Piggy Bank vs. Bank – Choosing and Maintaining Your Account

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  • Lesson Identification and TEKS Addressed

    Cluster : Career Development

    Course : Career Portals: Middle School

  • TEKS Student Expectations

    • (5) The student understands personal financial management and recognizes the value of personal fiscal responsibility. The student is expected to:
      • (A) compare and contrast different types of banking services
      • (B) open and maintain different types of simulated bank accounts
      • (C) practice different methods of withdrawing and depositing funds
  • Basic Direct Teach Lesson

    Instructional Objectives

    Students will:

    • investigate the different types of banking accounts and services available
    • determine the best type of banking account and services to fit their needs
    • outline the requirements for opening and maintain a bank account
    • understand methods for withdrawing and depositing funds, including the use of debit cards and writing checks
  • Rationale

    Script:

    Do you have a pocket full of money and need a place to store your funds? You’re too old to carry a piggy bank, but don’t want to take the chance of losing your wallet. After choosing the banking service that is best for you, you can withdraw and deposit funds while maintaining your account.

  • Duration of Lesson

    Four 45 minute class periods

  • Word Wall

    Automated Teller Machine (ATM): An electronic banking machine that dispenses cash, accepts deposits, and performs other services when a customer inserts a plastic card and pushes the proper coded buttons

    Check: A written order, usually on a standard printed form, directing a bank to pay money

    Debit Card: A plastic card that resembles a credit card but functions like a check and through which payments for purchases or services are made electronically to the bank accounts of participating retailing establishments directly from those of card holders

    Deposit: To place for safekeeping or in trust; to give as security or as part payment

    Direct Deposit: A plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients

    Individual Account: A bank account in the name of one person

    Interest: A sum paid or charged for the use of money or for borrowing money

    Joint Account: A bank account in the names of two or more persons or parties and subject to withdrawals by each

    Overdraft: A withdrawal of money in excess of the credit balance

    Savings Account: A bank account on which interest is paid, traditionally one for which a bankbook is used to record deposits, withdrawals, and interest payments

    Teller: A bank employee who receives and pays out money

    Transaction: The process of paying for an item or service

    Withdraw: To remove from the banking account

  • Materials/Specialized Equipment Needed

    Equipment:

    • computer with projector for PowerPoint™ presentation
    • copies of handouts (see All Lesson Attachments tab)
    • computers with internet access for research

    Supplies

    • poster board
  • Anticipatory Set

    Before class begins:

    On a table in the center of the room, place various items related to banking.

    • brochures from various banking institutions
    • money
    • wallet
    • piggy bank/jar of coins
    • sample credit/debit card
      __
  • Distribute the handout, Quick Write – Banking Services, (see All Lesson Attachments tab) as students enter the classroom. Instruct students to write down everything they know about services provided by banks. Provide a few examples to get them started. While the students are completing their task, write the words ‘Banking Services’ on a poster board. Once students have finished writing, select a scribe to write students answers on the poster board. Have students take turns sharing their lists while the scribe creates a master list on the board. Poster board can then be placed in a prominent place in the classroom. Additional services can be added throughout the duration of the lesson.


    If time permits, allow students to personalize their Word Cloud (see all Lessons Attachments tab) and place in their class folder/binder as a cover sheet for any other documents related to this lesson this lesson.

  • Direct Instruction with Special Education Modifications/Accommodations

    Note to teacher: Preview slide presentation prior to lesson. Certain slides correlate to the activities below. Example: Slides 1-7 will lead students to the first activity. The number of activity per class period will depend on the time frame of your class.

    Activity 1
    Distribute handout, Terms to Know, (see All Lesson Attachments tab) and introduce PowerPoint™, Piggy Bank vs. Bank – Choosing and Maintaining Your Account? (see all Lesson Attachments tab). Students will use the handout to follow along and take notes during the slide presentation. Stop at slide 7.

    Activity 2

    Following the Checking Account Research presentations, lead the class in a discussion about the pros/cons of the various banking information presented.

    Activity 3
    Ask students to take out their Terms to Know handout and distribute The Guide to Banking (see all Lesson Attachments tab). The PowerPoint™ presentation for activity 3 will begin on slide 8. Students will use the The Guide to Banking, to follow along and complete as a class. At the end of slide 10, allow students a few minutes to practice filling out a deposit slip. Once finished, view slide 11 to reveal answers and check for understanding. Continue presentation to slide 13 and discuss methods for withdrawing and accessing funds.

    Debit Card Basics – slide 14
    Prior to viewing slide 14, distribute handout Debit Card Basics (see All Lesson Attachments tab) from Practical Money Skills. Allow students a few minutes to read about debit cards and discuss their findings.

    Check Writing
    Slide 16
    Lead students through interactive check writing activity http://www.themint.org/kids/writing-a-check.html – slide 17.
    After presenting slides 16 and 17, and discussing the parts of the check, allow students to practice writing a check. Once finished, go to slide 18 to reveal answers and check for understanding.

    Balancing Your Check Book -slide 21
    If you have access to a computer lab, allow students to play the interactive game, Balancing Your Check Book http://www.themint.org/teens/balance-your-checking-account.html. Allow students the opportunity to practice filling out a check registry. Once finished, go to the last slide to reveal answers and check for understanding.

    Individual Education Plan (IEP) for all special education students must be followed. Examples of accommodations many include, but are not limited to:

    • checking for understanding
    • providing assistance with note-taking
    • supplying student with a copy of the PowerPoint™ presentation

  • Guided Practice with Special Education Modifications/Accommodations

    Day 1- Distribute handout, Checking Account Research Assignment (see All Lesson Attachments tab). Inform students that the project may be completed with a partner. Explain that the information obtained will come from the banking institution websites. Students will use the remaining class time to complete their handout. Handout must be completed by the beginning of the next class period.
    Assist students in locating the appropriate websites for their research. Keep students focused and on task.

    Day 2- Students will present their findings at the beginning of class and place their worksheets on the front table for other students to view as needed. After all students have presented, lead the class in a discussion about the banking institution they feel would be the best to use.

    Day 3- Throughout the PowerPoint™, students will use the handout The Guide to Banking (see All Lesson Attachments tab), to practice filling out deposit slips, writing checks and completing a check registry.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • providing peer tutoring
    • extended time to complete the assignment

  • Independent Practice/Laboratory Experience with Special Education Modifications/Accommodations

    Day 1- Students will work independently or with a partner to complete their Checking Account Research Assignment handout.
    Day 2- After students have chosen the bank they feel best fits their needs, they will write a short essay explaining the reasoning behind their choice.
    Day 3- Students will independently complete the handout Maintaining Your Account Practice (see All Lesson Attachments tab).

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • assisting students in locating information
    • provide students with feedback

  • Lesson Closure

    Have students discuss the importance of choosing a bank to fit their needs and the importance and skills needed to ensure your account is properly maintained.

  • Summative/End of Lesson Assessment with Special Education Modifications/Accommodations

    Students will independently complete the formative assessment Lesson Quiz (see All Lesson Attachments tab), in which they will demonstrate their knowledge of banking service and ability to complete deposit slips, write checks and document account activity using a check registry.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • extended time to complete assessment
    • use of calculators
    • list vocabulary for test
    • do not grade for spelling
    • use of notes to complete assessment

  • References/Resources

    h4: Websites:

    • Debit Card Basics
      Practical Money Skills for Life
      If credit cards mean “pay later,” debit cards mean “pay now.” These cards are tied to your bank account and are like paying with cash. With debit cards, you’ve got to have the money in the bank to cover your purchases. These cards look similar to credit cards so make sure you know what type of card your financial institution issued you.
      https://www.practicalmoneyskills.com/downloads/pdfs/PMS_Guide_DebitCard.pdf
  • Additional Required Components

    English Language Proficiency Standards (ELPS) Strategies

  • College and Career Readiness Connection

    AchieveTexas Career Cluster Crosswalks

    The Career Cluster Crosswalks housed on the AchieveTexas website http://www.achievetexas.org/index.html provide Texas teachers with a direct connection between their CTE course TEKS and the College and Career Readiness Standards (CCRS). Language Arts, Mathematics, Science, Social Studies, and Cross-Disciplinary integration are the focus of the CCRS. These college and career readiness standards are essential in the planning and delivery of CTE lessons. The extent to which the integration occurs is determined by the methods and strategies utilized by each teacher.

    Career Cluster Crosswalks for Education and Training, Hospitality and Tourism, and Human Services Career Clusters can be found at:
    http://www.achievetexas.org/Career%20Cluster%20Crosswalks.htm

  • Recommended Strategies

    Reading Strategies

    Locate articles in magazines or on the internet related to the topic.

    • Encourage students to connect content to their life experiences or prior knowledge.
  • Quotes

    A penny saved is a penny earned.
    -Benjamin Franklin

    If you would be wealthy, think of saving as well as getting.
    -Benjamin Franklin

  • Multimedia/Visual Strategies

    PowerPoint™:

    • Piggy Bank vs. Bank – Choosing and Maintaining Your Account

    Websites:

    • Debit Card Basics
      Practical Money Skills
      If credit cards mean “pay later,” debit cards mean “pay now.” These cards are tied to your bank account and are like paying with cash. With debit cards, you’ve got to have the money in the bank to cover your purchases. These cards look similar to credit cards so make sure you know what type of card your financial institution issued you.
      https://www.practicalmoneyskills.com/downloads/pdfs/PMS_Guide_DebitCard.pdf
  • Graphic Organizers/Handout

    h4: Graphic Organizers:

    • Quick Write – Banking Services

    h4: Handouts:

    • Terms to Know
    • The Guide to Banking
    • Maintaining Your Account Practice
    • Checking Account Research Assignment
    • Debit Card Basics
    • Lesson Quiz
  • Writing Strategies

    Journal Entries:

    • I chose to bank with (insert name) because…
    • I feel I’m ready/not ready to have my own bank account because…

    Writing Strategy:

    • RAFT (Role/Audience/Format/Topic) writing strategy:
      Role: Teller
      Audience: Potential Banker
      Format: Informal Letter
      Topic: Difference between debit cards and check writing
  • Communication 90 Second Speech Topics

    • What responsibilities come along with opening a bank account?
    • Discuss the advantages and disadvantages of using debit cards vs. check writing.
  • Other Essential Lesson Components

    Enrichment activity

    Listen to the Podcasts from Practical Money Skills and discuss with the class.

  • Family/Community Connection

    Have students contact banks in their community to determine the financial education opportunities available. Compile a list of the opportunities available and distribute them throughout the community.

  • CTSO connection

    Family Career and Community Leaders of America (FCCLA)
    http://texasfccla.org

    STAR Events:
    • Applied Technology- An individual or team event: Recognizes participants who develop a project using technology that addresses a concern related to Family and Consumer Sciences and/or related occupations. The project integrates and applies content from academic subjects.

  • Service Learning Projects

    Successful service learning project ideas originate from student concerns and needs. Allow students to brainstorm about service projects pertaining to lesson. For additional information on service learning see:

    http://www.servicelearning.org

    See Family/Community Connections.

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