Online Banking Simulation Lessons
Looking to enhance your banking skills and learn about modern online banking? Our Online Bank Simulation is the perfect tool for both teaching and learning about the world of electronic banking using a computer, cell phone, or other electronic device.
Our Online Bank Simulation is the perfect tool for anyone looking to enhance their banking skills and learn about modern online banking. Whether you're a beginner hoping to learn the basics or simply looking to become more comfortable with electronic banking, our comprehensive lessons and worksheets are designed to meet your needs. Our user-friendly and engaging platform is suitable for all levels of experience, making it easy to master the world of online banking at your own pace.
MI Bank Online Simulator
The Money Instructor® Bank Simulator is an Online banking simulator you may use for teaching Online banking or real world life simulations. It is currently used for:
- Teaching Online banking
- Teaching checking accounts and saving accounts
- Use in a classroom economy
- Reinforcing money management skills
- Managing allowances
- Use in a classroom life simulation
- As a points system for schools used by teachers and administrators
- Keeping track of campus currency as an incentive program
The Online bank includes the following functionality:
- New account creation
- Deposit money (may be disabled by administrator)
- Withdraw money
- Transfer money between accounts and to other accounts
- Pay Bills
- Pay bills using payee information that may be saved
- Create class lists of deposits or withdrawals to your students accounts (for example salaries, rent, etc)
- View monthly account statements
- Use an ATM for banking transactions
- Write a check from your checking account
- Create separate class accounts for each of your classes and name the classes
- Alter the bank date to create simulations. Make time progress faster or slower than real time. (for example, make one week of class equal 1 month of bank time).
- Banking administration (edit class name, toggle deposits, delete class, update passwords, etc).
New functions recently added:
- Delete students from class.
The Online bank is accessible using a computer with a modern web browser, chrome book, cell phone, tablet, etc.
Please let us know of any additional functionality you require.
Ready to use the MI Online Bank?
Then either choose the Online Banking Account Creation link below to create a class account, or choose one of the self-contained Online Banking Lessons below.
MI Online Bank Account Creation
Online Account Creation
Create a class account that will allow students to create their own personal Online bank account for the Online bank simulation. If this is your first time using the MI Online Bank, then we suggest starting with the self-contained "Introduction" lessons below before creating your own personal Online account.
Online Bank Transactions
Entering Online Bank Transactions
After creating their own personal Online bank account, students will enter bank account transactions and practice introductory skills necessary for Online banking.
Online Banking Lessons
WHAT IS ONLINE BANKING LESSON
Students learn about the fundamentals of online or internet banking in this lesson. They explore the convenience and functionality of managing bank accounts online through both websites and mobile apps. The lesson content delves into key aspects such as checking account balances, transferring funds, paying bills, and applying for financial products like loans and credit cards. A major focus is placed on the importance of security in online banking, highlighting essential measures such as encryption and multi-factor authentication, and offering advice on safe practices including the use of strong passwords.
Online Banking Self-Contained Lessons
Use these lessons to introduce your students to the MI Online Bank. Note that these lessons are self-contained and do not require account creation above.
Introduction to the MI Online Bank
Online Banking Introduction
Use this lesson as an introduction to the MI Online Bank.
Students use an Online banking simulation to learn how to bank Online.
Use this lesson as an introduction to the MI Online Bank using the checking account.
Students use an Online checking simulation to learn how to bank Online.
Students use an Online checking account simulation to enter checking transactions and practice introductory skills necessary for Online banking.
Students use our ATM banking simulation to learn introductory skills necessary to perform ATM banking. This is an introduction lesson to using the Money Instructor Online ATM simulator.
In this video lesson students will learn how to use and withdraw money from an ATM. This lesson provides a step-by-step guide for using an ATM, beginning with finding an ATM, and inserting your debit or credit card correctly. Learn the importance of being aware of your surroundings, never sharing your PIN with anyone, and taking your receipt to show how much money you withdrew and how much is still in your account.
Additional Online Banking Resources
ONLINE BANKING ARTICLES AND INFORMATION
ONLINE BANKING ARTICLES AND INFORMATION
Consider Online banking with your credit union for instant organization and access to all of your account information. With Online banking, information about deposits, payments, statements, and all transactions is immediately available with only a few key strokes 24 hours every day.
While most people use a bank account to save money, some of your hard earned money is usually taken by the bank in the form of monthly fee or maintenance charges. Here is some advice and tips on reducing the fees you are paying to the bank.
How do my students create an account to use with the bank?
Go to the Online Banking Account Creation link above. From that page you will click on a link to create a worksheet containing your class user id and password. Your students then will use that to create their own personal user id and password for their bank account. The worksheet will contain all the information your students need to access the Online bank.
How do I sign into MI Bank?
You first need to create a MI Bank account. Note that this is a different sign in (user-id/password) than your Money Instructor sign in. Go to the Online Banking Account Creation link above. From that page you will be given a worksheet with information for creating an account. The worksheet will contain all the information you need to access the Online bank.
How do I add students to my class?
The worksheet mentioned previously (Online Banking Account Creation) lists the steps to create new student accounts. In summary, once you have a class id and password, go to the online bank and click on "sign in". Then click on the "New Account" button to create the new student account.
How do I delete a transaction I entered by mistake?
Transactions may not be deleted. To remove the transaction amount, do the opposite transaction. For example, if you did a deposit of $100 by mistake, then enter a withdrawal of $100.
Can I administer the student accounts and view their transactions?
To administer the Online bank, click on the "Bank Admin" button at the top of this page. From that page there are several functions available, including the ability to view class accounts, view student transactions, make deposits to student accounts, etc. If there are additional functions you would like to see, please let us know.
What is the MI Main bank account?
The MI Main bank account is like the "main" account for the bank. It is used by the bank administrator. It may be used to keep track of transactions you do with your students. It is not necessary to use the MI Main bank account, and it is there for your convenience. Instead of using this account, you may set up a separate account, the same way you set up a student account, and use it for your banking transactions.
The bank accounts reset every time the students sign in. How can they continue to use the accounts on a daily basis?
You are using the lessons, rather than creating a class account. The lessons reset for each use. To create student accounts that they can continue to use, go to the Online Banking Account Creation link.
My student forgot their password. What do I do?
You may update student passwords with the bank administration screen. To administer the Online bank, click on the "Bank Admin" button at the top of this page. From that page there are several functions available, including the ability to update student passwords.
I am so confused!
Relax, it is simple to use the bank. Go to the Online Banking Account Creation link above to get your class user id and password along with all the instructions your students need to create their bank account. If you need help or get confused, just click on the contact us tab at the top of this page and let us know your question. We are here to help!
Have a question?
Do you have a question about teaching or learning about Online banking? Do you want to use an Online bank simulation for your class? Then we are here to help. Please let us know what questions you may have by clicking on the contact us tab at the top of the page.
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