module 5 financial services - burlington county institute

Module 5

Financial Services

Complete: Activity 5.8 Challenge 5-A Challenge 5-B Challenge 5-C Challenge 5-D

Activity 5.8: Deal With Deception

©2012 National Endowment for Financial Education Module 5: Financial Services

High School Financial Planning Program www.hsfpp.org Activity 5.8: Deal With Deception

NAME: DATE:

Directions:

What action would you take if you suspected that someone might be trying to deceive you? Explain

how to handle the each situation below to avoid having your personal information or financial

information getting into the wrong hands.

1. You walk up to an ATM and a guy walks up behind you who appears to be waiting his turn. But

he’s uncomfortably close—right over your shoulder—as you get ready to enter your PIN.

2. You (or a parent) are at a cash register in a store and have given the clerk your credit card. She

holds on to it, probably to verify your signature. But then she says she needs to grab something

from the back and starts to walk away with your card in hand.

3. You’ve found a pair of shoes at a great price on a Web site you discovered on Facebook. You

start the check-out process and notice that the padlock at the bottom of your computer screen is

open and that the Web page address starts with “http” instead of “https.”

4. You get a text message that says your bank debit card has been deactivated. The message tells

you to reply to resolve the problem.

5. You’re bummed out about losing in an online auction. But then you get an E-mail stating the

winner backed out and that you can have the item if you still want it. You just need to send your

credit card information via E-mail.

These resources are good places to find tips to prevent and deal with deception:

Federal Trade Commission, www.ftc.gov/idtheft

Your state’s Attorney General website. Search: consumer resources, identity fraud, scams

HSFPP Student Guide, Module 2: Borrowing, pages 33-38

HSFPP Student Guide, Module 5: Financial Services, pages 35-39

Challenge 5-A: Use a Checking Account


High School Financial Planning Program www.hsfpp.org Challenge 5-A: Use a Checking Account

NAME: DATE:

Directions:

A checking account is a useful way for you to track expenses. Use a checking account register or create a

spreadsheet to record transactions for two months. Check your accuracy by reconciling the account each

month.

Scenario: Ron Ziesmer is a single 24-year-old who lives in Rochester, Minnesota. He recently opened a

new checking account at the Rochester Credit Union.

Use the data provided in the following two calendars to track two months of Ron’s transactions. Go

through the steps to write the first two deposit slips and first four checks. The first few transactions have

already been recorded for you. Monthly statements are provided so you can reconcile Ron’s account

each month.

Note the following routine

transactions:

When the account was

opened, Ron arranged for

the following bills to be paid

automatically on the 10th of

each month:

Rent to LK’s Rental

Properties, $550

Phone, Internet, and cable

TV service provided by

eConnect, Inc., $108.75

On the 15th and 30th of

every month, Ron’s

paycheck is automatically

deposited to his account,

$1,256.67.

On the 15th of every

month, Ron has arranged to

have $200 transferred from

his checking account into a

savings account.




Reconcile Worksheet - November

Credit Union Statement Ending Balance

+ Outstanding Deposits

= Subtotal

- Outstanding Payment




= Adjusted Credit Union Balance

Does the adjusted number match Ron’s ending balance?




Reconcile Worksheet - December

Credit Union Statement Ending Balance

+ Outstanding Deposits

= Subtotal




= Adjusted Credit Union Balance

Does the adjusted number match Ron’s ending balance?

Challenge 5-B: Which is Best for Me?


High School Financial Planning Program www.hsfpp.org Challenge 5-B: Which is Best for Me?

NAME: DATE:

Directions:

To make sure a credit union is the best fit for her, Brianna should use the DECIDE model to evaluate

her needs, assess the financial services, and compare them to those of other financial institutions.

Use the DECIDE model to select a financial institution with services that are right for you. Make sure

to review the required criteria as you are comparing options.

DECIDE Steps My Situation

1 Define your goal(s).

2

Establish your criteria. What are the

services you absolutely must have?

And which ones would you like to

have?

3

Choose two to three good options.

Eliminate any options without your

must-haves and choose a couple of

the remaining options.

4

Identify the pros and cons. If you have

a lot of criteria and options, you may

want to make a chart to quickly

compare the features of each option.

5

Decide what’s best. Which option(s)

best matches your criteria? Give

rationale for your final decision.

6

Evaluate the results. How will you

assess whether or not your

decision(s) works for you?

Challenge 5-C: Selecting My Services


High School Financial Planning Program www.hsfpp.org Challenge 5-C: Selecting My Services

NAME: DATE:

Directions:

Of the financial services discussed in Module 5, which services would be most useful to you? Use the

DECIDE Steps to guide your decision making.

DECIDE Steps My Situation

1 Define your goal(s).

2

Establish your criteria. What are the

services and features and you

absolutely must have? And which

ones would you like to have?

3

Choose two to three good options.

Eliminate any options without your

must-haves and choose a couple of

the remaining options.

4

Identify the pros and cons. If you have

a lot of criteria and options, you may

want to make a chart to quickly

compare the features of each option.

5

Decide what’s best. Which options

best match your criteria? (In this

situation, you will most likely use

more than one type of financial

service.)

6

Evaluate the results. What skills and

behaviors would help you be more

successful when using these financial

services?

Challenge 5-D: Scam Action Plan


High School Financial Planning Program www.hsfpp.org Challenge 5-D: Scam Action Plan

NAME: DATE:

Directions:

Create a “Scam Action Plan’ for your family that outlines preventive measures you and your family can

take to avoid scams, fraud, and identity theft. Your plan should include actions to protect personal

and financial information when banking in person as well as when using the Internet and phones.

Strategies to protect my family’s personal and financial information when banking in person:

Strategies to protect my family’s personal and financial information when banking online or by phone:

These resources offer tips to protect consumers from scams:

Federal Trade Commission, www.ftc.gov/idtheft

Your state’s Attorney General website. Search: consumer resources, identity fraud, scams

HSFPP Student Guide, Module 2: Borrowing, pages 33-38

HSFPP Student Guide, Module 5: Financial Services, pages 35-39

module 5 financial services - burlington county institute

Documents