Debit Cards

/Debit Cards
­

What Is the Most Common Form of Non-Cash Payments?

Answer: Debit cards (by a long shot)

From Federal Reserve (hat tip to Big Picture Blog):

By |May 29th, 2017|Debit Cards, Payment Types|

What I’m Reading This Memorial Day Weekend

I love long weekends to catch up on some reading, here’s what has my attention this week:

  • The Other Difference Between Jeans and Mutual Funds (Bloomberg); identifies reasons for Vanguard’s recent domination of the mutual fund industry: “The majority of funds are actively managed and 80 percent or more of them routinely fail to beat their benchmarks net of fees. Clearly, there’s an incredibly low probability that investors will get what they’re paying for. That realization alone doesn’t imply how much funds should charge, but less would be a good start.  
    • Chart showing mutual fund fees declining (from Bloomberg:

What Are We Watching? Three Of Our Latest Curated Videos

The NGPF Team is always scouring the web for videos to add to our Video Library. Here are the latest that the team has uncovered:

Pay Day 101: Direct Deposit (from Young Illinois Saves), duration of 3:48, provides a good description of how direct deposit works from the perspective of young adults:

Resource Lists for Financial Educators (courtesy of Barbara O’Neill of Rutgers Cooperative Extension)

What does a distinguished professor do during her sabbatical? Curate personal finance resources, of course! In this blog post, Barbara O’Neill shares the fruits of her hundreds of hours of labor in putting together three awesome resource lists (see bottom of post for links to her lists), including what what she considered the “best of the best” from the NGPF library. As she describes below, the purpose of her odyssey was to replenish her “well” of creative learning activities. I hope that your “well” overflows as you find resources that will work in your classroom. Thank you Barbara for this tremendous gift to the community! Your commitment and dedication to improving financial literacy in this country inspires us.

Question: What Financial Products Should A Young Person Use To Manage Their Money?

Hanging out on the Boglehead Forum today skimming the topics that have received the most replies. Forums seem so “old school” in this age of social networks (Facebook, Twitter, SnapChat) but the ones that have survived and thrived have done so for a reason. For those not familiar with the Boglehead Forum, the forum is named in honor of John Bogle, founder of Vanguard Investments, and attracts knowledgeable, thrifty investors passionate about sharing their knowledge in a variety of topics. Anytime I descend into the rabbit hole of a forum thread, I find myself wiser for the time invested. Students need to know where to go for reliable, credible sources for financial information.

I thought your students would benefit from this thread titled “College-bound teens and finances,” since it takes a holistic view on how to set up a young person for financial success from a parent’s perspective (other people’s parents which probably helps:) Here was the opening question on the thread: 

Video Resources: Avoid Those Checking Account Fees

It’s often the first financial product that a young person will use. Maybe they start with a savings account but eventually they graduate and pair their savings account with a checking account. In that process of setting up this new account, the customer will be asked (or they should be) whether they would like “overdraft protection.” The term sounds innocuous and better yet lures them in after all who doesn’t want to be protected. Have your students watch one or more of these videos (hat tip to NGPF’s Jessica for curating these videos from December 2016) and odds are they will choose to “just say no” when it comes to overdraft protection.

This Pew Charitable Trust video from December 2015 interviews people “on the street” to get their thoughts on overdraft fees and policies. Also highlights the blind spots that consumers have when it comes to the “fine print” of checking account agreements. A great overview and only 3 minutes long! Pair this video with the NGPF Fine Print: Reading the Fine Print of Your Checking Account and you will have savvy students when it comes to checking fees!

Key questions for your students:

By |February 20th, 2017|Checking Accounts, Debit Cards, Research, Video Resource|

Question: What Is the Number One Reason Millennials Switch Checking Accounts?

Answer: No-fee ATMs

From Credit Union Times:

By |February 5th, 2017|Checking Accounts, Debit Cards, Question of the Day|

WebQuest: How To Protect that Credit (and Debit) Card!

I am always amazed when I am searching Google for interesting news stories about credit cards how frequently the articles detail how the “bad guys” manage to steal credit card information. Identity theft can seem like an adult problem to many teens (unless their parents or they have been personally victimized), so I thought this quick WebQuest might bring the topic home to them.  I thought it would be interesting to provide an update to my earlier 2015 post titled (apologies to Paul Simon) “50 Ways to Swipe Your Credit Card (or Debit Card) Number.”

So, here’s the assignment: