Title: (Optional) Evaluate personal banking services.
Course: Independent Living (22904-18) > Section: Managing Personal and Family Finances

Evaluation should include

- assessing personal banking needs
- identifying the products and services offered (e.g., saving, borrowing)
- comparing financial institutions in terms of personal banking needs, including
  - procedures for opening and managing the account
  - interest rates
  - fees, requirements, and account restrictions (e.g., minimum balance requirements; limits to the number of withdrawals per month)
  - record keeping considerations
  - customer relations and cybersecurity practices and policies
- describing the borrowing process (e.g., types of loans, interest rates, credit score considerations)
- evaluating credit cards and describing the benefits and disadvantages of credit and credit card debt.

Process/Skill Questions:

Thinking

- Why is saving important?
- How does one avoid debt?

Communication

- What are some best practices related to banking security online?

Leadership

- Why is an analysis of wants and needs important to evaluating spending plans?

Management

- Why is it important to check online banking balances often?

Teacher Resources:

- Educator Toolkit for 2011 National Financial Capability Challenge, U.S. Department of Education (https://www.ed.gov/category/keyword/educator-toolkit-2011-national-financial-capability-challenge)
- Virginia Council on Economic Education (https://vcee.org/)
- Virginia Jump$tart Coalition for Personal Financial Literacy (https://www.jumpstart.org/who-we-are/states/virginia/)