Category: Checking Accounts

Reading List for August 27-29

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Aug 27, 2021
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Current Events, Economics, Cryptocurrencies, Budgeting, Behavioral Finance, Checking Accounts
Banking Curious about how banks are doing with overdraft fees? Overdraft fees dropped during the pandemic in 2020, but have jumped back up 40% over a year ago. (BankingDive).   Budgeting/Behavioral Finance Ally Bank survey shows about half of adults are not talking discussing finances with their partner and launched a program to try to address this. PRNewsWire Tik-Tok partners with Shopify to add in-app purchase link. Sounds like a dangerous development for users susceptible to FOMO and...

Question of the Day: What percent of Gen Zers are comfortable downloading a bank’s app to open an account with them?

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Aug 24, 2021
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Question of the Day, Checking Accounts
Answer: 49%   Questions: If you currently have a bank account, how did you open it? Are you comfortable downloading an app to open a bank account? Why or why not? How many questions would you be willing to answer to open the account before you would abandon the process? [FICO survey found that 50% would abandon if more than 10 questions] Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (FICO...

What's New With Banking (2021)

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Jul 17, 2021
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Checking Accounts, Savings
This is the first of the 2021 “What’s New With…” series. As I began my research for the series, a common theme emerged. The Pandemic has altered, perhaps permanently, many aspects of our financial lives. In terms of banking, the pandemic really accelerated three trends:   Accelerated movement along the continuum from in-person banking to online banking to use of banks’ mobile apps; Proliferation and growth of digital-only banks (challenger banks) competing...

Question of the Day [LGBTQIA+ Pride Month]: What action does ""Bad with Money"" podcast host Gaby Dunn recommend to better your financial habits?

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Jun 08, 2021
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Question of the Day, Checking Accounts
Answer: "Go through your bank statements!"   Questions: What are bank statements and what can you learn from them? Like Gaby Dunn, have you ever kept track of your spending habits and transactions? How did you feel when reviewing them? What are other actions could you recommend to a friend who wants to better their financial habits Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.   Behind the numbers...

Question of the Day (Update): How quickly do you need to report a stolen debit card to get all your money back?

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May 25, 2021
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Question of the Day, Checking Accounts
Answer from Federal Trade Commission: Before any unauthorized charges are made. Questions: Do you know anyone who has had their debit card stolen? What happened? Since there is a thriving market in cloned debit cards, what can you do to protect yourself if your account is hacked? If you don't tell the bank about your card being stolen and your account is drained, is the bank required to pay you back after 60 days after your monthly statement is mailed to you? Click here for...

Question of the Day (Updated): What percent of branch banks offer "free" student checking accounts?

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May 04, 2021
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Question of the Day, Checking Accounts, Research
Answer:  Questions:  Do you think there are ANY fees with "free" checking accounts? If so, can you think of any examples? Why do you think that so many banks offer "free" checking accounts to students? What do you think happens to the account fees after you leave school and no longer qualify for a student account? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (WalletHub): Student checking accounts, which...

Interactive: Laws on Minor Bank Accounts by State

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Apr 06, 2021
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Interactive, Checking Accounts
I didn’t spend much time considering the implications of payroll card fees until five or six years ago when one of my students showed me that she had spent over $50 in three months to access her own money and check her account balance. This is significant for a kid earning minimum wage and trying to help her mother pay the bills. She wanted a bank account, but her mother was unbanked. Have a look at some of the fees that payroll cards might charge, taking the E1 Visa® Payroll Card as...

A NEW Kind of Bank Account

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Mar 09, 2021
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Checking Accounts, Savings, Current Events
What is Bank On? A Bank On account is required to be a safe low-cost transactional product. Most of the nation’s largest financial institutions, many community banks, and credit unions have committed to offering Bank On accounts. We developed this easy-to-use handout for teachers which is full of the resources you need to help students open safe and low-cost bank accounts: Disclaimer: NGPF does not have a relationship with Bank On, but we see the importance of sharing Bank On...

21 Personal Finance Movies and Documentaries

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Feb 24, 2021
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Personal Finance, Checking Accounts
The Banker was recently released on Apple+, and in my opinion, is the best personal finance movie of all time. It incorporates the realities of wealth building, banking, investing in property, and lending. Multiple scenes could be cut and used as a hook to illustrate to students in an entertaining way key personal finance concepts.  The Banker is based on a true story. Although our country still has a ways to go, the movie reveals the discrimination that Black Americans faced at that time...

Four Interactives to Engage Your Students

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Jan 12, 2021
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Interactive, Paying for College, Investing, Checking Accounts, Behavioral Finance
Interactives are clearly popular resources in the classroom. Paired with each interactive are professional development opportunities for teachers to build their content knowledge. Filing a FAFSA College enrollment and FAFSA applications have plummeted, presumably because of Covid. Teachers are clearly encouraging students to file FAFSAs, and can use all the help they can get. The following interactive will help students  see for themselves that they can likely afford college. Student...

Question of the Day: How many of the top 5 finance apps can you name?

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Dec 13, 2020
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Question of the Day, Checking Accounts
Answer: Questions:  Why do you think these person-to-person apps are so popular (top 3 on the list)? When do you think people find these apps most useful? Do you have any finance apps on your phone? Why or why not? What do you think are the most important criteria in choosing which finance apps to use? Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (App Annie and Digital Trends with chart showing features of top 3): With...

Question of the Day: Did a higher percentage of families use online banking OR write a check within a 12 month period?

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Nov 15, 2020
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Question of the Day, Checking Accounts
Questions:  How would your family have answered this question?  Are you surprised that over 60% of families had written a paper check in the last 12 months? What might be reasons they write checks? Analyze the changes since 2016. Which of the two (online banking or paper checks) saw a more dramatic change?  Why do you think that more than 20% of families don't use online banking?  Click here for the ready-to-go slides for this Question of the Day that...

Question of the Day (Updated): What is the average fee when you overdraw your checking account using your debit card?

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Nov 02, 2020
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Question of the Day, Checking Accounts
Answer: $33.47 Questions: What do you think are the reasons that people spend more money than what they have in their checking accounts?  What has been the trend with overdraft fees since 1998? Why do you think banks are charging more for fees (on average)?  What are the ways that you can prevent your account from being overdrawn (spending more than you have in your account)?  Click here for the ready-to-go slides for this Question of the Day that you can...

Question of the Day (Updated): How many checks does the average American write each year?

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Sep 16, 2020
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Question of the Day, Checking Accounts
Answer: 36 Questions: If you have a checking account, how many checks have you written in the past month? What do you think are the most common expenses that people write checks for?  What do you think the answer to the number of checks would be for the average teenager with a bank account? Do you think the answer to this question will change in the next five years? Explain.  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the...

Question of the Day (Updated): 93% of employees receive their paycheck via: a) Cash b) Direct Deposit c) Check

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Sep 14, 2020
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Question of the Day, Checking Accounts
Answer: Direct Deposit Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Questions:  In your own words, what do you think direct deposit is? What do you think might be a few advantages to receiving your paycheck this way? In order to receive a paycheck via direct deposit, what does an employee need to have?  Many employees use direct deposit to split their paycheck between their checking and savings accounts. What do you think is...