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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Investigate the costs and benefits of using banking institutions for managing personal finances 
SAQA US ID UNIT STANDARD TITLE
119911  Investigate the costs and benefits of using banking institutions for managing personal finances 
ORIGINATOR
SGB Insurance and Investment 
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 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
10716  Examine the costs and benefits of using banking institutions for the managing of personal finances  Level 2  NQF Level 02  Complete 

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:
  • Investigating the types of account offered at banking institutions for managing personal finances.
  • Researching the costs of various banking transactions.
  • Explaining the risks and responsibilities involved in completing various transactions.
  • Making an informed choice regarding own banking. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in:
  • Communication at NQF Level 1 or equivalent.
  • Mathematical Literacy at NQF Level 1 or equivalent. 

  • 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.
  • Electronic banking includes, but is not limited to ATMs, Internet, cell phone and telephone.
  • Evidence in support of an application to open a bank account includes, but is not limited to salary statement, municipal rates account, telephone account. 

  • 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 
    The types of personal 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 
    Requirements and documentation required when opening two different accounts are indicated with authentic examples. 

    ASSESSMENT CRITERION 3 
    Documentation needed to effect a deposit and a withdrawal over the counter is completed using authentic examples. 

    SPECIFIC OUTCOME 2 
    Research the costs of various banking transactions. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The financial costs of withdrawing, depositing and transferring money electronically and at a teller in the bank are researched and compared for two different banking institutions. 

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

    ASSESSMENT CRITERION 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 
    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 
    Explain the risks and responsibilities involved when completing various transactions. 

    ASSESSMENT CRITERIA
     

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

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

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

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

    ASSESSMENT CRITERION 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 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 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 own banking. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 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 
    Personal information required to open a personal bank account is completed accurately and evidence required in support of the application is identified in order to open an account at a chosen bank. 

    ASSESSMENT CRITERION 3 
    The need to keep careful records of own financial transactions is explained and an indication is given of how long it is necessary to retain financial records. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    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 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 in explaining the costs and benefits of banking as opposed to keeping money as cash. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use technology effectively in demonstrating the electronic transfer of money. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by understanding the hidden costs of banking services. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to participate as a responsible citizen in the life of local, national and global communities by making informed decisions about the use of banking institutions. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 10716, "Examine the costs and benefits of using banking institutions for the managing of personal finances", Level 2, 3 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  71751   General Education and Training Certificate: Adult Basic Education and Training  Level 1  NQF Level 01  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  65969   General Education and Training Certificate: Human Settlements Development  Level 1  NQF Level 01  Reregistered  2023-06-30  CETA 
    Elective  20183   National Certificate: Banking  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  BANKSETA 
    Elective  49772   National Certificate: Archaeology  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  CATHSSETA 


    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.
     
    1. Nedbank Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.