Category: Checking Accounts

Question of the Day: What percent of Starbucks transactions come from mobile phones?

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Dec 11, 2017
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Checking Accounts, Payment Types, Question of the Day, Research
Answer: 30% From Visual Capitalist:  Here's another fun fact: Starbucks has over $1.2 billion in deposits loaded on Starbucks cards (from MarketWatch), more than many banks: ----------- Here are ready-to-use Question of the Day slides to use in your classroom.  ----------- Questions for students: Have you ever used your mobile phone to make payments? Describe the transactions you have made. What are the advantage of using your mobile phone for payments? Do you think it's easier to...

NGPF Podcast: Tim Talks to Alexis Poggio, a Hollywood High School Student

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Dec 10, 2017
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Podcasts, Student Loans, Checking Accounts, Parent Conversations, Employment
Alexis reached out to me via email a few weeks back and wanted to talk money. She had a high school research project that she was working on and had a few questions for me about financial education. Based on the depth of her questions and her resourcefulness in getting sources for her report (this was a first!), I had my own questions. Listen to the podcast to get answers to these and more: Why is she interested in personal finance? How did a personal finance course that she took her junior...

Question: What percent of Gen Z (14-21 year olds) have a payment app on their phone?

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Dec 05, 2017
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Checking Accounts, Research, Question of the Day, Survey Results
Answer: 48% Continuing on the theme of Gen Z financial behaviors, we found the answer to this question from the research firm, The Center for Generational Kinetics. Here were some additional interesting findings about their relationships with banks: Banks may be one of the major legacy institutions that will have to adapt in order to best fit Gen Z. The good news is that Gen Z is showing that they are taking responsibility for their financial situation, or they are at least aware that money and...

Chart: What financial assets do families own?

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Nov 29, 2017
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Stocks, Chart of the Week, Checking Accounts, Investing
Hat tip to Big Picture Blog Questions: In your own words, what is an asset? Which financial asset has seem the greatest increase in ownership between 2001 and 2016? What do you think are examples of Transaction Accounts? Certificates of Deposit and Savings Bonds  both saw sharp drops in the percentage of households holding them between 2001 and 2016. What do you think that has been the case?  You read this headline "No one seems to be saving for retirement today." Does this chart...

Question of the Day: How many monthly withdrawals can you make (without penalty) from a savings or money market account?

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Nov 09, 2017
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Question of the Day, Policy, Debit Cards, Checking Accounts, Savings
Answer: 6 Hat tip to Jessica and her PLC group, Diane Mondoro, Steve Penley, Vicky Livesay, and Kayla Bousum for generating this question. (Sign up for the next round of our PLCs here)  On to the details: From NerdWallet: Regulation D, also known as Reg D, is a Federal Reserve Board rule that puts a limit of six transactions per month on certain transfers and withdrawals from your savings or money market account. If you go over the limit, the bank or credit union can charge you a fee, close...

Question of the Day: How long has the average U.S. adult used the same checking account?

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Nov 07, 2017
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Checking Accounts, Question of the Day, Behavioral Finance, Research
Answer : 16 years From Bankrate:  "The average U.S. adult has used the same primary checking account for about 16 years, according to a survey conducted for Bankrate and MONEY. More than a quarter (26 percent) have held onto a checking account for more than 20 years. Being loyal to a bank is fine if you’re getting a good deal. But the survey also finds the average checking customer pays about $14 a month in fees. “If you’re paying any kind of fee or having to...

Common Cents: Avoid Withdrawing Money From Out-of-Network ATMs

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Oct 13, 2017
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Article, Personal Finance, Current Events, Checking Accounts, Debit Cards
The creation of the ATM saved quite a lot time for bank customers, as they no longer had to wait in line at bank branches to withdraw their money. Could escalating out-of-network ATM fees lead to the decline of withdrawing cash in the near future? I predict that the recent trend of peer-to-peer payment could lead to the eventual—and most unfortunate—downfall of ATMs starting in large metropolitan areas. In these markets, more and more people are opting out of using cash and instead...

Question; What Are People Searching For on Google When It Comes To Money and Career?

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Oct 09, 2017
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Checking Accounts, Career, Savings, Employment
Fascinating set of interactives (go here to see what else people are searching for and to use the interactive features) that show what people are searching for on Google in different categories (fixing stuff around the house, cooking, etc.). Here is that they found when it comes to "grown-up stuff." The size of the boxes indicate the number of searches for that question. Anyone surprised to see "write a check" on that list?  ----------------- Check out the NGPF Resources that correspond to...

Question: How Do Banks Process Transactions (and How Does It Impact Overdraft Fees)?

Aug 18, 2017
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Checking Accounts
Hat tip to Brian Page for making me aware of this interactive from Pew Trusts that provides a visualization tool to show how one customer's transactions were reordered to maximize bank overdraft fees.  Here's the list of transactions (Ms. Gutierrez's order) and students can click on "How Wells Fargo reordered them" to see what the impact is: __________ This NGPF Checking Project: Overdraft Fee Analysis is a favorite as students analyze checking account agreements to see how different...

Current Events: What's New With Overdraft Fees?

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Aug 15, 2017
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Checking Accounts, Current Events, Payment Types, Policy
As readers of the blog know, overdraft fees are big profit generators for the big banks. Tens of billions of dollars big. So, what's new? The CFPB sees these large fees (average of $34 per overdraft) and wonders whether consumers really understand what they are signing up for when they opt-in to overdraft protection. This current event is a good opportunity to blend a discussion about policy while helping your students better understand a checking account "gotcha." Let's start at the beginning....

Question of the Day: Why Can't We Give Up Writing Checks?

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Aug 08, 2017
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Checking Accounts, Current Events, Question of the Day, Payment Types
For those educators out there still teaching students how to write checks, you have been vindicated! From Bloomberg:  In an era of smartphones, online banking, and Venmo transfers, the U.S. still can’t seem to wean itself off paper checks. In most countries, they’ve gone the way of the fax machine and the rotary telephone. But their demise isn’t coming to America any time soon. Americans still reach for their checkbooks more than anybody else. In 2015, they each made 38...

What Are People Reading on the NGPF Blog?

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Jun 26, 2017
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Behavioral Finance, Credit Cards, Investing, Savings, Checking Accounts, Current Events, Quizzes, Compound Interest, Cryptocurrencies, Retirement
Getting close to the end of June, so I thought it was worth checking our website analytics to see what new blog posts are garnering attention as the school year wound down in many parts of the country. Here are the top 5: What is Bitcoin and How Does Cryptocurrency Work?: A Primer; NGPF’s newest team member, Hari Vasu-Devan tackled this challenging topic by providing educators with information they can access when the inevitable student query comes, “Should I be investing in...

What's the Cost Of Financial Ignorance For Young People? Or Why Personal Finance Should Be Required for Graduation!

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Jun 12, 2017
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Checking Accounts, Activity, Question of the Day, Research, WebQuest, Current Events, Activities
Answer: $795 Million ANNUALLY in checking fees You could buy 2 fidget spinners for EVERY American and still some money left over with that amount that young people pay in banking fees Here were the two key takeaways based on recent research from NerdWallet (spoiler alert: It’s all about the overdraft fees): The median bank overdraft fee in the U.S., including university-affiliated accounts, is $35 [3], and the average college student overdraws his or her account 2.2 times per year,...

Product Review: Worried About Overdrawing Your Checking Account? There's An App for That!

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Apr 30, 2017
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Checking Accounts, Research, Personal Finance, WebQuest, Teaching Strategies, New Products, Current Events
A whole lot of peoples’ pain ($33 billion in overdraft fees) seems like an opportunity to one entrepreneur! From BusinessInsider: Mark Cuban was crushed with overdraft fees in his 20s. Now he’s backing an app that’s trying to help people avoid having to pay them. The billionaire has invested in a new app called Dave that aims to predict coming expenses for users to help prevent them from overdrafting on their bank accounts. Have your students go to Dave.com and review the app:...

Activity Idea: Personal Finance In My Life

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Apr 25, 2017
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Activities, Activity, Personal Finance, Checking Accounts, Advertising, Current Events, Taxes
My travels took me to Chicago and New York recently and here are some images related to personal finance that I captured: Thanks to the Federal Reserve Bank of Chicago for recently co-hosting the Financial Literacy Summit with VISA. I enjoyed moderating the panel on Expanding Access to Financial Education Programs (video for Session 6  here): Would you take tax advice from a “tax truck?” Seen on the streets of New York the weekend before Tax Day: What is a collateral loan...

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