Checking - mtsd.k12.nj.us
Checking HYPERLINK "" \l "collection-play&id=b8dea0fa-ae79-452d-9a8e-1a6dd80e727a&subject=featured&lessonId=1&lid=b42dd951-fa2f-4429-95d8-7edcba5d88a4&eventid=33F80DFF-53F8-4FA9-BE3A-21C5E477E8FF" \h 1.4 Beware of Checking FeesLearning ObjectivesStudents will be able toExplain how banks make money on checking accountsIdentify typical checking account fees and how they’re triggeredAvoid overdraft feesCommon Core Learning StandardsMathematical Standards for Content - ModelingChoosing and using appropriate mathematics to analyze empirical situations, to understand them better, and to improve decisions.Mathematical Standards for Practice1: Make sense of problems and persevere in solving them.3: Construct viable arguments and critique the reasoning of others.4: Model with mathematics. 5: Use appropriate tools strategically.Anchor Standards for Reading7: Evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words.Anchor Standards for Writing1: Write arguments to support claims using valid reasoning and relevant evidence.Overdraft Fee AnalysisPart I: Review Your ResourcesFirst, review this website. Overdraft Fees: A Guide to What Banks Charge - by John at Also, you need to recall that many banks reorder your daily transactions by size, putting the largest transactions first and the smallest last. Part II: Conduct Mathematical AnalysisThe Scenario: When the day begins, you have $116 in your checking account. Before school you buy your cousin a round trip bus fare for $4 using your debit card. You then use the card to get gas in your car for $43. Once the banks open, a check you gave the school for your senior yearbook clears, and $75 comes out of your account. Your Netflix account subscription is automatically debited today, too, so another $9 leaves the account. After school you head out with friends, and use your debit card to buy a $3 coffee. You person-to-person Bryant $15 for your share of dinner.Finally, you finish out the day with some shopping to buy new soccer gear for $35. Using the information provided by Nerd Wallet, determine how much you would pay in overdraft fees in each circumstance1: You have Bank of America opt-in overdraft coverageYou have BB & T opt-in overdraft coverageYou have Chase opt-in overdraft coverageYou have CitiBank opt-in overdraft coverageYou have Sun Trust opt-in overdraft coverageYou have Wells Fargo Teen Checking opt-in overdraft coverageGuidelines:You can use Google Spreadsheet, Microsoft Excel, another program, or do your work by hand neatly.Regardless of which tool you use, present your work in a clear and easy to follow fashion.Be sure to read the fine print of the Nerd Wallet chart. Hints: 1Remember that most banks reorder your transactions from largest to smallest before assessing fees.Part III: What Did You Learn? How much did you pay in overdraft fees with each bank?Bank of America:BB & T: Chase:CitiBank:Sun Trust:Wells Fargo Teen Checking: How much did you spend on actual purchases in this scenario? How do your overdraft fees, in general, compare to the amount of your actual purchases?For each bank above, list your new overdraft fee total (if applicable) if you don’t realize your mistake until 8 business days after your purchases.BONUS: Using the same scenario and guidelines above, determine what you’d pay in fees for this first day only if you did all of your checking account transactions using Capital One 360. Part IV: Choose Your Best Checking Option Write a one paragraph analysis of which checking account option is best for you, based on the scenario in this project. You can choose any of the 6 options above, the CapitalOne 360 account if you did the optional Part III, or another bank account option of your choice (you’ll need to do and include the fee research as well as the math to support your decision). Be sure to use proper grammar, punctuation, spelling, and conventions in your analysis. ................
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