BUSINESS OF THE DAY: Cash STILL Matters – Your Child’s First Encounter with the ATM.
First of all, two thumbs up to any and all instances where you are able to expose your child to cash , cash transactions, exchanging money for a purchase, etc. Cash STILL matters. With that said, when you visit an ATM , allow your child to join you and walk her through the process. STOCK TIP : Make sure you can do this at a time when a line of people isn’t breathing down your neck. Or, with that said, don’t be that guy/gal holding up the line.
THE PRESENTATION SLIDE WITH TODAY'S OBJECTIVES: Why You're Doing This
- Create awareness as to where cash comes from, and that, when you use an ATM, the bank is pulling that cash/money from your account. (STOCK TIP: Please make it clear early on that this machine does not dispense money, in general. But, that it’s your money
- Expose child to new terminology and what each means – words like deposit, PIN, withdrawal, cash, check, checking account, savings account.
THE FAMILY CONFERENCE CALL: Questions to Talk About Together
- What is a PIN number? (Parents, think about it - it’s pretty cool: it’s a secret passcode.)
- Are we making a withdrawal or a deposit today? What does withdraw or withdrawal mean? What does the work deposit mean? (If deposit, is it cash or check?)
- If a withdrawal, how much are you going to take out of your account? What are we planning to use that money for? Why do we need cash versus a credit/debit card?
- Why is it important that we keep this PIN secret and safe?
Parents, teach your child how to help read the screen(s) and punch in the appropriate numbers. It gives them hands-on learning, and, if you/they mess up, you can just start over. It’s a relatively safe learning experience. Again, make sure there’s not a line behind you. Don’t be that guy/gal!