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credit has no collateral attached Mortgage f. The combination of a business' fixed and variable costs Unsecured credit g. Monthly record of your account activity sent by the bank 2. Safe-deposit boxes are secure boxes at the bank to protect your important documents and valuables. Identify some of the items you might want to keep in a safe-deposit box. Yes No Item Birth certificates Loan documents Insurance policies Items that are not replaceable or have sentimental value Savings bonds

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are usually required, for example: • Driver’s license or state ID • Passport • U.S. military ID • Alien Registration card • Matricula Consular card OR 1 item from the above list and a major credit card or gas card. And… • Your Social Security number or individual tax ID number (ITIN) • Money to deposit – ask if there’s a minimum. Bank requirements may vary, so ask your local bank what they require. • When you open an account, take out a loan, or use other services at a bank, you will be

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HANDS ON BANKING® • TEACHER’S GUIDE 29 ADULTS • MANAGING YOUR MONEY • www.handsonbanking.org Savings Deposit Worksheet Name Fill out the sample deposit slip below using the following information: Checks to deposit: $57.58 $146.25 $10.92 $27.63 Cash back: $20 To complete a savings deposit slip: • Put the date in the space marked “A”. • Write your account number on the line marked “B”. (Since this is for practice, you’ll need to create your own account number) • If

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HANDS ON BANKING® • TEACHER’S GUIDE 30 ADULTS • MANAGING YOUR MONEY • www.handsonbanking.org Teacher’s Copy of Savings Deposit Worksheet Fill out the sample deposit slip below using the following information: Checks to deposit: $57.58 $146.25 $10.92 $27.63 Cash back: $20 To complete a savings deposit slip: • Put the date in the space marked “A”. • Write your account number on the line marked “B”. (Since this is for practice, you’ll need to create your own account number) • If

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provide a record of how much you spend, and where. Tracking where your money goes can help you stay within your budget. • Having a checking account makes it easy to deposit checks that others give you. You can deposit your check at the bank or at many ATMs. • With a personal checking account, you’ll pay much less than the high-cost fees charged by check-cashing stores. Direct deposit • Another bonus to having a checking account is that some employers offer a free service called direct deposit. This

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HANDS ON BANKING® • TEACHER’S GUIDE 43 ADULTS • MANAGING YOUR MONEY • www.handsonbanking.org Checking Deposit Worksheet Name Use the information below to fill in a sample checking account deposit slip. Checks to deposit: Cash back: $17.10 $80.00 1,145.55 75.00 335.92 To complete a checking deposit slip: • Put the date in the space marked “A”. • Write your account number on the line marked “B”. (Since this is for practice, you’ll need to create your own

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HANDS ON BANKING® • TEACHER’S GUIDE 44 ADULTS • MANAGING YOUR MONEY • www.handsonbanking.org Teacher’s Copy of Checking Deposit Worksheet Use the information below to fill in a sample checking account deposit slip. Checks to deposit: Cash back: $17.10 $80.00 1,145.55 75.00 335.92 To complete a checking deposit slip: • Put the date in the space marked “A”. • Write your account number on the line marked “B”. (Since this is for practice, you’ll need to create your own account

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bank. ATM Safety Tips Think about your personal safety when using an ATM. Because most ATMs give out cash and many accept deposits, it makes sense to be alert and aware of your surroundings, no matter where or when you use an ATM. Memorize your personal identification number (PIN). Don’t write down your account number and PIN and carry it with you. If your wallet or purse is stolen, someone else could have access to your money. When typing in your PIN at the ATM, cover the number pad so no one

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April 16. • On April 25, you used your debit card at the Food Store to buy groceries and spent $37.27. To fill in a check register: • To record a check you’ve written, fill in the check number and date. Fill in the payee and, on the line below, what the payment is for, like rent or clothing. Then subtract the amount of the check from your current balance. • Now enter a check deposit. Fill in the date and the amount of the deposit, the name of the person or business that wrote the check, and, on the

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• On April 25, you used your debit card at the Food Store to buy groceries and spent $37.27. To fill in a check register: • To record a check you’ve written, fill in the check number and date. Fill in the payee and, on the line below, what the payment is for, like rent or clothing. Then subtract the amount of the check from your current balance. • Now enter a check deposit. Fill in the date and the amount of the deposit, the name of the person or business that wrote the check, and, on the line below

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HANDS ON BANKING® • TEACHER’S GUIDE 115 ADULTS • PLANNING YOUR FUTURE •www.handsonbanking.org • If an account pays compound interest, that means the financial institution will pay you interest not only on your original deposit but also on the interest your deposit has earned over time. With compound interest, your money grows much faster. Quarterly Compound Interest Quarter Amount In Account Interest Total Amount After 4 Quarters (1 year) 1 $ 1000.00 1.25% ($1000 x .0125) + 1000 = $1012.50

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credit has no collateral attached Mortgage f. The combination of a business' fixed and variable costs Unsecured credit g. Monthly record of your account activity sent by the bank 2. Safe-deposit boxes are secure boxes at the bank to protect your important documents and valuables. Identify some of the items you might want to keep in a safe-deposit box. Yes No Item Birth certificates Loan documents Insurance policies Items that are not replaceable or have sentimental value Savings bonds

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of credit has no collateral attached Mortgage b f. The combination of a business’ fixed and variable costs Unsecured credit e g. Monthly record of your account activity sent by the bank 2. Safe-deposit boxes are secure boxes at the bank to protect your important documents and valuables. Identify some of the items you might want to keep in a safe-deposit box. Yes No Item √ Birth certificates √ Loan documents √ Insurance policies √ Items that are not replaceable or have sentimental value

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Bank account) Account balance The exact amount of money contained in a deposit account according to the bank. This figure may be different than the amount shown in your own records because of checks you have written or deposits you have made that have not yet been processed by the financial institution. Account fee The amount charged by a financial institution for the services they provide in managing the account. This may also be called the monthly service fee. Accounting To keep an exact listing

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anywhere from three months to several years. As a result, this account usually offers higher rates of return than a savings account. Money removed before the agreed upon date is subject to an early withdrawal penalty. The account pays interest on the deposit and is FDIC-insured. Banks issue an actual certificate for a CD account. If no certificate is issued, the account is known instead as a “time deposit.” Character The financial steadiness and stability of a borrower. For example, when reviewing your

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companies establish credit unions for their employees. To join a credit union, a person must ordinarily belong to a participating organization, such as a college alumni association or labor union. When a person deposits money in a credit union, he or she becomes a member of the union because the deposit is considered partial ownership in the credit union. Creditor An individual or business that lends money or extends credit. Creditworthiness A lender’s measure of an individual or company’s ability to pay

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HANDS ON BANKING® • TEACHERS GUIDE 157 ADULTS • DICTIONARY • www.handsonbanking.org Direct deposit A deposit made directly into your account by the payer without the use of a check or deposit slip. Typical direct deposits include Social Security payments and automatic payroll deposits. Disclosure A document provided by a lender, such as a bank or credit card company, that details the interest rate, fees, and terms of repayment. Discretionary expense The purchase of goods or services which are

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HANDS ON BANKING® • TEACHERS GUIDE 158 ADULTS • DICTIONARY • www.handsonbanking.org ETA (see electronic transfer account) FAFSA (see Free application for federal student aid) FDIC (see Federal Deposit Insurance Corporation) Federal Deposit Insurance Corporation (FDIC) An agency of the federal government that insures all bank deposits up to $100,000 per person. Federal Reserve An independent governmental agency established by Congress to organize and regulate banking throughout the United States

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Hands On Banking Young Adults: Teacher's Guide

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HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • WORK & $ • www.handsonbanking.org 141 • There are several ways to deposit your paycheck: • Deposit your paycheck at one of your bank’s ATMs. • Deposit your check at the bank. This involves filling out a deposit slip and handing it with your paycheck to a teller. • Use a check cashing store. While this is an option, be careful! Most check cashing stores charge very high fees for giving you your own cash. You can usually save a lot of money by using

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use time to their advantage by starting to save now. • The Rule of 72 is a way to estimate the time or interest rate you’d need to double your money in a savings account or an investment. Here’s an example: if you deposit money in a savings account that’s earning 2% a year, start with 72 and divide it by two. The answer is 36. This means that at two percent interest, it would take about 36 years for your savings to double. If you have an investment that pays 6% a year, 72 divided by 6 equals 12. This

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HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • MANAGING $ • www.handsonbanking.org 29 More about interest on savings • When it comes to savings accounts, interest rates are normally expressed as an annual percentage yield (APY), in other words, the percentage of your deposit that you would earn if you kept your money in the bank for a full year. • For example, if you deposited $1000 at 4% interest, you would earn $40 interest after a year. (4% of $1000 = $40.) If you withdrew all of your

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services, and some of these fees may be automatically deducted from your account. Find out what these charges are and when your bank will charge them. That way you can try to keep fees to a minimum. • No matter what bank you choose, you’ll find it’s easy to apply for savings and checking accounts. But keep in mind that different banks have different requirements for opening accounts, including a minimum age requirement for having accounts of your own. • If you’re under 18, a parent or adult guardian must

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HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • MANAGING $ • www.handsonbanking.org 55 II. Matching The terms on the left are also known by the names on the right. Match the two names. ___ 1. Certificate of Deposit (CD) a. Debit card ___ 2. Check card b. Time account ___ 3. PIN c. Savings bank ___ 4. S & L d. Secret password ___ 5. Bounced check e. Overdrawn

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HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • WORK & $ • www.handsonbanking.org 139 Section 2: Reading and Depositing Your Paycheck Students gain familiarity with the elements of a typical paycheck and various ways to deposit them. Opening Questions Use these or similar questions to start students thinking about this concept and how it relates to them: • Employees don’t get to take home every dollar that they earn because employers make deductions from their pay. What are some of the items

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HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • WORK & $ • www.handsonbanking.org 141 • There are several ways to deposit your paycheck: • Deposit your paycheck at one of your bank’s ATMs. • Deposit your check at the bank. This involves filling out a deposit slip and handing it with your paycheck to a teller. • Use a check cashing store. While this is an option, be careful! Most check cashing stores charge very high fees for giving you your own cash. You can usually save a lot of money by using

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HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • WORK & $ • www.handsonbanking.org 149 From The Library of Hands on Banking … Investing FAQ Do I have to pay taxes on my capital gains? Yes. The Internal Revenue Service, or IRS, requires you to pay taxes on your capital gains. Be sure to report your earnings when you prepare your tax returns. Why are savings accounts safer than investments? When you save your money in a savings account, it’s insured by the Federal Deposit Insurance Corporation

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investment plan for businesses with employees. Teresa is choosing between investing in her employer-sponsored 401(k) plan and an IRA account. The 401(k) plan is currently paying a yearly average of 5% interest, and her employer will contribute $.50 for every dollar Teresa puts in. The IRA account requires a $1,000 minimum balance, and Teresa can deposit up to $3,000 a year tax free. Currently, the bank is paying 3.75% interest on IRA accounts with balances up to $5,000. Convince Teresa which investment would be

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the public and then invests the money in a group of investments such as stocks and bonds. II. Multiple choice: 1. The safest, most reliable, and convenient way to deposit your paycheck is to use: a. the postal service to send your check to the bank. b. a check cashing store near your home. c. a friend to take your check directly to the bank. d. electronic direct deposit offered by your employer. 2. Investments with the least risk: a. deliver no extra earnings. b. deliver small earnings. c

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public and then invests the money in a group of investments such as stocks and bonds. (1 = b; 2 = h; 3 = e; 4 = f; 5 = g; 6 = d; 7 = c; 8 = a) II. Multiple choice: 1. The safest, most reliable, and convenient way to deposit your paycheck is to use: a. the postal service to send your check to the bank. b. a check cashing store near your home. c. a friend to take your check directly to the bank. d. electronic direct deposit offered by your employer. (d) 2. Investments with the least risk: a

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account) Account balance The exact amount of money contained in a deposit account according to the bank. This figure may be different than the amount shown in your own records because of checks you have written or deposits you have made that have not yet been processed by the financial institution. Account fee The amount charged by a financial institution for the services they provide in managing the account. This may also be called the monthly service fee. Accounting To keep an exact listing or

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for payment. Certificate of deposit (CD) A bank account in which you agree to keep the money for a specified period of time, usually anywhere from three months to several years. As a result, this account usually offers higher rates of return than a savings account. Money removed before the agreed upon date is subject to an early withdrawal penalty. The account pays interest on the deposit and is FDIC-insured. Banks issue an actual certificate for a CD account. If no certificate is issued, the

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and lending. Large organizations may organize credit unions for their members, and some companies establish credit unions for their employees. To join a credit union, a person must ordinarily belong to a participating organization, such as a college alumni association or labor union. When a person deposits money in a credit union, he or she becomes a member of the union because the deposit is considered partial ownership in the credit union. Creditor An individual or business that lends money or

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Earnings (see Income) Elder financial abuse When older people lose their money or property to family, friends, or strangers who use a variety of criminal activities and schemes. Economy Activities related to the production of goods and services in a particular geographic region, such as a country, state, or county. EFC (see Expected family contribution) Electronic direct deposit (see Direct deposit) Electronic transfer account (ETA) A low-cost savings account that allows you to receive federal payments

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Hands On Banking Dictionary

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this account usually offers higher rates of return than a savings account. Money removed before the agreed upon date is subject to an early withdrawal penalty. The account pays interest on the deposit and is FDIC-insured. Banks issue an actual certificate for a CD account. If no certificate is issued, the account is known instead as a “time deposit.” Character The financial steadiness and stability of a borrower. For example, when reviewing your loan application, a lender may look at how long

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Account balance The exact amount of money contained in a deposit account according to the bank. This figure may be different than the amount shown in your own records because of checks you have written or deposits you have made that have not yet been processed by the financial institution. Account fee The amount charged by a financial institution for the services they provide in managing the account. This may also be called the monthly service fee. Accounting To keep an exact listing or record of

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this account usually offers higher rates of return than a savings account. Money removed before the agreed upon date is subject to an early withdrawal penalty. The account pays interest on the deposit and is FDIC-insured. Banks issue an actual certificate for a CD account. If no certificate is issued, the account is known instead as a “time deposit.” Character The financial steadiness and stability of a borrower. For example, when reviewing your loan application, a lender may look at how long

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subtracted from the user’s deposit account rather than drawing on available credit. Debt Money, goods, or services you owe to others. Debt-to-income ratio A percentage that is calculated by dividing a loan applicant’s total debt payments to his or her gross income. Deed A legal document that conveys ownership of a property. Default Failure to repay a credit agreement according to its terms. Deferment A limited period of time during which you may postpone your federally guaranteed loan. The interest on

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Hands on Banking® - Dictionary © 2003, 2006 Wells Fargo Bank, N.A. All rights reserved. Economy Activities related to the production of goods and services in a particular geographic region, such as a country, state, or county. EFC (see Expected family contribution) Electronic direct deposit (see Direct deposit) Electronic transfer account (ETA) A low-cost savings account that allows you to receive federal payments through direct deposit. You can take advantage of an ETA if you receive: Social

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M and M Interesting.

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LESSON FOUR From Personal Finance Economics, 6-8: Money in the Middle, © National Council on Economic Education, New York, NY 33 ACTIVITY 14 DEFINITIONS INTEREST Interest is the price paid for using someone else’s money. People who deposit funds with a financial institution such as a bank are lending money to the bank. Those people receive interest. INTEREST RATE An interest rate is the price paid for using someone else’s money, stated as a percentage. SIMPLE INTEREST Simple interest is the interest

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group and paying interest out to the groups or C. Explain that since the interest is paid appropriate. out to the depositor the balance at the end is the same figure as in column 9. Give the groups six plastic deposit bags. three and should be recorded in column six as an ending balance. 10. Remind students they can refer to Activity Also, record this balance in column 15 or 16 to review the appropriate calculations. one of deposit cycle two as a beginning balance. 11. Begin by having a representative of

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LESSON FOUR From Personal Finance Economics, 6-8: Money in the Middle, © National Council on Economic Education, New York, NY 33 ACTIVITY 14 DEFINITIONS INTEREST Interest is the price paid for using someone else’s money. People who deposit funds with a financial institution such as a bank are lending money to the bank. Those people receive interest. INTEREST RATE An interest rate is the price paid for using someone else’s money, stated as a percentage. SIMPLE INTEREST Simple interest is the interest

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Banking

Banking A-Z Site Index Professional Development UEN-TV Distance Education Network About UEN Share Banking Life Skills: Employability Social & Civic Responsibility Curriculum Tie: General Financial Literacy Standard 3 Objective 1 Time Frame: 1 class period that runs 90 minutes. Su...

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