COPYRIGHTED MATERIAL
Reflecting on… The Battle of the Banks
LET’S PRACTICE
Name: _____________________________________________________________________________
Eloise and Gunnar’s Banking Blunders
Eloise and Gunnar are confused about banking. Consider their needs, then help them select the right financial product and successfully manage their accounts. 1. When Eloise couldn’t find her dream job in New York, she moved home and took a job with an indie fashion store. She was excited when she received her first paycheck! She ran right over to Cityville Bank to open a savings account so she could deposit her paycheck and begin saving money. However, she was unable to open an account until she presents two important identification documents . What are they? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 2. Eloise returned to the bank with her identification documents and opened a savings account . Each Friday she deposits her paycheck. One day at the mall she spots a glorious designer purse she simply has to have! She is surprised when the ATM card she uses to deposit her checks won’t allow her to debit her savings account for purchases. What’s wrong? What type of account do you recommend if Eloise wants to make purchases? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 3. Eloise doesn’t understand the differences between a checking account and a savings account . Explain to her some of the key differences. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 4. Eloise returned to the bank and opened a checking account . Lately she’s been on a bit of a spending spree. She has only $20 left in her account. One day, she goes to the movies with a friend. She uses her debit card to buy a $12 movie ticket. After she bought her ticket, she went to the concession counter and used her card to buy an $8 popcorn. On the way home, she stopped for a nice cup of $3.00 chamomile tea and bought a $10 bouquet of flowers for Gunnar at the kiosk, paying with her debit card. When she got home she logged into her bank account and is shocked when she sees that her balance is -$70.00. The message from the bank PRODUCT PREVIEW
31
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
Made with FlippingBook - Online catalogs