Lesson Plan
Bank Smarter: No Surprise Fees
Students will compare two bank account options using a fee/features checklist and choose one that fits their needs, naming one overdraft‑avoidance and one security practice.
Understanding bank accounts is crucial for financial independence. This lesson helps students avoid costly mistakes like surprise fees and manage their money effectively.
Audience
12th Grade
Time
30 minutes
Approach
Interactive instruction, scenario-based activity, and guided reflection.
Materials
Smart Banking Slide Deck, Account Comparison Checklist Worksheet, Fee Frenzy Scenario Cards Activity, and My Banking Choices Exit Ticket
Prep
Teacher Preparation
15 minutes
- Review the Smart Banking Slide Deck and familiarize yourself with the content.
- Print copies of the Account Comparison Checklist Worksheet (one per student).
- Print and cut out the Fee Frenzy Scenario Cards Activity (one set per small group).
- Prepare copies of the My Banking Choices Exit Ticket (one per student).
- Ensure projector/smartboard is set up for the slide deck presentation.
- Arrange desks for small group work if desired, or prepare for students to work in groups at their desks.
Step 1
Introduction: What's in Your Wallet?
3 minutes
- Begin with a quick discussion: "How many of you currently have a bank account? What are some things you like or dislike about it?"
- Introduce the lesson objective: "Today, we're going to become smart banking detectives, learning how to choose the right bank account and avoid those tricky surprise fees!"
- Display the first slide of the Smart Banking Slide Deck.
Step 2
Teach: Banking Basics & Fee Fighters
10 minutes
- Use the Smart Banking Slide Deck to explain:
- Checking vs. Savings accounts
- Common fees (monthly maintenance, ATM, overdraft)
- Overdraft protection and how to avoid overdrafts
- Direct deposit and ATM access
- Mobile banking security best practices
- Encourage questions and provide real-world examples to make concepts relatable.
Step 3
Activity: Fee Frenzy Scenario Challenge
10 minutes
- Divide students into small groups (2-3 students).
- Distribute the Fee Frenzy Scenario Cards Activity to each group.
- Explain the activity: "Your group will read through these scenarios. For each scenario, identify any potential fees or 'gotchas' and discuss how to avoid them or what to look for in a bank account."
- Circulate among groups, providing guidance and facilitating discussion.
- Bring the class back together for a brief share-out of key findings from the activity.
Step 4
Apply: Account Comparison Checklist
5 minutes
- Distribute the Account Comparison Checklist Worksheet to each student.
- Instruct students to imagine they are choosing between two hypothetical bank accounts (you can invent two simple profiles or use examples from the slide deck).
- Guide them to use the checklist to compare features, fees, and their own needs.
- "Based on what we've learned and your checklist, which account would you choose and why?"
Step 5
Cool Down: My Banking Choices Exit Ticket
2 minutes
- Distribute the My Banking Choices Exit Ticket.
- Students will reflect on their learning by naming one overdraft-avoidance practice and one mobile banking security practice.
- Collect exit tickets as students leave. This will serve as a quick assessment of their understanding.
Slide Deck
Bank Smarter: No Surprise Fees!
Your Guide to Savvy Banking
- Understanding Account Types
- Spotting Hidden Fees
- Keeping Your Money Safe
Ready to become a banking pro?
Welcome students and introduce the topic of becoming 'smart bankers.' Ask them to think about what they already know or wonder about bank accounts.
Checking vs. Savings: What's the Difference?
Checking Account:
- Used for everyday transactions (paying bills, spending).
- Easy access to funds (debit card, checks).
- May earn little to no interest.
Savings Account:
- Designed for saving money.
- Limited transactions per month.
- Earns interest on your balance (money grows!).
- Great for emergencies or future goals.
Explain the fundamental differences between checking and savings accounts. Emphasize the purpose of each and when you would use one over the other. Encourage students to share their prior knowledge or any accounts they might have.
Decoding Bank Fees & Overdrafts
Common Fees to Watch Out For:
- Monthly Maintenance Fee: A regular charge for keeping the account.
- ATM Fee: Charged when you use an ATM outside your bank network.
- Overdraft Fee: Occurs when you spend more money than you have in your account.
What is Overdraft Protection?
- Links your checking to savings or a credit line to cover transactions.
- Pro Tip: Keep track of your balance! Regular monitoring helps avoid overdrafts.
Discuss common bank fees (monthly maintenance, ATM, overdraft). Explain what an overdraft is and the importance of overdraft protection. Provide simple examples of how these fees can impact balances. Connect this to the 'Fee Frenzy' activity they will do.
Accessing Your Money: Direct Deposit & ATMs
Direct Deposit:
- Your paycheck or other payments go directly into your account.
- Benefits: Convenient, secure, and instant access to funds.
ATM Access:
- Use your debit card to withdraw cash or check balances.
- Be Smart: Use your bank's ATMs to avoid extra fees from other banks!
Explain direct deposit as a convenient way to receive paychecks and other funds. Discuss ATM access and how to avoid fees by using in-network ATMs. Briefly touch on the convenience and reach of modern banking.
Keeping Your Money Safe: Mobile Security
Protecting Your Account on the Go:
- Strong Passwords: Use unique, complex passwords.
- Two-Factor Authentication (2FA): Adds an extra layer of security.
- Public Wi-Fi Beware: Avoid banking on unsecured networks.
- Phishing Scams: Be cautious of suspicious emails or texts asking for personal info.
- Monitor Your Accounts: Regularly check for unusual activity.
Highlight the importance of mobile banking security. Discuss strong passwords, two-factor authentication, and being wary of suspicious links. Reinforce that banks will not ask for sensitive information via unsolicited emails/texts.
Ready to Bank Like a Pro?
Key Takeaways:
- Choose the right account for your needs.
- Understand and avoid fees.
- Keep your mobile banking secure.
Next Up: Let's practice with some real-world scenarios!
Summarize the key takeaways and transition to the activity. Remind students that being informed is the best defense against surprise fees and security risks.
Worksheet
Account Comparison Checklist
Instructions: Imagine you are comparing two different bank accounts. Use this checklist to compare their features and fees, then decide which one best fits your needs.
Account Option 1: "Easy Start" Checking
- Monthly Maintenance Fee:
- Minimum Balance Requirement:
- Overdraft Fee:
- ATM Fees (Out-of-Network):
- Interest Earned (on Checking):
- Direct Deposit Available?
- Mobile Banking App?
- Other Features/Notes:
Account Option 2: "Growth Spurt" Checking
- Monthly Maintenance Fee:
- Minimum Balance Requirement:
- Overdraft Fee:
- ATM Fees (Out-of-Network):
- Interest Earned (on Checking):
- Direct Deposit Available?
- Mobile Banking App?
- Other Features/Notes:
My Choice & Reasoning
Based on your comparison, which account would you choose and why? Consider what is most important to you.
I would choose:
My reasons for choosing this account are:
Activity
Fee Frenzy Scenario Cards
Instructions: Read each scenario with your group. Discuss what potential fees or "gotchas" might occur, and what advice you would give to avoid them. Be ready to share your findings!
Scenario Card 1: The Last-Minute Lunch
Maria saw a great sale on her favorite sneakers online, but she forgot to check her bank balance. She only had $15 in her checking account, but the sneakers cost $60. She bought them anyway, hoping her next paycheck would cover it.
Potential Fees/Gotchas:
Advice:
Scenario Card 2: The Mysterious ATM
David needed cash in a hurry for an event. The closest ATM wasn't his bank's, but he used it anyway without thinking. He withdrew $40.
Potential Fees/Gotchas:
Advice:
Scenario Card 3: The Forgotten Account
Sarah opened a checking account last year but mostly used her savings. She hasn't made any transactions or checked her balance on the checking account in over six months.
Potential Fees/Gotchas:
Advice:
Scenario Card 4: The Public Wi-Fi Problem
Alex was at a coffee shop using their free public Wi-Fi. He decided to log into his mobile banking app to transfer money to his friend. He didn't think twice about the network he was using.
Potential Fees/Gotchas:
Advice:
Cool Down
My Banking Choices Exit Ticket
Name: ____________________________
Instructions: Please answer the following questions to reflect on what you learned today.
-
Name one practice you can use to avoid overdraft fees:
-
Name one important security practice for using mobile banking or your bank account online:
-
(Optional) What is one new thing you learned about banking today that surprised you?