Videos aligned with the “Spending and Saving” standard from the National Standards in K-12 Personal Finance Education.
Overall Competency: Apply strategies to monitor income and expenses, plan for spending and save for future goals.
What is a digital wallet? A digital wallet is an app that is an electronic version of your wallet – it stores information about your credit cards and bank accounts in electronic form on your phone. It can also store your driver’s license, health insurance card and other ID documents, as well as your …
We have talked about checks before. But I’ve heard about something called check clearing. What is check clearing? Check clearing is the process through which money moves from one account to another when the payment has been made by writing a check – the amount is taken or debited from the check writer’s bank, …
What is a Wire Transfer? A wire transfer is an electronic transfer of money from one bank or credit union to another, domestically or internationally, using a network like SWIFT or Fedwire. It is also known as a bank transfer or a bank wire, and sending or receiving money through a wire transfer is …
I was trying to set up a direct deposit, and it required a routing number. But what is a routing number? Routing number is a nine-digit number that is used to identify a bank or credit union in the United States. It makes transactions faster, and reduces the chances of error especially if two …
Introduction to Retirement Planning for Kids and Teens This video explains the concept of saving for retirement in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about retirement planning, or used as a money & personal finance resource by parents and teachers as part of …
What is Home Equity? Home equity is based on the fact that even if your home is in your name, you don’t really own 100% of it if you have borrowed money to buy it and are still repaying the mortgage. Home equity is the portion of your home that you truly own. Can …
In the past, we have talked about banks and credit unions. But they sound very similar. Can you please help me understand them better? Both banks and credit unions are financial institutions that help people with their basic financial needs – they accept deposits, provide loans, offer checking and savings accounts, credit cards, etc. …
I’ve heard in some bank commercials that the account is FDIC insured. What does it mean? FDIC stands for Federal Deposit Insurance Corporation. It is a federal agency that insures deposits in participating US banks, which protects the depositors if the bank goes bankrupt. It was formed as a result of the great depression, …
What is Direct Deposit? How is it different from a regular deposit or a check? Direct deposit is the deposit of money, directly from the bank account of the payer into the bank account of the recipient. It is done electronically, instead of through a physical check. Some instances where direct deposit is commonly …
What Is an Overdraft? An overdraft occurs when you try to withdraw more money than what you have in your account, making your account balance negative. What happens in this case? Am I allowed to withdraw the money? Normally, the bank or credit union would refuse the withdrawal or return the check because of …
