68 customizable lessons, aligned with National Standards, exams and more.
Read NGPF's school-by-school analysis of financial education in America today
Activities
Advocacy
Behavioral Economics
Best Of
Budgeting
Buying a Car
Career
Checking
Consumer Skills
Credit
Cryptocurrencies
Current Events
Curriculum Announcements
Economics
Entrepreneurship
Edpuzzle
ELL Resources
FinCap Friday
Gambling and Sports Betting
Insurance
Interactive
Investing
Math
Paying for College
Philanthropy
Podcasts
Press Releases
Professional Development
Question of the Day
Savings
So Expensive Series
Taxes
Teacher Talk
Here’s what new in the last week:
Checking accounts are one of the most widely used financial products, with 200 million Americans receiving their wages and paying their bills using their accounts. Consumers who open a new account are screened for various risks, Cordray explained, such as fraudulent or illegal conduct (such as money laundering) as well as credit risks, typically used to gauge how likely a consumer will incur overdrafts and pay them back.
Credit reporting agencies and specialty consumer reporting agencies – with data on a consumer’s history with regard to medical payments, tenancy, employment, or insurance claims – can “greatly affect how consumers are treated,” Cordray said, causing the CFPB concern in three areas: the accuracy of the reports, consumers’ ability to access the reports and dispute any incorrect information, and the ways the reports are being used.
Overall, there are about 9.6 million households without bank accounts representing 25 million people. Those without accounts — 35.6 percent — said the main reason for not having an account was because of insufficient money or the inability to meet minimum balance requirements. Of those without accounts, 34.1 percent said that they had recently closed an account because of either a significant drop in income or job loss.
Michael C. Podlesny’s tenant who lived on his rental property told him one month that she’d pay the $900 rent in cash to avoid a late checking charge. Unfortunately, Podlesny was the one hit with the bank fee, an unwieldy number that cost more in principle than it did in price.
After depositing his earnings, Podlesny said that within a few days, his account balance revealed that he was charged a cryptic 40 cents. “They had a fee of 10 cents per $100 when you deposit more than $500 cash,” he said. “To make a long story short, I complained, and they waived the fee, but I removed all of my money from that bank and now bank elsewhere.”
Investing Trends: Here Come the Robo-Advisors!
Chart of the Week: What Happens When the Federal Reserve Keeps Interest Rates Low?
Question of the Day: What percent of 18-41 year olds get financial advice from social media?
A-G Course Approval Templates
Quiz: PISA Financial Literacy Sample Test Questions
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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