Lesson 4: Easy Online Banking
Lead a class discussion about common financial tasks, and how they can be carried-out online.
OBJECTIVE:
Students will use math skills to solve real-world financial problems.
MATERIALS:
Easy Online Banking Student Worksheet 4.(pdf, 103KB), pencil/pen
DIRECTIONS:
1. Ask: What have you learned about managing your money? What other questions do you have? Review what your class has discussed about savings accounts, interest, deposits, withdrawals, and budgeting. Guide students toward a discussion of online banking, bill paying, and credit or debit cards.
2. Explain that many families use their bank’s Web site to help them keep track of their money. This is called online banking.
3. Generate a classroom discussion about common financial tasks that can be accomplished online, at an ATM, and/or in a bank. Organize students in small discussion groups and have them discuss the following questions:
- How can you find out how much is in your savings and checking accounts? (Go online, ask a bank teller, call your bank directly, or use an ATM. Remember, it is your responsibility to know how much money is in your accounts at all times.)
- Can you move money from your checking account to your savings account? (Yes, you can move money between your accounts online, at a bank, or using an ATM.)
- How do you get money out of your checking account to pay a bill? (Write a check, use a debit card, or go online to pay the bill directly from your checking account. You can even schedule payments ahead of time.)
4. Discuss the ways in which online banking makes it easier to manage your money (e.g., you can do it at home and at any time, it’s fast, you can schedule reminders for when bills are due, you can check credit card statements). Also introduce some of the potential issues that people need to be aware of when relying solely on online banking (i.e. identity theft, computer viruses or hackers, etc.).
5. Distribute Easy Online Banking Student Worksheet 4 and read the first paragraph together. Ask: How much would this business earn in a week? ($5 x 4 dogs x 5 days = $100) How many weeks do you have to work to make $200? (2 weeks)
6. Explain that every business has expenses, including this dog-walking business. Ask students what they think the expenses are, then write the following on the board: leashes: $7 per dog, extra collars: $4 per dog, dog treats: $10 per week, clean-up bags: $10 per week.
7. Ask: How much would you need to spend on leashes and collars? ($11 x 4 dogs = $44) How much would you spend on dog treats and clean-up bags per week? ($20)
8. Provide time for students to answer the questions. Review the answers.
[Answers:] 1. $50.00; 2. Need an e-mail reminder?; 3. 2/22/10; 4. leashes and collars; 5. $96.00; 6. $200.00]
CONSIDER THIS:
When it comes time for you to bank online, know that online banking safety is important to ensure that your account information is safe. As you learned in Lesson 2, always check that your bank is FDIC-insured. Other important tips include keeping your bank PIN/login information private, understanding your bank’s security practices, and keeping a personal back-up record on your account for your files.