Can You Survive? Understanding banking and credit.

Learning Objectives The youth will be able to: §Define credit §Understand the difference between good and bad credit §Correctly fill out a check, deposit slip, and check register

Credit Basics §Credit is the ability to borrow money l Buy now, pay later §Be aware of interest charges l Depends on: Principal Term Interest rate

Interest Charges

Credit Benefits vs. Risks §Good credit makes life easier l Financial flexibility l More opportunities §Too easy to mess up l Late fees l Overspending l Loss of opportunities

Your Score and Credit Report §Your Credit Score l Determines how likely you are to get a loan §Your Credit Report is free once every twelve months l Equifax l Experian l TransUnion §Don’t pay if you don’t have to

Your Credit Report

What’s On It? §Basic demographic info l Name l SSN l Current and former addresses l Open and closed accounts §Credit history l Review regularly to check for errors and fraud

Why is it Important? §You give others permission to look at it l Employers l Loan applications l Apartment application l Credit card applications (including store CC) §Negative information stays on in it for 7 years

What if it’s Wrong? §Notify the reporting agency l Copies (not originals) supporting documentation l Clearly identify errors l State facts request deletion or correction of incorrect information

What if it’s Wrong? §Notify the business or creditor l Send same information sent to the creditor that provided information to the Credit Bureau §Agency must reinvestigate §Incorrect information will be deleted or corrected

Take it to the Bank §Opening an account l Which bank l What type of account l Provide personal information 2 forms of ID Cash for deposit l Benefits of your account

Watch Yo’ Money §Deposit slips §Checks §Check register

Filling Out a Check

Filling out a Deposit Slip

Tracking your Money

Bank Statement

Financial Survivor Can your team outwit, outplay and outlast your opponents to be the ultimate Survivor?

Meet the Tribes MoolaBread C-noteScrila BenjisGrip

Immunity Use your immunity idol to pass on a question or challenge. You must surrender the idol once it is used.

Challenges Each time you get a question right, you get a challenge and a chance at bonus points.

The Final Challenge The secret final challenge will be revealed at the end of the game for additional points. Good Luck Survivors!

Question One How long can negative financial information stay on your credit report?

Answer One Seven (7) years!

Challenge One Name the three credit bureaus.

Question Two Name three items that are taken out of your paycheck, before you get it.

Answer Two Federal/state income tax, Social Security, Medicare contributions

Challenge Two How much Federal income tax was deducted during this pay period?

Question Three Name two things you must have to open a bank account?

Answer Three Identification and money to deposit

Challenge Three On April 24, 2012 you purchased a new outfit from Macy’s with a check. Pants $22.99 Shirt $17.99 Shoes $35.99 Subtotal = $76.97 Tax = $3.46 Fill out the check for your purchase.

Question Four If you do this when you write a check, you will always know your account balance.

Answer Four Use your check register.

Challenge Four Reconcile the Account!

Question Five Your bank statement will show a.Current amount in account b.Amount in account at time statement was printed c.Up to date list of withdrawals and deposits d.All of the above

Answer Five b. Amount in account at time statement was printed

Challenge Five Name three Kanye West songs.

Question Six When you receive goods and services now, and pay for them later, you’re using:

Answer Six Credit

Challenge Six You received five birthday cards with the following enclosures! $75 in cash $50 check #123 $35 check #526 $25 in cash $25 check #725 Deposit half into your checking account and get half back in cash. Fill out the deposit slip.

Question Seven What is stored in the magnetic strip on the back of your credit/debit card?

Answer Seven Your account number

Challenge Seven Name three things you should not use when choosing a PIN number.

Question Eight To correct a debit or ATM transaction error you must notify your financial institution within:

Answer Eight 60 days

Challenge Eight Name 3 services available through online banking.

Question Nine When deciding to purchase an item, the best thing to ask yourself is?

Answer Nine Do I need this?

Challenge Nine Name three Avengers (from the movie).

Question Ten How often can you request to see your credit report for free?

Answer Ten Once a year.

Challenge Ten Name the four coaches from The Voice.

Question Eleven What is it called when you spend more money than what is in your account?

Answer Eleven An overdraft.

Challenge Eleven Justin just found a job with take-home pay of $2200 per month. His expenses are: Rent: $800; Groceries: $200; Transportation: $200; Clothing: $100; Restaurants: : $150; Miscellaneous: $250 How long will it take him to save $1000?

Question Twelve What is the maximum amount you can be forced to pay if someone steals your credit card?

Answer Twelve According to Federal Law up to $50 as long as you notified issuer as soon as you noticed care was missing.

Challenge Twelve Name four potential sources of income.

Final Challenge Fill out the given checks, deposit slips, and register to balance your checkbook!

Putting it Together Determine how many points your team will risk. Complete the final challenge.

Congratulations! You have survived!

Survivor Created by Lora O’Neill and Bridget S. 2/6/ Adapted from Template TCEA 2002 Music from freeplaymusic.com