SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Examine the costs and benefits of using banking institutions for the managing of personal finances

SAQA US ID	UNIT STANDARD TITLE
10716	Examine the costs and benefits of using banking institutions for the managing of personal finances
ORIGINATOR
SGB Financial Services
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 2	NQF Level 02	3
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-06-12	2005-06-12	SAQA 0742/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2006-06-12		2009-06-12

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
119911	Investigate the costs and benefits of using banking institutions for managing personal finances	Level 2	NQF Level 02	2

PURPOSE OF THE UNIT STANDARD

This unit standard provides a broad introduction to personal banking and its associated costs. It is one of a series of unit standards on financial literacy intended to empower learners to manage their own finances responsibly. The focus is knowledge, skills, values and attitudes in relation to the learner`s own context.

The qualifying learner is capable of

Comparing costs and benefits of using banking institutions to save money.

Researching the financial costs of banking.

Understanding the risks and responsibilities of opening and running various bank accounts.

Making an informed choice about own banking.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should

Hold a GETC or equivalent qualification. Or

Be competent in communication and mathematical literacy NQF level 1.

UNIT STANDARD RANGE

The typical scope of this unit standard is bank accounts including savings, current, garage, debit and credit cards, 32 day call, fixed deposit and notice deposit accounts.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Investigate the types of account offered at banking institutions for managing personal finances.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The types of account offered at three different banking institutions are investigated and an indication is given of the purpose of each type of account.

ASSESSMENT CRITERION 2

2. Documentation required when opening different types of account is indicated with authentic examples.

ASSESSMENT CRITERION 3

3. Documentation needed to effect various transactions is completed using authentic examples.

SPECIFIC OUTCOME 2

Research the financial costs of various banking transactions.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The financial costs of withdrawing, depositing and transferring money via an ATM and at a teller in the bank are researched and compared and the results summarised in a table.

ASSESSMENT CRITERION 2

2. The hidden cost of keeping money in a bank is investigated for three case studies.

ASSESSMENT CRITERION 3

3. Non-financial issues to be considered when choosing a bank are explored in relation to own situation, such as accessibility and convenience of location.

ASSESSMENT CRITERION 4

4. The benefits and dangers of storing money in cash are compared with the benefits and dangers of using banking facilities and a decision is made about the safe keeping of personal savings.

SPECIFIC OUTCOME 3

Demonstrate an awareness of risks & responsibilities involved when completing various transactions.

OUTCOME NOTES

Demonstrate an awareness of the risks and responsibilities involved when completing various transactions.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

7. The way in which money can be transferred direct into someone else's account or to make a payment is described or demonstrated using available technology.

ASSESSMENT CRITERION 2

1. An ATM is described and its functions and withdrawal limits are explained with reference to a particular banking institution.

ASSESSMENT CRITERION 3

2. Safety precautions that should be followed when doing transactions at a bank, Post Office or ATM are discussed with reference to criminal activities.

ASSESSMENT CRITERION 4

3. The benefits and costs of debit cards are discussed and an indication given of how to use these safely and responsibly.

ASSESSMENT CRITERION 5

4. The benefits and costs of cheque transactions are discussed and an indication given of how to use these safely and responsibly.

ASSESSMENT CRITERION 6

5. The benefits and costs of credit cards are discussed and an indication given of how to use these safely and responsibly.

ASSESSMENT CRITERION 7

6. The way in which money can be transferred between one's own accounts using inter account transfers or electronic banking is described or demonstrated using available technology.

ASSESSMENT CRITERION 8

8. The advantages of having a debit balance and the cost of credit on one's credit card are discussed in relation to the current interest rates.

SPECIFIC OUTCOME 4

Make an informed choice regarding one's own banking.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Several options are considered and a decision is made and supported as to which banking institution and type of account is best for own use.

ASSESSMENT CRITERION 2

2. The necessary documentation is accurately completed to open an account at a chosen bank.

ASSESSMENT CRITERION 3

3. The need to keep careful records of own financial transactions is explained with an indication of the implications of careless record keeping and how long it is necessary to retain financial records.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

The learner is able to identify and make decisions relating to the use of banking facilities and personal savings.

UNIT STANDARD CCFO WORKING

The learner is able to work effectively with others as a member of a team in discussing matters relating to banking.

UNIT STANDARD CCFO ORGANISING

The learner is able to organise and manage him/herself by successfully opening a bank account after having investigated various possibilities.

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and evaluate information by investigating various banking options and their costs.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations to explain the costs and benefits of banking as opposed to keeping money as cash.

UNIT STANDARD CCFO SCIENCE

The learner is able to use science and technology effectively when using a calculator to calculate interest and the cost of credit.

UNIT STANDARD CCFO DEMONSTRATING

The learner is able to demonstrate an understanding of the world as a set of related systems through an understanding of banking institutions.

UNIT STANDARD CCFO CONTRIBUTING

The learner is able to participate as a responsible citizen in the life of local, national and global communities by safely storing and responsibly using the services of banking institutions.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 119911, which is "Investigate the costs and benefits of using banking institutions for managing personal finances", Level 2, 2 credits.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Fundamental	48783	National Certificate: Financial Services	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Fundamental	14657	National Certificate: Insurance Administration	Level 2	NQF Level 02	Passed the End Date - Status was "Registered"	2004-04-18	INSETA
Elective	48642	General Education and Training Certificate Housing: Housing Consumer Education	Level 1	NQF Level 01	Passed the End Date - Status was "Reregistered"	2009-05-13	Was CETA until Last Date for Achievement

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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