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'Checking and savings:'Edit

'Module objectives:'Edit

In this module, students will learn about checking and
savings accounts. They will learn how these accounts
function, how to access them, and how to keep track of
the money that comes in and out of the accounts.
At the end of this module, your students will be able to:
Explain the difference between a checking account
and a savings acocunt
Explain what a check register, and how to balance it
Explain how to read a bank statement
Demonstrate how to use deposit and withdrawal slips
Demonstrate that they can compute the sum or
difference of whole numbers and positive decimals
to two places.

Concepts to cover:
This module will teach basic concepts about checking
accounts, savings accounts, and how each of these

'Math standards covered in this module include:'Edit

Develop a deeper understanding of very large and very small numbers and of various representations of them • judge the effects
of such operations as multiplication, division, and computing powers and roots on the magnitudes of quantities • develop fluency
in operations with real numbers, vectors, and matrices, using mental computation or paper-and-pencil calculations for simple cases
and technology for more-complicated cases • judge the reasonableness of numerical computations and their results


Social studies standards covered in this module include:


IVh. work independently and cooperatively within groups and institutions to accomplish goals; Vc. describe the various forms
institutions take, and explain how they develop and change over time; Vf. evaluate the role of institutions in furthering both continuity
and change; Vg. analyze the extent to which groups and institutions meet individual needs and promote the common good in
contemporary and historical settings; VIa. examine persistent issues involving the rights, roles, and status of the individual in
relation to the general welfare; VIg. describe and analyze the role of technology in communications, transportation, informationprocessing,
weapons development, or other areas as it contributes to or helps resolve conflicts; VIId. describe relationships
among the various economic institutions that comprise economic systems such as households, business firms, banks, government
agencies, labor unions, and corporation; VIIe. analyze the role of specialization and exchange in economic processes; VIIg. compare
basic economic systems according to how rules and procedures deal with demand, supply, prices, the role of government, banks,
labor and labor unions, savings and investments, and capital; VIIh. apply economic concepts and reasoning when evaluating
historical and contemporary social developments and issues; X. identifies and practice selected forms of civic discussion and
participation consistent with the ideals of citizens in a democratic republic.

'

vocabulary words: Edit

automated teller machine (ATM)
A computerized electronic machine that performs basic
banking functions (as handling check deposits or issuingcash withdrawals).


balance
The amount of money remaining in ones account at the
end of the month, which should be equal to the value on
the statement received from the financial institution. Ifthere is discrepancy, one must try to identify the issue.


check
An order written on a specified and approved paper to abanker to release funds to pay for a debt or purchase.


check register
Generally attached to the checkbook, a ledger where the
person can keep track of expenses as they write theirchecks or use the ATM card or debit card.


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


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

debit card
It looks like a credit card, but it acts like a check. That is, the
money is automatically deducted from your account andthus there is no monthly interest to pay.


personal identification number (PIN)
A code that is needed in order to get access to onesaccount from the ATM (Automated Teller Machine).


depositTo place money in a financial institution for safekeeping.


deposit slip
Piece of paper filled out especially for the purpose ofdepositing 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 orstolen up to $100,000 per customer.


interest
The 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 formaintaining their money with said institution.


monthly statement
Financial ledger showing the income and expenses that aperson or organization incurred during set time.

overdraft/bouncing a check
To write a check for more than the balance that is in theaccount.


return check
Written check that a vendor can not cash because of
insufficient funds in the checking account of the individualthat wrote it.

savings
The amount of money that one has left after all the
necessary expenses have been taken care off and one haschosen to safeguard or keep.


savings account
A 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.

.......................................................................................
props/supplies:
• Checkbook with check register
• Savings book
• ATM/debit card
• Worksheets

Edit

lesson: checking & savings Edit

Begin by holding up the checkbook. Ask students if they’ve ever seen one of these.

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.

File:121.jpg

Lead a discussion about checkbooks that includesthe following questions:

->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 yourchecking account besides using a check?


->Why is it smart to have a checking account?Explain concept of FDIC

->What can you buy with checks?


->What happens if you don’t have enough money in youraccount 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


HOPE Corps volunteer tip: By using students’ everyday experiences, such as shopping with their family, teaching
financial 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:


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.

File:121.jpg

Worksheet with check register that needs to be completed.]File:121.jpg

File:1234.jpg

File:121.jpg

Worksheet with check deposit and check withdrawal slips.

ModifyDeleteMove

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” morethan 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: $1942.06

Garrett family: $2053.51

Diaz family: $1902.23

Anderson family: $2108.96


Lee family: $1742.44

File:15.jpg File:16.jpg


File:17.jpg

lesson: ATM/debit card review Edit

As the last section 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 thingsthrough 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.

cover the following questions:

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 for
an ATM demo.

File:Check.jpg

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 typeof 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:


Was it easier or harder than you thought to openup your account?

How long have you had the account?

Do you find the savings account to be useful?


Do you like having a savings account?


 Etc.

From here, talk to students about the benefits of having asavings 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 bykeeping it in the bank.


Have students fill out a savings deposit slip as their
last activity.

File:18.jpg

Finally before you leave class, ask students to raise their
hands and tell you the most important thing that they’ve
learned today. Answers will vary, and encourage students
to discuss why they felt certain lessons were more
important to them than others. 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 account
to cover a check we write?” “That’s right! An overdraft!”)

notes:


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name:

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Once you receive instructions, fill out these sample checks.


checks Edit

File:19.jpg

name

Once you receive instructions, fill out these sample check registers.


check registers
Edit

File:20.jpg



name

Once you receive instructions, fill out this sample withdrawal/deposit ticket.


check withdrawal/deposit ticket
Edit

21



name

Once you receive instructions, fill out these sample deposit tickets.


savings deposit tickets
Edit

File:234.jpg

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