Banking Lesson 2 (Comparing Banking Services)

        Banking Lesson 2 (Comparing Banking Services)                 Nov 12, 2020

 

Today was a big improvement over yesterday. The class seemed to flow better, the students’ attention was better and I was not completely exhausted when it was done!  I think there are many reasons for this. 

 

I started with getting a second monitor, which allowed me to actually see all the class on Zoom when I shared my screen.  In the last few lessons every time I shared my screen, I could not see the class, which made it very difficult to know if someone was asking a question, or to be able to call on individual students.  

 

For review of the vocabulary I used Kahoot, and they seemed to enjoy the game and were engaged.  We used it as a group, so there was no pressure on individual students and didn’t have to worry about explaining the technology. This was followed by an introductory video on general banking, which was good for review, but also talked about services in general, which was a lead up to comparing banking services.  It also talked about credit scores. I forgot to put the questions for the small group discussion into the chat box, so some students didn’t remember them when in the breakout rooms.  

 

This lesson plan was also better scaffolded, with focus on comparing different services at banks.  I started with an explanation of a table, and how a table will help us with comparisons.  I incorporated a grammar lesson into it by reviewing comparatives and superlatives, and talked about how we used them when comparing banking services in different financial institutions. The teacher said that this was a good review for the students. The small groups then discussion questions comparing three banks, and feedback from the volunteer and teacher was that most could easily do them, but a few found it more difficult, so the level is probably OK.   The homework was very similar to the small group discussion, so I am expecting that the students will easily answer the questions, which is the aim.  

Because we had covered most of the vocabulary in the first banking lesson, it was easier to do these comparisons, with the students already exposed to the words.  

 

At the end of today’s lesson, I looked back at the objectives, and feel that the students have met these, so I feel much more confident about my abilities, and am looking forward to the next lesson. 

Banking lesson 2: Comparing Banking Services
Date and Time: Nov 12, 2020 Class and Level: CLB 3/4/5
Resources:  Video on Banking Basics, Appendix A, B, C, D, E Technology: computer, Zoom.ca.  Unit: Banking Lesson: Comparing banking services Learning Outcome: Students will use tables to compare banking information using comparatives and superlatives Learning Objectives: 1)    Students will be able to use tabular data to compare financial institutions. 2)    Students will use comparatives and superlatives for describe differences in services. 3)    Students will understand there are differences in financial institution fees and rates.
Lesson Stage / Activity	Skill	Special Instructions	Timing	Teacher Reflections
Warm-up / Review	Listening Speaking	Review homework.  Go over common errors.  Share common information. Eg kinds of banks and services people use. (go over use of ‘because’, eg. Because low service are important. (ask how to fix this)   Play Kahoot quiz on banking vocabulary:  https://kahoot.it/challenge/03734552?challenge-id=4e8d4030-8314-4ef2-8ec4-28472c191ae8_1604419267574	5-10 min	Students really seemed to like Kahoot as a review exercise.
Introduction: Overview of differences in FI services	Listening	Watch video: Watch for the different banking services. What is important when choosing a bank? Why is a credit score important? Write down any words you don’t know.  Video comparing banks “Banking Basics” from BC   https://www.youtube.com/watch?v=yTP8_6Jhe4Q Small group discussion:  What did they say that is important to do when choosing a bank?  What is your credit score and how do you make sure it is good?	15 min	Must write the questions for discussion in the chat box for students to write down.  Teacher said that the video was good and generated good discussion. Students used vocabulary.
Presentation:Comparing  services of F.I.	Reading Listening	Today we are going to compare some of the services in different banks.  Briefly show: Financial Institutions in Manitoba (Appendix A) Video told us we must compare financial institutions for what we want. (all the writing is hard to compare)  Compare some different banks for their services (banks, credit unions, online banks and Fringe F.I.) in general in a very basic table. (Explain how tables are helpful) Compare banks (Appendix C, Bank 1): Look at what one bank offers and talk about service and transaction fees and interest rates.  If we want to compare banks, we need adjectives.  Review: use of superlatives and comparatives (Share screen for Appendix B)  Go over the rules, examples and exceptions	35 min     (10 min)               (10 min)             (10 min)	Students could easily answer questions about the tables.  Scaffolding of easy to more difficult table worked well.  Teacher said the grammar lesson was a good review for the students on comparatives and superlatives.
Focused Practice:  Comparison of Bank services in Tables	Reading Speaking	Discuss and compare (large group): View table of services from the 2 banks in large group with more specifics (interest rates and charges) for a regular account. (Appendix C) Ask questions using comparatives, and ask for student use of comparatives.	10-15 min
Semi-focused Practice: Small group discussion using superlatives	Speaking	Small group discussion: Add a third column from credit union to the table (Appendix D). Ask students answer the discussion questions Try to use superlatives (best, highest, lowest, most useful, worst) to describe some of the services.	20 min (10 min small group, 10 min large group)	This worked well in the discussion groups, except some needed less than 10 min.  5 min probably better.
Free Practice / Application (Asynchronous)	Writing	Question and answer: (Appendix E): students answer questions about table (focus on superlatives) Email to students.	30 min	Homework was emailed back quickly so students must have found it not too difficult.
Filler Activity	Speaking	What is the best thing about your bank? What is the worst?
Closure		Tomorrow will continue with other services from the bank.

 

 

Appendix A: Financial institutions in Manitoba (mostly review)

1.     They provide services to help you handle your money.

2.     You need them:

·       to keep your money safe

·       to deposit your salary from a job.

·       for savings, investment or loans in the future

·       to send money to your family in your home country

Banks

1.     Canadian banks have similar products or services at similar rates.

2.     Banks are well-managed, well-regulated and secure.

3.     They are for-profit. 

4.     Deposits are insured up to $100,000.

5.     Anyone can open an account. You will need to show ID (two pieces).

Credit Unions

1.     They are owned by the members who use their services and pay a membership fee.

2.     They are not-for-profit.

3.     They are regulated and secure.

4.     All deposits are guaranteed.

Services and facilities at banks and credit unions:

1.     Services:

·       savings accounts

·       chequing accounts

·       investments

·       loans

·       mortgages (credit unions often have lower mortgage rates)

·       insurance

·       RRSP, RESP, TFSA

·       debit and credit cards

·       banks often have many transaction (service) fees

·       credit unions often have fewer transaction fees

·       internet or mobile banking

·       ATM (Members can use any credit unions ATM for free. Banks charge for use of other banks ATM)

·       telephone banking

·       money transfers

 

How to choose a bank or credit union:

1.     Know your needs to choose the right account for you.

a.     how many times you withdraw and deposit each month.

b.     services you need (example: ATM, money transfer) 

2.     Compare:

a.     Transaction (service) fees

b.     interest rates

c.     ATM locations and charges

d.     Location of the branches (buildings)

3.     Ask about accounts for newcomers to Canada. (Some have no transaction fees for six months or more.)

Online Banks (eg. Tangerine)

1.     Don’t have buildings. Everything is done online or by phone.

2.     Usually charge lower transaction fees.

3.     All transactions are done online

4.     Bank statements are online. 

5.     May have fewer services.

 

Fringe financial institutions (example: Payday Loans, Moneytree)

1.     They cash checks and offer payday loans.

2.     Some sell money orders and collect bill payments.

3.     They have fast service, convenient locations and extended hours of operation.

But……

4.     They are not regulated (supervised by any institution).

5.     Fringe institutions are the last choice.

6.     They charge higher transaction fees and interests compared to banks.

7.     If you need their service, know the exact charges and interest rates.

8.     Check for hidden charges.

9.     Ask questions if something is not clear to you.

 

Table comparing financial institution services:

 

Services	Banks	Credit Unions	Online banks	Fringe Financial Institutions
ATM		No charge at CU’s
Savings account
Chequing account
Mortgage
Other loans
Credit card
Service fees
Debit card
Safety deposit box
Online banking
Bill payment
Monthly statement			Online only
Membership
For profit
Service fees				very high interest charges
Regulated

Green box = yes    Red box = no   

 

Adapted from: LiveLearn.ca, Essential facts newcomers need to know about financial institutions in Manitoba,  (https://livelearn.ca/article/money-finances/essential-facts-newcomers-need-to-know-about-financial-institutions-in-manitoba/?clb-version=clb3-4)

 

 

 

Appendix B: 

Comparative and Superlative Adjectives: 

 

·      Adjectives describe the noun.

The bear is tall. 

 

·      Comparative: between 2 things

The elephant is taller than the bear. 

 

·      Superlative: among 3 or more things. 

The giraffe is the tallest animal. 

(picture of bear, elephant and giraffe)  

 

The Language Rules:  

1.     Comparing between 2 things, add ‘er’   or ‘r’                   example: higher 

 

2.     Comparing among 3 or more things, add ‘est’                 example: highest

 

Try:  tall, round, small, blue, tight

 

3.     Sometimes you must add another consonant                 example: big  bigger

Try: fat, small, flat, big, sad

 

4.     For more than 3 syllables, use more and most in front of the adjective:

            Example: gen/er/ous,  more generous, most generous

 

Try: expensive, complicated, important, expensive, important, open?

 

5.     Irregular:   completely different   

example:  good, better, best

                  some, more, most

                 bad, worse, worst

 

Appendix C: Comparatives

Banking Fee Comparison Table

 

Interest and fees	Bank 1
ATM fees	$2 /transaction
Savings account interest	1.5% for 5 year
Chequing account  transaction fee	$1.50 each
Mortgage Rate	5%
Car loan	5%
Debit card fee	$1/transaction
Safety deposit box fee	$50
Online banking	$10/month
Bill payment fee	$1.50 each
Printed monthly statement	$5
Membership fee	none
E- transfer fee	$15

 

Interest and fees	Bank 1	Bank 2
ATM fees	$2 /transaction	$1.50 /transaction
Savings account interest	1.5% for 5 year	2% for 5 year
Chequing account transaction fee	$1.50 each	$1 each
Mortgage Rate	5%	4.75%
Car loan	5%	4%
Debit card fee	$1/transaction	$1.50/transaction
Safety deposit box fee	$50	Not available
Online banking	$10/month	No charge
Bill payment fee	$1.50 each	$2 each
Membership fee	none	none
E-transfer fee	$15	$20

 

 

 

Appendix E: Questions for small discussion for semi-focused practice

Banking Fee Comparison Table

Interest and fees	Bank 1	Bank 2	Credit Union
ATM fees	$2 /transaction	$1.50 /transaction	$1/transaction
Savings account interest rate	1.5% for 5 year	2% for 5 year	2.0% for 5 year
Chequing account transaction fee	$1.50 each	$1 each	12 free and then $2 each
Mortgage interest rate	5%	4.75%	4.5%
Car loan interest rate	5%	4%	3.5%
Debit card fee	$1/transaction	$1.50/transaction	No charge
Safety deposit box fee	$50	Not available	$40
Online banking fee	$10/month	No charge	No charge
Bill payment fee	$1.50 each	$2 each	No charge
Membership fee	none	none	$60
E- transfer fee	$15	$20	$10

 

Discuss: 

Which financial institution charges the most service fees for a debit card? 

 

Compare bill payment fees for all three financial institutions? 

 

Compare bank 1 and the credit union’s mortgage rates? 

 

Which financial institution would you choose if you only do online banking? 

 

Which financial institution is best if you do many E-transfers and don’t use the ATM. 

 

Which financial institution would you choose if you wanted a mortgage?  And why? 

 

 

 

Appendix E (Homework)

Banking Fee Comparison Table

Interest and fees	Bank 1	Bank 2	Credit Union
ATM fees	$2 /transaction	$1.50 /transaction	$1/transaction
Savings account interest rate	1.5% for 5 year	2% for 5 year	2.0% for 5 year
Chequing account transaction fee	$1.50 each	$1 each	12 free and then $2 each
Mortgage interest rate	5%	4.75%	4.5%
Car loan interest rate	5%	4%	3.5%
Debit card fee	$1/transaction	$1.50/transaction	No charge
Safety deposit box fee	$50	Not available	$40
Online banking fee	$10/month	No charge	No charge
Bill payment fee	$1.50 each	$2 each	No charge
Membership fee	none	none	$60
E-transfer fee	$15	$20	$10

 

Questions: 

1.     Which savings account has the highest interest rate?

 

 

2.     Which financial institution would you choose for a car loan? Why?

 

 

3.     Which financial institution would you choose for a mortgage? Why? 

 

 

4.     Which financial institution is best if you used the ATM? Why?

 

 

5.     Which financial institutions has the lowest charges for a safety deposit box?

 

 

 

6.     You need to send money to your family once a month. Which bank would cost you the least money? Why?