"The Internet - Bank on It"Introduction
Students have learned how electronic banking has given consumers
more choices in ways to manage their finances. In this exercise,
students will explore the methods and advantages of online
banking. Lesson Description
Students will use information from the Bank of America Web
site to understand the process of online banking. Students
will read about what the customer needs to get started, what
banking activities can be performed online, and what customer
services are available online. They will also read about the
security provisions that keep online banking safe. Students
will then answer four questions and apply this information
by writing a tutorial that Bank of America could use to explain
online banking. Previous
Knowledge Expected
electronic funds transfer: system of putting onto computers
all the banking functions that in the past were handled on
paper Applied
Content Standards (from the Council for Economic Education)Standard 11: Money makes it easier to trade, borrow,
save, invest, and compare the value of goods and services.
Instructional
Objectives - Students will be able to explain how online banking works.
- Students will be able to use this knowledge to create a
pamphlet that Bank of America could use to encourage consumers
to bank online.
Student
Web Activity Answers - To get started banking online, the consumer needs to have
an account at a bank that offers online banking, a computer,
a modem, Internet access, and a browser that is supported
by the bank's software.
- Online banking gives the consumer the ability to view current
balances on accounts, review payments and transfers online,
determine when a direct deposit has arrived or a check has
been posted to the account, pay bills online without writing
checks and mailing envelopes, set up billing to occur while
you are away from home, transfer money between accounts, and
extend money management with financial planning software (i.e.
prepare taxes and plan for retirement). Online banking can
be used from anywhere in the world as long as Internet access
and a supported browser are available. Bank of America customers
currently can view the following accounts online: checking,
money market, savings, credit card, line of credit, mortgage,
retail loans, CDs, and IRAs.
- With online customer service, the consumer can request
a copy of a check or statement, reorder checks, and make inquiries
about account transactions. Customer service representatives
answer E-mails about all the above-mentioned inquiries as
well as questions about using online banking.
- Security precautions include: account numbers are not displayed
online, automatic logoff, constant monitoring of systems,
I.D. and password required for account access, and the ability
to change I.D. and password often.
- Students' tutorials will vary.
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