Lesson 6: Choosing a Credit Union/Bank
Secondary, Unit 2: All about Banking, Lesson 6
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Ally WalletWise Bank Comparison Worksheet Rubric for Credit Union/Bank Poster

Lesson 6: Choosing a Credit Union/Bank

Learning Objective:

Students will be able to compare and contrast different banks’ benefits and drawbacks.

Jump$tart Standard: Saving:

8-3a. Compare and contrast different types of financial institutions and their products and services.
2-2a. Select a preferred location for a savings account based on comparison of interest rates and fees at different types of financial institutions 

SEL Competency: Responsible decision-making

Pre-work:

    • Print out this bank comparison worksheet from Ally (also available in the Resources folder under Unit 2). 
    • Prepare a short list of local or national banks and credit unions to share with students.
    • Pull up this rubric for the exit ticket poster.

Brain Dump (5 min)

Say: Shout out the names of any banks or credit unions that you’ve heard of. 

As students share, write the bank/credit union names on the board so all students can see them. Also, have a list to help students along if they have not had much exposure to banks (e.g., Chase, Bank of America, Wells Fargo, etc.).

 

Explanation (5 min)

Say: Today we are going to compare and contrast different banks and credit unions so you feel prepared to choose one that fits your needs.

Distribute or share the bank comparison worksheet from Ally.

Say: Now we are going to vote on one bank or credit union to research together. Out of all of these, which one should we research? (Maybe encourage students to choose a bank or credit union that is close to your school.)

Model researching the bank/credit union by looking up different information from the worksheet online, or calling the bank/credit union if you do not know the information and if you cannot find it online.

Work Time (15 min)

Allow students to work independently or with partners to find information about two additional banks or credit unions.

Convince Me and Exit Ticket (15-20 min)

Say: Now that we have researched three banks/credit unions, I want you to determine which one you would open an account with and create a poster advertising that bank or credit union. Include at least three pieces of information from the bank checklist worksheet in your ad to defend why you chose that particular one. Think about what makes that bank or credit union better than the other two you researched. 

Have students share out posters. Evaluate the posters with this rubric.