AOF PRINCIPLES OF FINANCE LESSON 6: BANKING

TESTIMONY #1 “ I THINK THAT EVERYONE, AS SOON AS THEY START EARNING MONEY, SHOULD HAVE THEIR OWN BANK ACCOUNT. I FEEL SO INDEPENDENT BEING ABLE TO CONVENIENTLY ACCESS MY OWN MONEY. I HAVE A SPECIAL CHECKING AND SAVINGS THAT IS GEARED FOR TEENS, WHICH HELPS ME TO MONITOR AND MANAGE MY MONEY. IT DOESN’T COST ANYTHING TO SET UP, AND THE BANK AUTOMATICALLY TRANSFERS $25 FROM MY CHECKING ACCOUNT TO SAVINGS EACH MONTH TO HELP ME REACH MY SAVINGS GOAL. I ALSO HAVE MY OWN DEBIT CARD, WHICH IS ACCEPTED ALMOST EVERYWHERE! BANK ACCOUNTS ARE GREAT AND EASY TO USE. I WAS ALWAYS NERVOUS ABOUT KEEPING MY MONEY HIDDEN UNDER MY MATTRESS ANYWAY.”

TESTIMONY #2 “I HAVE NEVER WANTED TO USE ANY OF THE SERVICES PROVIDED BY BANKS. I REALLY DON’T SEE THE POINT IN HAVING SOMEONE ELSE MONITOR YOUR MONEY. I LOVE HAVING ACCESS TO MY CASH WHENEVER I NEED IT, AND I FEEL GOOD ABOUT KEEPING IT HIDDEN IN MY DRESSER DRAWER. WHENEVER I GET MY PAYCHECK I JUST SIGN IT OVER TO MY MOM AND SHE CASHES IT FOR ME AT HER BANK. IT’S REALLY NO BIG DEAL. SOME OF MY FRIENDS HAVE THEIR OWN CHECKING AND SAVINGS ACCOUNT, BUT I ALWAYS FEEL GOOD JUST KNOWING THAT I HAVE A WAD OF CASH IN MY POCKET. PLUS, I KEEP HEARING STORIES IN THE NEWS ABOUT BANKS FAILING AND BEING BOUGHT BY OTHER BANKS…I DON’T KNOW, I JUST LIKE BEING IN CONTROL OF MY OWN MONEY!”

CHOOSING A BANK COMPLETE 6.1 READING: CHOOSING A BANK REVIEW THE TITLE, HEADINGS, AND KEY WORDS – HIGHLIGHTED IN BOLD CREATE A FOUR-COLUMN ORGANIZER Saving ServicesPayment ServicesLoan ServicesElectronic Banking Services Ex. Main benefit is…Ex. Most common type… Ex. Two main types…Ex. Includes…