Category: Checking Accounts

QoD: This week, the CEO of a major U.S. bank said tens of thousands of call center jobs could be replaced by ____________________.

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Feb 20, 2019
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Question of the Day, Career, Current Events, Checking Accounts
Answer: Machines Questions: What types of tasks do you think a bank call center employee handles (i.e. why do people call a bank's 800 number)?  If you were a call center employee at this bank or at other companies, would you be worried? What kind of tasks do you think machines will likely replace humans in the future?  What kind of jobs do you think are safe and will not be automated in the future? Click here for the ready-to-go slides for this Question of the...

QoD: How much did consumers pay in overdraft fees in 2017 (in billions)?

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Feb 11, 2019
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Question of the Day, Checking Accounts, Research
Answer: $34.3 billion Here's how the average fee has grown over the past decade: Questions: In your own words, what does it mean to overdraw your account? Why do you think that banks collect so much in overdraft fees from consumers? Young people are particularly susceptible to these fees. What steps can you take to avoid these pesky fees?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Wealth...

Question of the Day: What is most cited reason people give for not having a bank account?

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Feb 05, 2019
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Question of the Day, Checking Accounts, Savings, Research
Answer: Do not have enough money to keep in account Cited = named as a reason for not having an account Main = percent of respondents that listed the reason as the main reason for not having an account. Questions: What's the minimum amount you think you need to have a bank account?  Do you think it’s important to have a bank account? Explain. The number 2 item cited for not having a bank is "don't trust banks." What do you think leads to this distrust? Respondents also indicated...

Question of the Day: Is more money stolen through hacks of cryptocurrency (e.g., bitcoin) accounts or bank robberies?

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Feb 04, 2019
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Question of the Day, Checking Accounts, Identity Theft
Answer: Hacks of cryptocurrency accounts Crypto; In the first half of 2018 alone, over $1 billion was stolen from crypto accounts. Typically not protected or insured by a third party. Bank robberies: About $2 million is stolen a year from bank robberies 4,000 bank robberies average $4,000 per theft for $16 million but 86% are solved so only 14% or about $2.0 million is lost.  Note that these thefts are covered by bank insurance policies so no loss to accountholders.  Questions What...

Question of the Day: How do most Americans pay their bills: online, automatic, or other (by phone/by mail/in-person)?

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Jan 29, 2019
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Payment Types, Question of the Day, Checking Accounts, Research
Answer: Other (In person, by mail or by phone) Questions: Why do you think such a large percent of people still pay bills using these "old school" ways?  Do you know how your parents/guardians pay their bills?  What might be one risk with setting up your credit card bill to be paid automatically from your checking account?  The mean number of bills paid per consumer is 21. How do you think people keep track of all of these bills so they don't miss one?  Here's...

FinCap Friday: Bye Bye Banks?

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Jan 17, 2019
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FinCap Friday, Checking Accounts, Current Events
In this FinCap Friday we chronicle the epic battle being waged between the well-established banks and the upstart FinTech competitors. Once a blip on the radar for the big banks, several of these emerging companies have earned unicorn status and are valued privately at more than $1billion. Why? Blame mobile phones, the comfort level that younger generations have with conducting business (including banking) online and the FinTech focus on creating a great UX (user experience) on their apps. Find...

Reading List for Jan 5-6

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Jan 04, 2019
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Personal Finance, Checking Accounts, Investing, Stocks, Mortgages, Paying for College, Economics
Happy New Year!  Our first reading list of the year includes a couple of pieces that take a look back at 2018, including the wild ride on the stock market, as well as some "newer" news.  Enjoy! Personal Finance Our friend Barbara O’Neill provides a great overview of what happened in the world of Personal Finance in 2018. (Journal of Financial Planning) Beth Kobliner examines a Brooking Institute report on Artificial Intelligence and relates it to Financial Literacy....

Question of the Day: What is the most popular finance app in the IOS (iPhone) Store?

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Dec 19, 2018
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Question of the Day, Checking Accounts, Research, Teaching Strategies, Payment Types
Answer: Cash App (Square) From App Annie (December 12th 2018) Questions: How comfortable are you using financial apps on your smartphone?  How many of these apps do you currently use? plan to use in the future?  How would you group these apps into different categories?  Are there any financial apps not listed here that you use?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Motley Fool)...

Interactive Monday: How Much Will You Pay Over Your Lifetime In Banking Fees?

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Dec 16, 2018
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Interactive, Checking Accounts, Research
It's easy to lose track when you are getting nickeled and dimed every month with a non-network ATM fee here or a monthly maintenance fee there or even that dreaded overdraft fee. Have you ever pondered that depressing thought of what that might amount to over a lifetime? This interactive from NerdWallet does that very analysis, by calculating the bank expenses one would pay over a lifetime based on a certain set of assumptions about the cost of various fees and the number of occurrences. ...

Before your students step foot on a college campus and visit those banking booths...

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Dec 13, 2018
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Checking Accounts, Current Events, Chart of the Week
...they might want to ask the banker "Are you sharing my fees with the college so every time I overdraw my account...my college benefits?" Here's the data showing the average costs by bank:  From MarketWatch:  During the 2016-2017 academic year, students using college-endorsed debit or prepaid accounts paid $27,600,000 in account fees, according to the report. And students tended to pay more fees when financial institutions paid their colleges to promote the accounts. That could...

Question of the Day: How many payment transactions does a consumer make in a typical month?

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Nov 26, 2018
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Payment Types, Question of the Day, Credit Cards, Debit Cards, Checking Accounts
Answer: 70 Questions: How many payment transactions do you make in a typical month?  What are the various ways that you pay for things? List them from most to least popular.  How do you keep track of your payment transactions?  How do you think the way you pay for things might change as you get older?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from CBInsights):...

What do I need to know before using the online bank simulation?

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Nov 15, 2018
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PRO Tip from NGPF, Checking Accounts, Interactive
THE PROBLEM: You've got an online bank simulation that I can use for free!?!?! Tell me more...   THE ANSWER: Watch this short video to hear a PRO Tip on how to use our online bank simulation and the accompanying short and extended version activities.  Want to receive a weekly PRO Tip to your inbox? Sign up for the blog digest on the upper right of our blog page. ...

10 Money Milestones For Parents Who Want to Teach Their Kids About Money

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Nov 14, 2018
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Parent Conversations, Credit Cards, Paying for College, Career, Checking Accounts, Stocks
I often hear this question from friends and family, "How can I teach my kids about money?" While we developed our website and resources with a classroom teacher in mind, they work well at home too. I think milestones present great opportunities for this learning to take place between parent/guardian and child.  Here are ten money milestones in the life of a teenager with a link to a favorite NGPF resource (or two) that can help kids "learn by doing."  Opening a bank account Fine...

What's Trending on NGPF Blog in October?

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Oct 29, 2018
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FinCap Friday, Checking Accounts, Paying for College, Career, Employment
Each day, the NGPF Blog delivers two new pieces of content including an engaging Question of the Day. Here's new posts that teachers are reading this month which shows the variety of content you will find there.  FinCap Friday: Human Vs. Machine  In this FinCap Friday, students will complete a 5 question Kahoot and then hear a five minute explainer from Yanely.  Interactive Monday: Wage and Employment Growth Across Occupations. Let your students interact with the data on...

We don't like to be embarrassed and it's costing us....billions in bank fees!

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Oct 29, 2018
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Checking Accounts, Teaching Strategies
I had the opportunity last week to share our new short-form Bank Simulation with AVID students at Mountain View High School. I like to open any class about bank accounts with a question to find out who has a checking account. My next question is intended for these accountholders and is simply "How many of you have ever heard of overdraft fees?" High school students don't always have the best poker faces and it's easy to tell who has felt the sting of these fees. Grimaces, pained expressions and...