STUDENT BANKING MODELS
Students learn best with real-world experiences, and the learning power of having a School Bank is in the hands-on discipline of regular savings.
Every school environment is unique, and each School Bank is designed specifically to meet the needs of each campus. The My School Bank program can include a variety of financial literacy curriculums and activities, as well as provide presentations, events, and training workshops for students, parents and teachers on many financial topics. Each program is developed individually with specifications from the sponsoring bank, as well as requirements to meet each school's curriculum, space and scheduling needs.
In Texas, there are many wonderful financial education curriculums to choose from. The power of this program is in the hands-on discipline of regular savings with real money, and teachers are welcome to use any curriculum they choose. We recommend the curriculum offered by the Texas Council on Economic Education and the FDIC's Money Smart program.
Here are a few models from which you can start designing your own custom student-run banking program at your school, along with with your neighborhood banks.
Opening Soon!
SCHOOL BANK
Plus 4 Credit Union School Bank Coming Soon!
THE WOODLANDS, TX (edited May, 1, 2016) – The innovative My School Bank, student banking program recently announced its first Texas location will be opening soon in coordination with the Plus 4 Credit Union in Humble. My School Bank is a Texas organization that aims to educate children about finances at a young age.
The My School Bank program works with local banks to put real, working hands-on banks in K-8 schools. The banks are run on campus by students, but operated in conjunction with a local bank. The program provides a representative to work with the school year round, who makes sure the school’s bank has supplies, knowledge and the overall integrity of the sponsoring bank.
In return, the sponsoring bank not only gets a chance at the cradle-to-grave loyalty of the next generation, but also receives radio and media opportunities, and as well as financial literacy training materials and awards.
The program works by having younger students work as tellers and cashiers while older students at the 7th and 8th grade level act as officers of the bank. A student can open a savings account with a minimum deposit of twenty-five cents, with all opening fees waived. Once the account balance reaches $10, then an official account is opened at the sponsoring bank.
Spearheading this effort is local businessman Lou Garino. “There is no better future you can bank on, than student run banking,” he said. He is excited to bring the energy of My School Bank to Texas.
“We, at My School Bank, are thrilled to work with Plus 4 Credit Union to create a model student-run bank for all financial institutions in Texas to follow,” he said. “Plus 4 is a very enthusiastic hands-on partner that eagerly looks forward to a long-term relationship with My School Bank to help kids learn fiscal responsibility. They will be adding additional student run bank ranches at all their locations.”
Though Garino has spent most of his career in real estate, he did work in the education system in Pennsylvania.
He currently hosts a weekly radio show called, Business Newsmakers Radio that broadcasts each Monday at KTEK Bloomberg Radio, from 10 to 11 am, and podcasts at www.business1110ktek.com. Garino also recently spoke on behalf of student-run banks at the Texas Department of Banking webinar to introduce financial institutions to the program.
Plus 4 Credit Union is located on Highway 59, in Humble, near Deerbrook Mall. For more information about My School Bank, please visit MySchoolBank.org.
Educational Video about the Bank At School program sponsored by the Delaware Financial Literacy Institute (DFLI) aka The Money School. This video is specifically about their Elementary School component of Bank At School.
WHY IS A BANK AT SCHOOL PROGRAM IMPORTANT?
Across the country, studies show that students lack even basic financial knowledge. Most high school graduates lack basic skills in the management of personal finances, according to the Coalition studies; this includes a “lack of insight into the basic principles involved with earning, spending, saving and investing. One way children develop the ethic of saving is to open savings accounts. This is a guaranteed way to gain financial security while establishing the ability to make later purchases without going into debt. The Bank At School program addresses these issues by providing real banking experiences to the children involved. Schools, teachers, and parents work together to encourage the children to save regularly. In addition, Bank At School lessons are available so teachers can introduce relevant and timely money and banking concepts…not just to meet state standards but more importantly, to meet the financial literacy needs of the students.
Banks and Schools working together to nurture the ethics of saving.
The Delaware BANK AT SCHOOL teaches school students about financial management by providing real banking experience at their school. The program helps them learn to take charge of their money by learning to save and spend wisely.
FOR KIDS
Students are given an opportunity to open non-custodial accounts and to serve as tellers. This weekly banking program nurtures the often neglected ethic of SAVING!
FOR TEACHERS
The program provides teachers with lessons highlighting the advantages of saving that correlate with the Delaware State Standards in Economics.
We are just BURSTING to tell you about our new adventure - 'bank-in-a-School'. Yes Join SAM is partnering with a number of primary schools in the UK to set up a 'real life bank' within schools, to encourage pupils to start a regular savings habit that they can take into their teenage and adult life.
Join SAM's first 'bank-in-a-school' will be at St. Joseph's Catholic Primary School in Islington. St. Joseph's are extremely forward-thinking and are equally as keen to offer their pupils a compelling money-learning experience such as this. Plans are steaming ahead as we speak, with posters and leaflets being designed, money games created, and pupils being interviewed for the roles at the bank....
Oh did we not mention that pupils will be running the bank?!! Yes, Y5 pupils will interview next week for roles such as Bank Manager, Cashiers, Marketing Manager, Customer Service assistants and more. They will then receive full-training, and use this to ensure the smooth running of the bank!
The St. Joseph's school bank actually launches this September, and pupils will be encouraged to make regular deposits. There will be no minimum amount for the deposits, as we want every single child to feel included and able to participate. In fact, 'little and often' is a very effective way of saving!
The F&M Bank & Trust School Banks program is the most successful youth financial literacy program in Iowa. F&M pleased to be able to offer such an outstanding program to so many of our area youth.
When developing and implementing the F&M Bank & Trust School Banks program, teaching the concept that saving money is “never too late, nor ever too early” was our main objective. As the program grew, the focus developed into a much deeper purpose. Introducing the idea of saving money to school children not only lets the kids watch their money grow but also teaches an important life skill…responsibility. Numerous statistics show the number of adults who actually save money on a regular basis is quite low. Learning this responsible act at an early age will literally pay off for the rest of the student’s life.
Teaching children to save money at any age is not just about banking. Teaching children to save is about building character, learning responsibility, developing skills and practicing discipline that can be applied to real life situations. The strength of the F&M Bank & Trust School Banks program, teaching financial skills and forming habits, will make “our kids” an asset in the communities in which we live and work.
As our School Banks program has thrived and grown one thing has remained the same…F&M Bank & Trust Kids Bank is a bank for kids, run by kids. This program has continued to grow with this philosophy in mind.