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?