FOCUS QUESTIONS FOR THIS SECTION
What services do banks offer consumers?
How do consumers manage their money?
Section 6: Personal Banking
SECTION DESCRIPTION
In these lessons, students will learn the services that banks provide their customers. By understanding these services, students can create their own toolbox of strategies to make decisions about their own money, short term or long term.
Personal banking refers to services such as savings account operations, checking account operations, provision of personal loans, mortgage loans, home equity loans, credit card services, ATM facilities and all other facilities that the banks offer to businesses or individuals.
Source: http://www.economywatch.com/banking/personal
LESSON OBJECTIVES
Define a bank as a service business that keeps customers’ money safe, loans money, and offers other financial services to consumers.
Define a borrower as a person or organization that takes a loan from a bank under an agreement to repay it, typically with issues.
Define interest as a percentage of the amount borrowed that is charged to the borrower for the privilege of borrowing money.
Define loans and credit as the resources given to a borrower.
LESSON OBJECTIVES
Explain how checks, debit, and credit cards work as payment methods.
Describe different types of financial institutions and explain the differences between them.
LESSON OBJECTIVES
Classify the services provided by different financial institutions, other than banks.
Illustrate the advantages and disadvantages of different payment methods such as stored value cards, debit cards, and online payment systems.
LESSON OBJECTIVES
Demonstrate skill reconciling a bank statement, and monitoring printed and/or online account statements for accuracy.
LESSON OBJECTIVES
Compare and contrast the features and costs of a checking account offered by different financial institutions.