Wallet Hub is out with their 2014 Checking Account Cost Report .  Before diving into the details, the headline for their report can be summarized as:  The less you have in your account, the more you are likely to pay to have a checking account (NY Times article).

So, what is my idea for a lesson? Provide students with a link to this report and ask them to choose a checking account.  They will need some basic understanding of checking accounts (here is link to our Checking Basics lesson).

Here is one idea on how to guide students through this process:

• Choose a Customer Profile: They are likely to fall into the “Cash-strapped” category.
• Select Criteria:  Which factors are most important to the student (see Tips for Finding the Best Checking Account)?   Create a 3X5 table with room for five criteria and information on three lenders.
• Compare Checking Accounts:  Identify three banks from the report and compare them based on criteria that matter.
• Choose One: Select one bank and identify primary reasons for choosing it.  Where can students go to verify that this information is still current?
• Reflect:  Learn more about the source of this information (Wallet Hub).
  • Do they receive money from any of the banks listed on their website?
  • Does this change your opinion regarding the information on their website?

About the Author

Tim Ranzetta

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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