Who it’s for and what people take away
Adults opening a first account, coming back to banking, new to the country, or tired of paying fees to get at their own money.
By the end, people can:
- name the common bank fees and work out what they add up to over a year
- compare accounts using a short list of questions, including asking for a basic or low-cost account
- explain how overdraft fees happen and use at least three ways to avoid them
- check what protects money held in a bank, a credit union or a payment app, and where to complain if something goes wrong
Before the session
- Book a room with tables for small groups, and check the slides display on the projector or screen.
- Print the handout with the country block for the country you are teaching in, one per person plus spares.
- Print the worksheet, one per person, and bring pens and a few basic calculators.
- Print slide 9 (the made-up statement) once per table of three or four for the activity.
- Read the country block for your country and open each official link once, so you know what people will find there.
- Prepare a neutral answer for “which bank should I use?”: we don’t recommend any, but here are the questions to ask.
You will need
- Projector or large screen
- Printed handouts with the right country block
- Printed worksheets, one per person
- Printed copies of the made-up statement (slide 9), one per table
- Pens and a few basic calculators
Run sheet
60 minutes. Slide numbers refer to the deck.
Session timings| Starts | Length | What happens |
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| 0:00 | 5 min | Welcome and ground rulesSlides 1–2Introduce yourself and what you do in a sentence. Set the ground rules: nobody shares where they bank or what they pay, this is general information, and no bank or app will be recommended.Say: “Nobody here is selling an account. By the end you’ll know the questions to ask any bank, and where the fees hide.” |
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| 0:05 | 8 min | Where the fees hideSlides 3–4Go through the common fees on slide 4. Ask the room which fees they have heard of, without asking whether they pay them.Say: “Fees fall hardest on people with the least in their account. Most of them can be avoided once you know where they are.” |
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| 0:13 | 8 min | Choosing an accountSlides 5–6Walk through the questions to ask before opening an account, and the difference between a bank and a credit union. Point people to the checklist on their worksheet.Say: “Ask for a basic or low-cost account by name. Banks don’t always offer it first.” |
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| 0:21 | 8 min | How overdrafts happen, and how to avoid themSlides 7–8Explain how an account goes overdrawn even when people keep track: pending payments, automatic bills and the order transactions clear. Then cover the ways to avoid overdraft fees.Say: “Many careful people get overdraft fees. It’s usually timing, not carelessness.” |
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| 0:29 | 15 min | Activity: fee detectiveSlides 9Put people in tables of three or four with the printed statement. Run the activity steps below and call time at 5, 10 and 13 minutes. Use the last two minutes to debrief.Say: “This statement is invented. Find every fee, add them up, then decide which could have been avoided.” |
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| 0:44 | 8 min | Check cashing, payment apps and what protects your moneySlides 10–12Cover the cost of cashing checks outside a bank, how payment apps differ from bank accounts, and deposit protection schemes. Turn to the country block for the protection that applies where you are.Say: “A payment sent through an app is like handing over cash. It can be very hard to get back.” |
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| 0:52 | 4 min | When something goes wrongSlides 13Explain the complaint path: the bank first, in writing, then the free ombudsman or regulator listed in the country block. Stress reporting unauthorized transactions quickly.Say: “Complain to the bank first and keep a copy. If that doesn’t fix it, there is a free service that can.” |
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| 0:56 | 4 min | Next step, questions and closeSlides 14–15Ask everyone to circle one fee on their worksheet they want to stop paying, privately. Take questions, keeping answers general. Thank the host.Say: “Pick one fee you want gone and one question to ask your bank this week.” |
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Fee detective
15 minutes, using the worksheet.
- Give each table the made-up statement from slide 9. It shows one month on one account, with no currency.
- Circle every fee: a monthly account fee of 10; two overdraft fees of 30 each, charged when a card payment and a phone bill went out two days before payday; three fees of 3 each for using another bank’s cash machine; and two check-cashing fees of 15 each paid at a store.
- Add up the fees for the month, then multiply by 12 to see the cost over a year.
- For each fee, decide how it could have been avoided: a different account, alerts, moving a bill date, declining instead of overdrawing, using the bank’s own machines, or depositing checks into the account.
- Write the three questions you would ask a bank before opening an account to avoid these fees.
- Each table shares the fee they think is easiest to avoid, and how.
Questions for the room afterwards
- What did the fees come to over a year? Did anything surprise you?
- Which single change would have saved the most?
- Why might someone keep using a check-cashing store even though it costs more?
- What would you ask a bank first?
Take care
General information, never advice about one person’s situation, and nothing to sell.
- Never ask anyone where they bank, what is in their account or which fees they have paid.
- Don’t name, compare or recommend any bank, credit union, card, payment app or check casher, even if asked. Give the questions to ask instead.
- Don’t shame anyone for using check cashers, cash advances or prepaid cards. They often fill a real gap, and people may have been refused an account before.
- Don’t quote fee amounts or protection limits that aren’t on the country block. They differ between institutions and change over time.
- If someone thinks money has been taken from their account, tell them to call their bank today on the number on their card or statement. Don’t try to diagnose it in the session.
- Never handle anyone’s card, phone or banking app, even to help.
Questions people ask
Which bank should I use?
We don’t recommend any bank, credit union or app. Use the checklist on your worksheet to compare them: monthly fees and how to avoid them, overdraft rules, free cash machines, alerts and what ID they need.
I was refused an account before. Can I still get one?
Often, yes. Some countries give people a right to an account or require basic accounts, and some banks offer accounts designed for people who have had banking problems. The country block explains what applies where you live.
Is my money safe in a payment app?
It depends on where the app holds your money. App balances often aren’t protected the way bank deposits are. A simple habit is to move money you receive into an insured account promptly; the country block explains the rules where you live.
Is a credit union safer or cheaper than a bank?
Neither is better by default. Both take deposits, and in many countries both are covered by a deposit protection scheme. Compare them using the same questions.
Can I get an overdraft fee refunded?
You can always ask, especially if it’s the first time; some banks will agree. If you think a fee was charged unfairly and the bank won’t help, you can complain, first to the bank and then to the free service in the country block.
What ID do I need to open an account?
A bank must confirm who you are, but what it accepts varies by country and by bank. Ask the bank what it accepts before you go; the country block has more where it applies.
Where you are teaching
The rules differ by country. Teach the shared material from the slides, then use the block for the country you are in, and hand out that country’s sheet.
United States
- Overdraft choices. Without debit and ATM overdraft coverage, a card purchase or ATM withdrawal without enough money is generally declined and you won’t pay an overdraft fee. Institutions can’t charge overdraft fees on ATM transactions unless you have opted in, and you can change your overdraft decision at any time.
- Opening an account. Some banks offer “second chance” accounts for people who have had banking problems before. Many banks let people who are not U.S. citizens open an account, using ID such as a foreign passport, a consular ID or an ITIN.
- Deposit insurance. Deposits are insured to at least $250,000 at each FDIC-insured bank, and members have at least $250,000 in coverage at each federally insured credit union through the NCUA. Investments such as stocks, mutual funds and crypto assets are not covered.
- Payment apps. FDIC insurance generally does not apply to money sitting in a payment app unless you have signed up for additional services from the app. The CFPB suggests moving money you receive into an insured bank or credit union account promptly.
- Unauthorized transactions. If you report a lost or stolen debit card within two business days, your loss is limited to $50 or the amount taken, whichever is less. Report unauthorized transactions on a statement within 60 days of the statement being sent, or you could have to pay for later transactions.
United Kingdom
- Basic bank accounts. HM Treasury has designated the nine largest current account providers to offer basic bank accounts to people legally resident in the UK who don’t have a bank account or aren’t eligible for a standard current account. Basic bank accounts must be fee-free for standard operations in sterling and don’t have an overdraft.
- Protected deposits. If a UK-authorised bank, building society or credit union fails, the Financial Services Compensation Scheme compensates eligible savers up to £120,000 per person, per institution. Banks that share a banking licence share one limit.
- Payment and e-money firms. If a non-bank payment provider goes out of business, your money is not protected by the FSCS. E-money and authorised payment institutions must safeguard your money instead; small payment institutions don’t have to, so ask what protection they offer.
- Free complaints service. Complain to the financial business first. If you’re not happy with its answer, the Financial Ombudsman Service is free to use and can put things right if a business hasn’t treated you fairly. Complaints about payment firms can also go to the ombudsman.
Canada
- Your right to an account. You have the right to open a bank account at a bank, including federal credit unions, even if you don’t have a job, don’t have money to put in right away, or have been bankrupt. The bank must be able to confirm your identity.
- Low-cost and no-cost accounts. All Canadians can get a bank account with a monthly fee of $4 or less, including at least 18 debit transactions a month. No-cost accounts are available to some groups, including people 18 or younger, students, seniors receiving the Guaranteed Income Supplement, RDSP beneficiaries and newcomers in their first year.
- Government of Canada cheques. You have the right to cash a Government of Canada cheque for free at a bank, with proper identification, even if you don’t have an account there.
- Overdraft protection. Overdraft protection is a product you can add to an account. You pay interest on the overdrawn amount and usually a flat monthly fee or a fee each time, depending on the option you choose.
- Deposit insurance. The Canada Deposit Insurance Corporation insures eligible deposits at member institutions, each category separately up to $100,000. Mutual funds, stocks and bonds, ETFs and cryptocurrencies, including stablecoins, are not eligible.
Australia
- Low fee accounts. If you get a government payment and are eligible for a concession card, Moneysmart suggests asking your bank about a low fee account: no account keeping fees, free statements, no minimum deposits, free direct debits and a debit card. A financial counsellor from the National Debt Helpline (1800 007 007) can help you find a no fee account.
- Protected deposits. Under the Financial Claims Scheme, deposits are protected up to $250,000 for each account holder at each bank, building society and credit union incorporated in Australia and authorised by APRA. APRA’s deposit checker shows whether your deposits are protected.
- Free complaints service. Raise a problem with the financial firm first. The Australian Financial Complaints Authority (AFCA) is a free, fair and independent service that helps resolve complaints about financial firms; its free call number is 1800 931 678.