MODULE 7: Banking - how does it all work?

Module 7 aims to equip students with the skills to select and make effective use of appropriate banking products.

Last Updated: 14/11/2016

Students should be able to:

  • Identify services offered by banks
  • Make informed financial decisions based on their needs
  • Evaluate costs and benefits of the services offered
  • Recognise trends in banking resulting from technological development
  • Identify the range of providers of financial services
  • Appreciate and apply cost benefit analysis in determining best choice in financial provider or financial service
  • Banks offer a range of services including loan and deposit services.
  • Interest is charged for borrowing and is usually paid on deposit accounts.
  • Technology has improved the way we bank.
  • Customers choose from a broad range of money management services. 

100 point check

ADI
ASIC
At Call Funds
ATM

Bank cheque

Banking ombudsman

BPay

Building society

Compound interest

Credit card
Credit limit
Credit union

Debit card

Debt

Deposit

Direct credit

Direct debit

EFTPOS
Electronic banking

Financial institution

Fixed interest rate

Interest

Mortgage

Mutual bank
Mobile Apps
Offset accounts

Over the counter transaction

Password

Pay Pal
payWave
Personal Cheque

Personal loan

PIN

Principal

Repayment

Risk

Safe custody

Savings account

Secured loan

Security

Statement

Street frontage
Store card

Superannuation
Tax File Number

Teller

Term deposit

Transaction account

Travel card

Transaction

Unsecured loan

Variable interest rate
Withdrawal

 

 

Download Module 7

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Please sir, may I have some more?

Yes! You can download ALL 12 Operation Financial Literacy Modules in one huge combined PDF from the main page.