What is an ATM? (Automated Teller Machine) Many young children have seen these machines spit out money. Some kids think all you need is a magic card . . .and poof . . .money appears! Ask students if they have ever seen how an ATM works. Ask them to describe the process. Explain how people put money in a bank to save it. Then, when they need the money, they put in their card and get money out.
Kindergarten: How do we pay for things? Sometimes we use cash and sometimes we use credit cards. How do we use debit and credit cards at stores? What happens? It works like an ATM. When you give the store your card, the money is taken out of your bank account. SS.K.E.1.2 Recognize that United States currency comes in different forms. 1st Grade: How do we pay for things? Sometimes we use cash and sometimes we use credit cards. How do we use debit and credit cards at stores? What happens? It works like an ATM. When you give the store your card, the money is taken out of your bank account. SS.1.E.1.1 Recognize that money is a method of exchanging goods and services. 2nd & 3rd Grade: Your mom has to make a decision about taking money out of the ATM to buy a pair of fancy shoes she really likes or save the money. What should she do? What are the costs and benefits? SS.2.E.1.4 Explain the personal benefits and costs involved in saving and spending (third grade doesn't have a specific standard; however there are related standards about characteristics of money) 4rd Grade: What are some places people save money? When you save money in a bank, you can go inside and ask a teller to help you withdraw or take out money. Or you can go to the ATM. You can also deposit or put money into the bank to save it at the ATM. SS.4.FL.3.3 Identify ways that people can choose to save money in many places—for example, at home in a piggy bank or at a commercial bank, credit union, or savings and loan. 5th Grade: ATM's were first installed as new technology in 1969. Before that time, people used to have to go inside a bank and a teller would help them get money out of their accounts. Check out a brief history of ATM's from History.com. What is the impact of this new technology? SS.5.E.1.3 Trace the development of technology and the impact of major inventions on business productivity during the early development of the United States. Middle School Financial Literacy What are some places people save money? When you save money in a bank, you can go inside and ask a teller to help you withdraw or take out money. Or you can go to the ATM. You can also deposit or put money into the bank to save it at the ATM. How do you know your money is safe? Identify the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) as the government agencies responsible for insuring depositors’ savings and state the limit of FDIC and NCUA coverage. SS.8.FL.3.8 Explain that, to assure savers that their deposits are safe from bank failures, federal agencies guarantee depositors’ savings in most commercial banks, savings banks, and savings associations up to a set limit. Comments are closed.
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AuthorDeborah Kozdras, Ph.D. Archives
February 2022
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