LESSON	TEACHER	FULL LESSONS
1	V. Natalie	Homebuying & Home Care
2	N. Coffey	Navigating Homebuying
3	D. Alexander	Navigating Homebuying
4	D. Alexander	Navigating Homebuying
5	D. Jarrat	Students

 

1) Introducing Students to U.S. Banking Culture by Victoria Natalie, Bunker Hill Community College

The purpose of this lesson was to introduce the students to the United States banking system as well as to important basic budget awareness skills. We used blank bank check application forms, and commercially sold ESOL workbook expense sheet handouts.

We began the activity by defining basic banking vocabulary. We then reviewed some basic math skills, such as percentages, decimals and averages. The students role-played going to the bank to set up an account, and the discussion following the role play was active and enlightening; students learned budgeting methods from each other.

Because their expenses almost always included "sending money home," we took an informal, in-class survey as to the percentage of their earned incomes that was sent to their native countries. The results were tallied from a total of 20 students. The overall amount of money sent home was 25.4% of the classes' total earned income. The following is the breakdown of the number of students that sent percentages of their income "home: 3 students/5 %, 6 students/10%, 3 students/15%, 1 student/20%, 1 student/30%, 4 students/50%, and 2 students/70%. The discussion that followed revealed that students were mostly sending money to their native country to support family still living there. In some cases that money was being put aside to help bring other family members to the U.S., in other cases, the money was being used to buy land or houses in the student's native country, and always, some of the money was being used to help the student's family with everyday living expenses.
 
 

2) Navigating the Banking System by Nancy Coffey, Operation Bootstrap

Independently of the homebuying project, a center-wide Student Health Action Health Team program on stress was being held at Operation Bootstrap. During the course of the health team's project, it became clear that many ESOL students experienced one of their highest levels of stress when having to negotiate banking situations.

Since one of my own teaching goals was to help students navigate financial systems more easily, and because now it had been articulated as one of the most stressful experiences of ESOL students, I decided that for homework, I would send everyone to a bank for practice. I also asked students to collect printed information about different checking and savings accounts at that bank. Those who were feeling really brave were encouraged to discuss accounts with the customer service representative. In preparation for the task, we had an in-class discussion about anxiety and how to cope with it. Students were encouraged to go in pairs to support one another, though surprisingly none did.

In fact, the homework activity was not terribly successful, though it did lead to a wonderful discussion about why most people hadn't done the assignment and how the few that had successfully entered a bank had coped with the anxiety. One student got inside the bank and then left without getting anything. Another talked to the customer service representative and opened a checking account on the spot.

We then printed up information from one bank's brochure so that students could compare that bank’s offerings with those of their own banks. Several students proved to be very save consumers. Some had even discovered the no-cost banking offered by a very reputable local credit union. This led to sophisticated discussion about the differences between credit unions and banks. Currently, several students are in the process of changing their accounts as a result of the discussion.
 
 

3) Going to a Bank by Dulany Alexander, Operation Bootstrap

The students were given the assignment of going to a bank and asking for printed information on personal banking services and their fees. We role played possible scenarios in class, but even so, not all of the students followed through with the assignment.

Given how difficult it felt for students to practice their English conversation skills in a real bank, with real bankers, I asked students to ask friends and family who are homeowners about the pros and cons of home owning. Not all of the students did this either, but those who did brought back their findings and presented them to the class.
 
 

4) Comparing Banking Services by Dulany Alexander, Operation Bootstrap

During one class, after collecting credit card applications from various banks and from my own collection of junk mail, the students worked in small groups to compare the applications. I wanted them to understand the questions that a potential credit card holder was being asked to provide, and I wanted them to critically analyze why the creditor might want this information. The students responses were sharp and on the mark. For instance, one student knew that by sharing a social security number with the creditor, they could have access to the applicant's credit history. Another student noted that the company would want to know where to send the bill, and that was the simple reason for asking for your address.

Later, the students and I collected bank brochures describing the personal banking services offered by different banks and we compared the costs of checking and savings accounts. Many of the students were surprised to see that bank fees varied, not only from bank to bank, but also from one checking account to another within the same bank. We talked about the factors to consider in choosing which account is best suited to one's personal financial habits.
 
 

5) Banking Practices by Dwight Jarrat, ABCD's South Side Head Start

One class period was devoted to a discussion about banking practices in the U.S. Students shared their distrust of banking, borrowing and accruing debt. We spoke about the need for careful research and financial planning when deciding to apply for a loan or credit card. Was it different to use your credit card to go grocery shopping than to take out a loan to buy a house? How about opening up a no-fee checking account where you could accrue interest and establish a rapport with a bank? Without answering these questions for my students, I was able to facilitate a discussion about financial planning and investment and the advantages of prioritizing living expenses such as housing. Through class discussion, it became evident that buying a house in the United States was much more complicated than buying property in the students' native countries, but that ultimately, in the United States, it was a much more possible goal to achieve.