This document provides information about checking accounts. It begins by stating that a checking account is most people's first exposure to the financial world and asks what questions the reader has about checking accounts. It then lists some essential questions, such as how checking accounts work, the benefits of having a checking account, and how to read a bank statement. The document continues by discussing the disadvantages of not having a bank account, how banks and checking/savings accounts work, differences between checking and savings accounts, reasons to open a checking account, depositing and withdrawing money, comparing prepaid cards to debit cards, and reviewing bank statements. It concludes by providing an activity for students to explore a bank statement in more detail.

1. HOW CHECKING WORKS
Standard – Planning and Money Management
Learning Objectives
Students will be able to
•Compare and contrast services and products available
from financial providers such as commercial banks, savings
and loans, and credit unions.

2. A CHECKING ACCOUNT IS MOST PEOPLE’S FIRST
EXPOSURE TO THE FINANCIAL WORLD.
WHAT QUESTIONS DO YOU HAVE ABOUT CHECKING
ACCOUNTS OR WHAT WOULD YOU LIKE TO LEARN
ABOUT THEM?
Essential Questions:
How does a checking account work?
Understand the variety of ways to deposit and withdraw funds from
a checking account.
Describe the consequences of not being in the banking system.
Why should I have a checking account?
How do I read my bank statement?
Understand what the various components of a bank statement mean
to interpret where you money goes.

3. WHAT
PERCENT OF
14–22-YEAR-
OLDS
HAVE A BANK
ACCOUNT?
DO YOU HAVE
ONE?

4. SPENT: LOOKING FOR
CHANGE
You may be wondering, “What are some of
the disadvantages if you do NOT have a
checking account?”
Watch this documentary to learn what some
of the challenges are.
Then, answer the question below.
What are some of the disadvantages of being
locked out of, or choosing not to belong to,
the traditional banking system?

5. HOW DO BANKS WORK?
What is the purpose of a
Bank?
What is a Savings Account?
What is a Checking
Account?
What is a Loan?

6. CHECKING VS SAVINGS

7. TEN REASONS TO OPEN A CHECKING
ACCOUNT
It’s a way to keep your money safe There are no transaction limits
You have more options for paying They make it easy to manage your
money
Dealing with checks is easier They offer more features than
digital wallets
Paying bills is a breeze You can get cash from an ATM
There is a paper trail Member-specific benefits

8. IT’S A
WONDERFUL
LIFE
“BANK RUN”

9. Banks
• Insurance covers up to $250,000 per
person, per account
Credit Unions
• Insurance covers up to $250,000 per
person, per account

10. Digital Banks
Mobile
Banking
Online
Banking
Brick &
Mortar

11. WHAT TWO METHODS
OF DEPOSITING AND
WITHDRAWING MONEY
ARE MOST
CONVENIENT FOR
YOU? WHY?

12. HOW DOES A PRE-PAID CARD
COMPARE TO A DEBIT CARD?

13. TOP TIPS ON CHECKING
YOUR BANK STATEMENT
Credit = Money
coming into
account
Debit = Money
leaving account
Use your own bank’s
ATM
Find a low fee account
Keep an eye on your
balance
Check you have enough
money to cover you

15. THE FINE PRINT
EXPLORE A BANK
STATEMENT IN DETAIL
ANSWER THE
QUESTIONS USING THE
BANK STATEMENT

16. EXIT TICKET