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 traditional financial institutions to online-only banking 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)
  - recordkeeping
  - 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
- comparing different payment methods (i.e., payment apps)
- comparing different methods for banking and investing.

Teacher Resources:

- Empowering Futures, One Dollar at a Time, Virginia Council on Economic Education
- Teen Teach-In, Virginia Events Jump$tart! Financial Smarts for Students
- Invest in What's Next: Your Career and Education Pathways, Federal Reserve Education
- Financial Fitness, FCCLA

Process/Skill Questions:

Thinking

- Why is saving important?
- How does one avoid debt?
- How can one start saving and investing?

Communication

- What are some best practices related to banking security online?
- How does one decide which payment method should be used in different situations?

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?
- How does one identify account fees?
- What are the associated fees with using online banking?