: $2200.00
Diaz family: $1800.00
Anderson family: $2220.00Lee family: $1800.00

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Lesson: ATM/debit card review Edit

As the last portion of the checking section, you should briefly cover the ATM/debit card.
Begin the section by asking something similar to “Does anyone know of a way to pay for things through your checking account without using a check or cash?”If no one has an answer, hold up a check card. Students may think that this is a credit card; explain to them that even though this looks like a credit card, this is called an ATM/debit card, and it’s used exactly how you would use a check.

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->How is an ATM/debit card used?

->What is a PIN number? Why is it important?

->How can you access your account? How do I use an ATM?

You can also direct students to the online curriculum to do a cool ATM demo.

HOPE Corps volunteer tip: Refer to the online curriculum whenever it’s appropriate. The online lessons can reinforceyour teaching sessions.

After you’ve thoroughly covered the checking section (which will take up the majority of the class session), ask students if any of them have another kind of account—a savings account. Some of the students may have this type of account. If any of the students in your class do, please ask them to tell you why, when, and how they opened their accounts. You certainly shouldn’t ask them to volunteer information about how much money they have in their accounts.

you can ask questions such as:

->Were the bank people nice?

->Who went with you to open the account?

->Was it hard to open the account?

->Do you like having a savings account?

->Etc.

From here, talk to students about the benefits of having
a savings account.
Explain to them that they can open a savings account with just a little bit of money, and the bank will actually pay them money called interest to keep their money in the bank. This means that their money will grow just by keeping it in the bank.Have students fill out a savings deposit slip as their last activity

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Finally, before you leave class, ask students to raise their
hands and tell you one thing that they’ve learned today. This will help students to get involved in a review discussion
and will also be a quick, easy way to cover much of the material covered that day.
If students don’t mention any important points by the end of the volunteered information session, please include that information as well (“And who can remember what we call
it when we don’t have enough money in our checking accountto cover a check we write?” “That’s right! An overdraft!”).

Notes:

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Check Edit

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Check registers Edit

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Check withdrawal/deposit ticket Edit

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Savings deposit tickets Edit

  • Saving

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