STUDENT RESPONSIBILITIES EVERYDAY DURING THE SIMULATION:
- Login daily
- Pay bills on-time
- Adjust 401(k) contribution % and bank account type, as needed
- Read simulation communications via email, Dashboard Alert, and push notifications
- Maintain their CFS reconciled
- Take quizzes and surveys
- Review pay stubs and W-2
- Use the Student Quick Tips to help navigate the simulation and perform common tasks
- Use the Knowledge Base to answer questions about the game, scoring, website navigation, etc.
IMPORTANT: At the end of every class, please email me describing how far you got today and what you learned. This will be graded periodically. Use 3-5 sentences.
GOAL: At the completion of this module you will be able to answer the following questions:
- What are the different types of banking institutions?
- How is a checking account different than a savings account?
- How can you monitor your checking account and what are the risks of spending more money than you have?
- Examine the different types of financial institutions
- Understand the characteristics of different bank types (retail vs. online vs. credit union)
- Introduce the structure & function of the Federal Reserve
- Understand some basic terms/features of accounts (liquidity, FDIC-insured, minimum balance)
- Know the different types of accounts (checking, MMA, savings, CD)
- Compare account types based on liquidity, minimum required balance, & interest rate
- Identify common account fees & how they can occur
- Know the parts/function of the chec
- Understand how to monitor/balance your account
HERE IS WHAT YOU NEED TO DO:
- Log in to Everfi
- Finish Module 2–TAKE NOTES IN THE PROGRAM!!!
- At the completion of Module 2, do the following in the PERSONAL FINANCE Google Doc shared with me:
- Type today’s date.
- What might YOU look for in opening an account?
- What is most important to you?
- What should you know about a bank before opening an account?
- From the banks you listed, pick 2 and complete the BANK SURVEY QUESTIONS handout–get it from your teacher……….in addition to the questions on the handout, ask TWO MORE that are important to you!!! (FYI: This is not merely an assignment but an exercise in informed consumerism……Any individual choice you make should be based on knowledge of the bank and your own needs. If a bank representative treated you poorly or blew you off that is a legitimate reason for not choosing that bank. Know that by gaining this knowledge you are becoming an empowered consumer.)
- Part of your post test: Address the following in the PERSONAL FINANCE Google Doc using TWO well written paragraphs:
- The purpose of banks
- The TWO most popular types of banks
- Which type of bank account best serves your needs and why?
- Something you learned about banking that you feel will be useful to you in the future.