Banks and Credit Unions are important tools when it comes to money management. In this module, students learn how to utilize these institutions and the many features they offer. This module also includes an overview of checking and savings accounts and a lesson in making deposits and withdrawals.

Key Concepts

  • A Bank is a financial institution that provides accounts and services to help people manage their money. Banks are a for-profit business.
  • A Credit Union is similar to a bank with accounts and services to help their members manage their money, but they are a non-profit organization.
  • A Savings Account is a place to store the money that you want to save for something in the future. Most savings accounts earn interest.
  • Interest is the fee to borrow money. If you borrow money you pay interest. If someone borrows money from you they pay interest.
  • A Checking Account is a place to store the money that you use on a regular basis for things such as groceries, gas and bills.
  • You Deposit money when you put it into your bank or credit union account.
  • You Withdraw money when you take it out of your bank or credit union account.
  • Account Balance is how much money you have in your account. It is very important to keep track of this.

Session 1: Keep it Safe

Duration: 30 minutes

Objectives

  • To distinguish between Banks and Credit Unions
  • To differentiate between checking and savings accounts

Downloadable materials (pdf)

Presenter outline
Classroom activities

Session 2: Show Me the Money

Duration: 30 minutes

Objectives

  • To learn how to make deposits and withdrawals
  • To understand the basics of balancing an account