Interactive Classroom Activities That Explain the Procedure for Opening a Checking Account
Understanding how to open and manage a checking account is an important tool for students to learn. Teach students the procedure for opening a checking account at an early age using interactive classroom activities so they will be prepared to open their own account once they begin their first job or want to manage any money they receive for birthdays and Christmas.
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Compare Types of Accounts
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The Credit Union National Association recommends you teach students the difference between checking accounts before you teach them how to open one. Some checking accounts require individuals to pay fees if they do not maintain a minimum balance, and fines may be charged when they use an automated teller machine or overdraw the account. Students should also be made aware of the interest some banks may pay if they maintain a balance in their accounts.
Create a Fake Checking Account
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Set up a fake bank account for each student. Allow them to choose between different types of checking accounts with different fees and minimum balance requirements. If you are unsure of what type of accounts to offer, go online to a bank's website and view the type of checking accounts they have available. Pretend to be a bank worker and meet one one-on-one with each student to go through the procedure of opening a checking account. Each student should be given a pretend balance to start her bank accounts. H. Douglas Brown's teaching manual from Pearson Education offers an example of the dialogue you can use with your student (see References).
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Write Checks
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Print out enough fake checks for each student, complete with a check register. Teach them how to manage their money by entering the beginning balance of each checking account in the register. Help students learn how to write a check by creating mock bills for them to pay such as rent, electricity and grocery bills. Have the students record each expenditure in their account register. Repeat this process each week. Help your students learn to not spend more than they make by also creating fake paychecks to hand out to your students once a week.
Create a Budget
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Expand the checking account experience by having the students create an individual monthly budget for their checking account. The budget should dictate what the students are spending their money on each month. They should organize how much money is spent on rent and utilities and how much is spent on entertainment based on how much they receive in their paychecks. Grade your students on how well they keep their checking register balanced and how close they are able to stick to their monthly budget.
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