Lesson Plan: Banking (Module 2) Strategy for this lesson: ☐ Experiential Exercise Grade Level: 9-­‐12 ☐ Problem Solving Groupwork Topic: Banking Standard: See EverFi’s Financial Literacy Standards Alignment at www.EverFi.com/Standards þ Response Group þ Skill Builder Common Core Alignment: See below. For more information about EverFi’s CCSS Alignment, visit www.EverFi.com/Standards ☐ Visual Discovery þ Writing for Understanding Visual Discovery -­‐ Students view, touch, interpret, and bring to life compelling images, turning what is a passive, teacher-­‐centered activity – lecturing – into a dynamic, participative experience. Skill Builder -­‐ This strategy turns the traditional, rote tasks usually associated with skill-­‐based worksheets into more dynamic, interactive activities. Experiential Exercises -­‐ These short, memorable activities make abstract ideas or remote events accessible and meaningful by tapping into intrapersonal and body-­‐kinesthetic intelligences. Writing for Understanding -­‐ Writing for Understanding activities give all learners, even those with lesser linguistic skills, something memorable to write about. Response Groups -­‐ This strategy helps students grapple with the ambiguities of issues in social sciences, recognize the complexity of historical events, and discuss the consequences of public policies. Problem Solving Groupwork -­‐ This strategy teaches students the skills necessary to work together successfully in small groups, both in the classroom and later in life. Lesson Time: Approximately 90 minutes + 30 minutes homework Overview: This lesson is designed to give students a better understanding of the various functions and types of banks and the differing roles they play. Students will research and contact local banks to conduct a brief survey to get a better idea of the different products and services these banks offer. Students will then use all of the information learned in this lesson to write an evaluative summary on which type of bank best suits her or his individual needs, explaining in detail why he or she made that particular choice. Materials Needed: •
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Launch Activities (attached) EverFi: Financial Literacy-­‐ Banking Module Bank Survey Questions (attached) Guided Writing Questions (attached) Part 1 / Preview (Launch) (Teacher Directed) (10-­‐15 minutes) Artifacts / Replicas Read Aloud / Picture Book Maps Primary / Secondary Source Documents Storytelling (by the teacher) Simulations/reenactments Slides Poetry Maps Music / Song Video Clips Art Graphic Organizers Photos Predictions Other Students will respond to the following anticipation question “Do you feel it is better to keep your money in your room or a bank? Why?” As a class discuss the pros and cons of each while the teacher lists them on the board. Students will then be asked to create a “Word Splash” listing as many names of banks as the can in 2 minutes. Part 2 / Develop Purpose (Focus/Essential Questions) (Teacher Directed) Through this lesson students will understand the roles bank play in our economy. Students will gain knowledge to help them make choices as to what types of banks and accounts may best suit their individual needs as potential savers. Students will complete the lesson by writing an evaluation on the benefits of banks and different types of banks accounts and how they best suits the individual students needs. Part 3 / Gather Information/Reading Notes (Student Centered and Self Pacing) (35-­‐45 minutes) Textbooks Re-­‐read the Read Aloud Interviews Use the Internet Note taking Maps Watch a video / video clip Newspaper or magazines Narrated Interaction Guest Storyteller Field Trips and Museums Students will enter the Everfi: Financial Literacy module “Banking”. Students will complete the Banking module and earn a score of 70% or higher. In this module, students learn about the banking system, retail banks, credit unions, and commercial banks. Students examine typical account types (i.e. checking, savings) and their features. Students will have learned how to complete a check, use online banking resources, and monitor account balance activity. Students should be encouraged to take notes on all key concepts and terms. Part 4 / Production / Process (10-­‐15 minutes + 30-­‐45 minutes Homework) Textbooks Re-­‐read the Read Aloud Interviews Use the Internet Note taking Maps Watch a video / video clip Newspaper or magazines Web Quest Guest Storyteller Field Trips and Museums Active Research Skills As a class discuss what a student might look for in opening an account. Ask individual students what is most important to them. Ask students what they might want to know about a bank before opening an account. List student questions on the board. Distribute the Bank Survey Questions to the class. Have students revisit their WORD SPLASH and choose three of the banks from their list. Explain to students that they will contact those three banks and ask a the series of questions from the survey along with two questions of their choosing which they feel are important in helping them to evaluate a bank. *There are three ways in which students can complete the survey: 1) In person (at the bank) which is the quickest but not the most convenient 2) Over the phone which may take slightly longer but is easier 3) Many banks offer a 24 website which may require more time searching but is available around the clock. Part 5 / Closure (Teacher Facilitated) (15 minutes) Write Drama Simulation / Reenactment Video / Technology Presentations Storytelling Speech Draw / Art Debate Timelines Graphic Organizers Music / lyrics Map Ask students to share their experiences in contacting the banks. What type of banks did they contact? How did the people respond? Were they friendly? Did the brush them off? What were some of the differences between the banks? Which bank did any individual student choose? Why did they make this choice? Discuss with students that this is not merely an assignment but exercise in informed consumerism. Any students’ individual choice should be based on knowledge of the banks but also of his or her own needs. Discuss the fact that if a bank representative treated them poorly or blew them off that this is a legitimate reason for not choosing that bank. Let students know that by gaining this knowledge they are empowered. Based on the information students have gained from this lesson as well as any prior knowledge they may have, instruct students to complete the post lesson guided writing prompt. LAUNCH ACTIVITIES: Anticipation Question: “Do you feel it is better to keep your money in your room or a bank? Why?” Record the class response as your teacher lists them for you. Bank Pro’s Room Con’s Word Splash: Below list the names of as many banks as you can. Pro’s Con’ Name: PD: 2. 3. Customer Service Grade (A-­‐D): Bank 1 Bank 2 Bank 3 Bank 1 Bank 2 Bank 3 What are the minimum deposit amount for a six month and one year CD (Certificate of Deposit)? What are the current interest rates for both respectively? Do you offer student loans? If so what are your current student loan interest rates for unsubsidized Stafford loans? Compose two of your own questions below Other Notes: BANK SURVEY QUESTIONS Directions: Contact three banks and answer the following questions. DUE BY ___________. Bank Name Contact Information (provide telephone #, representative name, or URL. 1. Savings How much money do I need to open a savings account? Is there a minimum balance that needs to be in the account? Is the interest rate fixed or variable? What is the current interest rate for a savings account? Are there limits on the number of withdrawals on the account? Are there any fees for having a savings account? How much and how often? Do I need an adult to open an account? Do you have any promotional offers I should be aware of? Checking How much money do I need to open a checking account? Is there a fee for having a checking account? How much and how often? Is there a minimum balance that needs to be in the account? Is there a limit on the number of checks I can use? Do I get an ATM or debit card with this account? Is there a fee to use the ATM? If so how much? Do I need an adult to open an account? Do I need a savings account to open this account? Investment and Other Post-­‐Lesson Guided Writing Prompt In two well written paragraphs explain: • 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.