Online Lesson
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grade level: 9-12
curriculum standards:
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posted on: March 14, 2002
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Online Banking - What is it & Should I do it?
Key Economic Concepts:
The lesson examines what online banking is and the pros and cons of banking online.
Students will:
- Identify the economic concepts involved in banking and the choices and decisions involved in changing to online banking
- Collect, review, and evaluate the data on the pros and cons of online banking; then, form an opinion on the issue of online banking and be able to defend it with empirical evidence.
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This lesson explores the topic of online banking. It explains what online banking is and it reviews the pros and cons of online banking versus traditional banking. Begin the lesson asking your students if any of them currently bank online. Do any of their parents bank online? If so, explore reasons why they bank online. Then have the students take a pretest to see if online banking is for them. Let's score your pretest: |
| 6-10 yes |
You're ready to click and bank! |
| 3-5 yes | You're still thinking about it. |
| 0-2 yes | You better stick with traditional banking. |
[Note to teachers: I would use this online banking lesson after a lesson on the traditional banking system or even after a tour of a traditional bank. Use this topic to expand students' typical view of a bank.]
- Online Banking Pretest: A pretest to see if online banking is for you.
www.econedlink.org/lessons/docs_lessons/271_pretest1.pdf
- Pros and Cons Chart: A chart for filling in the pros and cons of online banking used in step 4. This chart can be completed online by clicking inside a box and typing in your information.
www.econedlink.org/lessons/docs_lessons/271_pros&cons1.pdf
- Wordfind: A wordfind of online banking terms used in the assessment activity.
Wordfind
Wordfind Answers
- What is Online Banking: Provides information about online banking, how it emerged, pros and cons, and how to chose an online bank.
www.bankrate.com/brm/olbstep2.asp [1]
- "Test Drive Online Banking": These websites are actual online banks. They will walk you through a full demo of all the features of online banking. Students can see what online banking actually looks like.
www.wellsfargo.com/wfonline/tour/olb/high_flash [8]
www.wachovia.com/foundation/v/index.jsp [5]
- "Advantages of Online Banking": Students can learn about the advantages of online banking at this website.
www.msmoney.com/mm/banking/onlinebk/bank_adv.htm [2]
- "Internet Vs. Traditional Banking": More pros and cons of online banking compared to traditional banking.
www.msmoney.com/mm/banking/onlinebk/internet_trad.htm [6]
- "Retail Banking, What’s Next?": Learn what we have to look forward to in the world of banking?
www.banking.com/aba/NextEbank.pdf
- "Online Banking Horror Stories": Letters written by real people about their bad experiences with online banking.
www.bankrate.com/brm/news/ob/19981030.asp [7]
1. Verbally and quickly review the students' pretest results to see what the students think about online banking.
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2. Present the question: what is online banking? Refer to any previous knowledge that you have and go to the following websites to look further into what online banking is: |
3. Since not all students have seen what online banking looks like, direct all students to one of the online banking demos sites provide and walk through it step by step:
- Wellsfargo [4]
- Wachovia [5]
| 4. While the students are looking at the websites in the next step, have them create their own pros and cons list. They should write their list in the the Pros & Cons chart provided. This chart can be completed online by clicking inside a box and typing in your information. |  |
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5. Review the following websites that detail issues in online banking as well as the pros and cons |
6. [Note to teacher: Depending on how much time you have available, you may assign the students to either write a brief paragraph or stop and have students verbally tell their opinion on the following topic.
- Have the students explain why they would or would not use online banking; in their explanations they should refer to the lists they created of online pros and cons.
Most of this lesson can be completed online; however, I would suggest that teachers print off hard copies of the pretest, pros & cons chart, and wordfind.
The time length of the lesson could be adjusted as you see fit, perhaps by disregarding some websites or by decreasing the time alloted for discussion.
Try to end the lesson by stating instructions for the final paper and handing out the wordfind.]
In conclusion, the topic of online banking is highly controversial. The students have looked at only a few of the pros and cons of the issue. They will explore their own thoughts on the issue in their final papers.
- Assign the students to compose a final paper. In the papers, each student should take a position in support of or in opposition to online banking. The students should use information from the web sites as resources for their papers. [Note to teachers: Your choice of length and time, I would suggest two days to write a two page paper]
- End the discussion by assigning the students to do the wordfind activity as homework. [Note to teachers: your choice if it is graded or extra credit]
Links Used:
1. ^ ^ ^ "What is Online Banking" - (www.bankrate.com) This site provides information about online banking, how it emerged, pros and cons, and how to chose an online bank.
2. ^ ^ ^ "Advantages of Online Banking" - (www.msmoney.com) Provides information on the advantages of online banking.
3. ^ ^ "Retail Banking, What’s Next?" - (www.banking.com) At this site you will learn what we have to look forward to in the world of banking.
4. ^ "Wells Fargo Online Banking Demo" - (www.wellsfargo.com) This site will walk you through a full demo of all the features of online banking. Students can see what online banking actually looks like.
5. ^ ^ "Wachovia Online Guided Tour" - (www.wachovia.com) Wachovia online guided tour will walk you through a full demo of all the features of online banking.
6. ^ ^ "Internet Vs. Traditional Banking" - (www.msmoney.com) Provides pros and cons of online banking compared to traditional banking.
7. ^ ^ "Online Banking Horror Stories" - (www.bankrate.com) This site contains letters written by real people about their bad experiences with online banking.
8. ^ "Wells Fargo Bank" - (www.wellsfargo.com) Wells Fargo Bank homepage, offers information about Wells Fargo.
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