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Unit 5

Unit 5. Your Money: Keeping it Safe and Secure Info from: NEFE High School Financial Planning Program. What Do You Think? – Page 60. More than 55% of teens have a savings account. 17% of teens ages 16-17 have a checking account. 64% of those ages 18-19 have one.

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Unit 5

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  1. Unit 5 Your Money: Keeping it Safe and Secure Info from: NEFE High School Financial Planning Program

  2. What Do You Think? – Page 60 • More than 55% of teens have a savings account. • 17% of teens ages 16-17 have a checking account. 64% of those ages 18-19 have one. • Likewise, only 13%of teens ages 16-17 have a debit card. 55%of those ages 18-19 have one. • Among teens ages 16-17, 13%have one of their parents credit cards • 36% of teens ages 16-19 have their own credit card

  3. What Do They Offer? – Page 61 • Visit the Web sites of at least two financial providers. List the services provided and be prepared to share what you have learned. Example: Polish National Credit Union Services: Share Savings Accounts, Checking Accounts, CDs, Auto Loans, Mortgages, Home Equity Loans, Discount Rates for homeowners and auto insurance for members, Free Mobile Banking and On-Line Bill Pay, Fraud Protection Services, Passbook Secured Loans, IRA Accounts, NOW Accounts, Source: http://www.pncu.com/pncu/Services.asp • “Polish National Credit Union offers a wide range of services to our members, which are provided in person, electronically and via the Internet. We offer fully automated electronic services, i.e. Direct Deposit, free 24/7 Telephone Banking and free 24/7 PC Home Banking and Bill Payment. We offer free Notary services to our members. • Polish National Credit Unions online services are available to our members 24 hours a day, 7 days a week and can be accessed from any Internet access location. Our members may order checks, pay bills, transfer funds, apply for a loan, or balance their checkbook at a time and place that is convenient for them.”

  4. Assignment 5-1: Shopping for My Financial Services Provider • Use the decision-making process to select a financial provider for your personal use. Be sure to consider your criteria as you compare the services of at least three providers. Discuss in Class

  5. Exercise 5-C: Make the Deposit 1 0 0. 0 0 March 8, 2010 2 5 0 .5 0 Jane Jones 13 State Street, Springfield MA 01151 3 5 0. 5 0 5 0. 0 0 3 3 2 6 3 0 0 .5 0

  6. Exercise 5-D: Keeping Track – Page 65 3/1 200.00 Open Checking Account 200.00 200.00 3/1 20.00 Auto Withdrawal For Personal Checks 20.00 180.00 100 3/3 Groceries 23.11 23.11 156 .89 101 3/3 Books – Wayne’s Book World 13.50 13.50 143 .39 102 3/4 Weekend Personal Money 30.00 30.00 113 .39 3/5 Phone Bill – Automatic Pay 25.50 25.50 87.89 3/6 Deposit – Pay Check 113. 76 113.76 201 .65

  7. Benefits Convenience (easy access to money) Personal Safety (not carry too much cash) Knowledge (track account daily) Saves time (direct deposit and on-line bill pay) Concerns Fees Security – more chance of your info being stolen Exercise 5-G: The Pros and Cons of Automated Services

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