sandbox 1 Copy of Pear Deck NGPF: Online and Mobile Banking

High School Personal Finance: Semester Course

2.8: Online And Mobile Banking

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Learning Objectives

Students will be able to…

List the advantages of online and mobile banking versus traditional banking

Explain what online bill pay is and how recurring payments work

Enumerate the benefits of direct deposit for their paychecks and compare and contrast various peer-to-peer payment apps

Explain how to bank safely online and explore the pros and cons of a cashless society

Intro

Data Crunch: How Do Consumers Use Mobile Banking

Analyze the graph below to answer the question on the slides that follow.

Data Crunch: Answer the Questions

Based on the graphic, which 3 mobile banking features do consumers consider to be critical?

Data Crunch: Answer the Questions

Based on the graphic, what percentage of consumers rated depositing checks as an “important” or “critical” feature?

Data Crunch: Answer the Questions

Based on the graphic, which feature is the least important to consumers? Why might that be the case?

Data Crunch: Answer the Questions

Maha looks at this graph and says: “This survey shows that Americans really care about the security of their bank account” Do you agree or disagree with Maha’s conclusion? Explain your reasoning.

Data Crunch: Answer the Questions

How do you think this data would look if it only looked at how Gen Z uses mobile banking? Why?

Learn It

Navigating the Digital Shift: The Rise of Online Banking

Mobile banking uses smart phone apps to interact with your bank accounts. Online banking is a more broad category that includes any device that is connected to the internet. Being able to conduct transactions online and on our phones has reduced the need for people to go to banks in person and do things on paper. Read the Advantages section of the article to learn more about the benefits of online banking. ARTICLE: The Advantages of Personal Internet Banking

The Digital Shift: The Rise of Online Banking

The article listed 7 major advantages of online banking. Choose 2 and, in your own words, explain how they can make banking easier or more convenient. Sentence Starter: Two major advantages of online banking that stand out to me are...

Digital Shift: The Popularity of Online Banking

Do you already conduct your banking online or through your phone? If yes, which of these advantages do you find helpful? If not, which of these do you think you would find to be the most helpful? Why? Sentence Starter: I currently do/not do my banking online, and I find the following advantage(s) helpful...

Think, Pair, Share: Shift Toward Online Banking

After learning about the advantages of online banking, discuss with a partner how the shift to digital banking might impact the future of financial management. Share your thoughts on whether this shift could lead to the end of traditional banking branches and what implications that might have for different generations. Sentence Starter: The move toward digital banking will affect the future of financial management by...

Navigating Online Finance: Understanding Online Bill Pay

In the Data Crunch, you saw that many people are utilizing online and mobile banking with their checking accounts. They love the convenience and time-saving features of online banking, including the ability to pay their bills online. Read this article to learn more. ARTICLE: Online Bill Pay: What It Is and Why to Use It

Online Finance: Understanding Online Bill Pay

What might be the benefit of setting up a recurring payment through online bill pay? Sentence Starter: The benefit of setting up a recurring payment through online bill pay is...

Navigating Online Finance: Online Bill Pay

Picture yourself moving out on your own or maybe with a roommate, working your first full-time job. List at least four people or companies you might need to pay regularly by using online bill pay. Sentence Starter: When I move out, The companies or people that I would likely pay regularly using online bill pay include...

Think, Pair, Share: The Convenience of Online Bill Pay

How might the convenience of online bill pay impact your financial responsibility and budgeting habits as a young adult entering the workforce? Sentence Starter: The convenience of online bill pay could affect my financial responsibility by...

Understanding Direct Deposit

Another feature online banking offers is Direct Deposit, which is now the most common form of payment for work. Watch this video to learn what some of the benefits of direct deposit are. VIDEO: What is Direct Deposit?

Comprehending Direct Deposit

In your own words, explain what direct deposit is. Sentence Starter: Direct deposit is...

Understanding Direct Deposit: Setting it Up

What information will you need to provide to your employer to set up direct deposit? Sentence Starter: To set up direct deposit, I would need to provide my employer with...

Understanding Direct Deposit: The Benefits

What are the benefits of using direct deposit? Sentence Starter: The benefits of using direct deposit include...

Think, Pair, Share: The Impact of Direct Deposit

How might direct deposit impact your financial planning and savings goals compared to receiving a traditional paycheck? Discuss the potential benefits and drawbacks with a partner, and share any strategies that could be used to maximize the advantages of direct deposit. Sentence Starter: Direct deposit might change the way I handle my financial planning and savings goals because...

Do It

Activity: Online Banking Simulator

Now that we’ve explored the most important aspects of banking, let’s try using an online bank. Follow the directions on the worksheet to complete this activity. WORKSHEET: INTERACTIVE: Online Bank Simulator

Learn It

Securing Your Online Banking Experience

With many transactions like payments and direct deposits happening online, you might be concerned about the safety of your money. Read the article to learn about ways that you can improve your online banking security and protect your money. ARTICLE: Is Online Banking Safe? How to Boost Your Banking Security

Secure Online Banking: Avoid Wi-Fi

Why is it recommended that you avoid doing online banking on public Wi-Fi? Sentence Starter: It is recommended to avoid online banking on public Wi-Fi because...

Secure Online Banking: Turning on Alerts

How can turning on text and email alerts help keep your account safe? Sentence Starter: Turning on text and email alerts can help keep my account safe by...

Think, Pair, Share: Online Banking Security

After learning about online banking security, discuss with a partner an instance where someone might be vulnerable to online banking fraud. How could the tips we learned today help prevent such a situation? Share one new insight you gained from this discussion. Sentence Starter: An example of someone being vulnerable to online banking fraud is...

Exploring the Shift to a Cashless Society

Another major change is a move towards a cashless society. Being cashless offers many conveniences, but it’s not without its downsides. Read the article up to “What Does a Cashless Society Look Like?” ARTICLE: The Pros and Cons of Moving to a Cashless Society

The Shift to a Cashless Society

In your own words, what is a cashless society? Sentence Starter: A cashless society means...

The Shift to a Cashless Society: Impact on Privacy

How does a cashless society affect your privacy? Sentence Starter: A cashless society could affect my privacy by...

The Shift to a Cashless Society: Disadvantages

How does a cashless society affect the economically disadvantaged? Sentence Starter: The impact of a cashless society on the economically disadvantaged is...

The Shift to a Cashless Society: Unbanked and Underbanked

How might a cashless society negatively impact someone who is unbanked or underbanked? Sentence Starter: A cashless society might negatively impact an unbanked or underbanked person by...

Think, Pair, Share: A Cashless Society

After learning about the pros and cons of a cashless society, discuss with a partner how you think this shift will affect your daily life. Share one benefit and one challenge you might face in a fully cashless society. Sentence Starter: In a fully cashless society, one benefit I foresee is..., and one challenge might be...

Exit Ticket

Exit Ticket 1: Online Bill Pay

Which of the following is an example of online bill pay?

1. Using a person-to-person app to repay your friend for dinner
2. Using a mobile payment service to purchase your groceries at a store
3. Having your bank send your rent to the landlord each month
4. Having your check direct deposited into your bank account

Exit Ticket 2: Online Banking

Which of the following statements is an advantage of online banking?

1. Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees
2. Using online banking, you can request transfers, pay bills, and automate your savings without visiting the bank branch
3. Online banking is the only way you can make online purchases
4. If you set up online banking, your bank will also file your taxes for you automatically

Exit Ticket: Online Banking Security

All of the following are ways that you can keep your online bank account safe EXCEPT…

1. Only using private wifi to access your account
2. Turning on text alerts to monitor your account for large or potentially fraudulent transactions
3. Changing your password regularly using reasonably complex passwords
4. Banking with small banks and credit unions because they are less frequently the target of fraud