Classroom Bank Account

Digital Citizen
checking account

Overview‚Äč

This is a great website, especially if you are already using Classroom Economy. This is similar to Classroom Economy, but instead of using paper money, it is all done online. This is a virtual online bank for your classroom. The teacher creates and manages a savings account for the students. Each student can actually log in to their account and make withdrawals or deposits.  

You can assign several students to be the bank teller for four-five students if you want. This will save you some time as they will keep track of those students.

Learning Objectives

Students will:

  • Be able to manage their online bank.
  • Be able to learn how to transfer funds, deposit and withdraw.  
  • Be able to learn about opportunity cost and how to manage their money.

Vocabulary

Vocabulary Words:

  1. Opportunity Cost: Opportunity cost is the loss of potential gain from one alternative when another is chosen.

  2. Withdrawal:  A withdrawal is the act of taking money out of an account.

  3. Deposit: A deposit is a sum of money placed or kept in a bank account, usually to gain interest.

Pre-planning

To prepare for this lesson:

  • Watch the tutorial on My Kid's Bank
     
  • Go to the Kids Bank website and click on sign up. This is free.
     
  • Decide how you want to use the resource. Do you want your kids to have access to make deposits, withdraw, etc.?

Accommodations

See Accommodations Page and Charts on the 21things4students.net site in the Teacher Resources. 

Steps

Directions for this activity:

  1.  The teacher can use Screencastify to show the students how to log into their own bank account and make withdrawals and deposits.

  2. Have the students log into the website http://mykidsbank.org/

  3. If the teacher would like to assign some students to be a bank teller, he/she can have them apply for this job. 

  4. See the task card on Classroom Economy. These students will have access to inspect transactions, transfer funds, deposit, and withdraw.

  5. Students can keep a handwritten account of their money.

Assessment Options

Different options for assessing the students:

  • Observations
  • Check for understanding
  • The teacher can log into the account and make sure they are doing transactions correctly.
  • Students can also keep a handwritten account of their money.

MITECS Competencies & ISTE Standards

MITECS: Michigan adopted the "ISTE Standards for Students" called MITECS (Michigan Integrated Technology Competencies for Students) in 2018.

Digital Citizen
2c. Students demonstrate an understanding of and respect for the rights and obligations of using and sharing intellectual property.
2d. Students manage their personal data to maintain digital privacy and security and are aware of data-collection technology used to track their navigation online.

Devices and Resources

Device: PC, Chromebook, Mac, iPad

Browser: Chrome, Safari, Firefox, Edge, ALL

App, Extension, or Add-on:

Websites:
My Kids Bank

Screencastify

 

CONTENT AREA RESOURCES

ELA

Students will learn how to read bank logs.

Math

  • Students will maintain their own banking log - written and/or online.
  • Students will use multi-digit addition and subtraction if doing banking online and on paper.

Social Studies

Students will learn about opportunity cost.

Credits
This task card was created by Dawn Phillips, Wyoming Public Schools, August 2019.