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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 
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   

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  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.
     
    1. CKP Development Agency (Pty) Ltd 
    2. Faisit (Pty) Ltd 
    3. RJM Educational Consulting (Pty) Ltd 
    4. Sanlam Life Insurance Ltd 
    5. Umfolozi FET College - Central Office 



    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.