Ask students to analyze the chart and come up with at least three takeaways. Here are a few ideas: Continue reading
It was a record month for the NGPF Blog, with visitors and page views increasing by over 300%! Here is what personal finance educators were reading:
I stumbled upon this Complaint Database on the Consumer Financial Protection Board (CFPB) website and thought it would make a great activity for students while also increasing their “street smarts” regarding common complaints with financial service firms.
So, here’s an idea on how to create an activity using this database: Continue reading
There isn’t enough caution in the curriculum of financial literacy materials. But that’s not the case with courses developed by the FoolProof Foundation, an organization that was created with help from the late CBS News anchor Walter Cronkite, who, I learned, had a passion for financial literacy. “We have to take financial literacy back from people who make money when we make financial mistakes,” said Remar Sutton, volunteer chairman of the FoolProof Foundation Walter Cronkite Project. Sutton is also a former Washington Post lifestyle columnist. Continue reading
Checking accounts are essential financial products, used by 9 in 10 American households, and they need to be safe, fair, and transparent.1 Yet the formal disclosure documents outlining account fees, terms, and conditions are often long, unintelligible, and opaque. Overdraft and transaction processing practices can result in surprise fees, and arbitration terms can limit a customer’s legal rights in the event of a dispute. Three times since 2013, The Pew Charitable Trusts has evaluated the disclosure, overdraft, and dispute resolution policies and practices of the largest retail banks in the United States. (See the Methodology for details on how these data are collected and verified.) These institutions hold approximately 66 percent of all domestic deposits. Pew’s Model Summary Disclosure Box for Checking Accounts served as the template for rating each bank’s disclosure documents.2 We used each bank’s fee schedule, disclosure documents, account agreement, and other supplemental materials to determine whether the bank engaged in best or good practices for overdraft and dispute resolution.
What does it mean for a bank to be transparent? Here are the guidelines that Pew has developed (and urged the Consumer Financial Protection Board to adopt): Continue reading
Questions for students: Continue reading