Elementary students will have the opportunity to build a savings account and learn the skills of banking as Community Christian School partners with Riverstone Bank to open a student-led Eagle River Bank.
The two entities have built a relationship, with the bank supporting school activities for several years. Now the bank is looking to develop a new opportunity ahead of the Scottsbluff/Gering Area Chamber of Commerce ending the Adopt a School program.
“We have always been very involved in the Adopt a School program and that is a program that will be sunsetting next year, so we felt like we wanted to have something that replaced that tie to education for us,” Rebecca Pierce, director of marketing for Riverstone Bank, said. “It was a natural connection for us.”
According to the University of Nebraska — Lincoln College of Business webpage on the In School Savings Program, the idea was fostered in 2001 when the University of Nebraska — Omaha Center for Economic Education, Omaha Public Schools Conestoga Magnet School and Wells Fargo Bank began meeting “to create a real world experience for students that supported the school’s theme of economics and financial literacy and its saving curriculum.”
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The outcome was the first elementary in-school savings bank in the state. Over the years, programs have fostered relationships between banks or credit unions and schools, with the majority concentrated in the eastern portion of the state. The closest program in the Panhandle is in Chappell. Chappell’s Creek Valley Elementary partnered with Adams Bank & Trust in 2019.
CCS head teacher Stephanie Reynaga said the staff is excited to pilot the program this fall.
“We were super pumped about it because it aligns with what we want our kids to learn with that real world application and financial literacy,” she said.
Pierce said the timing was right to pilot the program, having previously heard about the opportunity from a former employee.
“We’re really excited we are the pilot program for this in western Nebraska as well as for us (Riverstone Bank),” Pierce said. “It boils down to that we’re so excited to be able to provide a solid foundation for students moving forward in the savings realm and we’re really excited that Community Christian is on board and excited as well. We look forward to what the next year will bring.”
After agreeing to the partnership, the school worked to receive approval and curriculum from UNL. As part of the program, the in-school bank will be marked with Federal Deposit Insurance Corporation (FDIC) graphics as is custom to see displayed in banks.
“It is almost like a mini branch of the bank,” Reynaga said. “One of their employees will be here every Thursday when we have bank day. We’ll have time in the morning where students can do their deposits right before we do our chapel.”
Fifth graders will rotate behind the teller line where they will be trained on how to count money and check deposit slips. Other students will fill out their deposit slips and learn the process for giving a teller their money for deposit, although Reynaga said there is no requirement to deposit money every week.
However, Pierce said there will be incentives for students to save, including up to a $5 match on their first deposits.
“The biggest goal is to help them become good stewards of their money and to think about I have a $1,” Pierce said. “I can spend it now or I can save it.”
For many students, the game Monopoly is their only connection the banking industry, Pierce said, so establishing a habit for saving money is important. The program will also teach students about goalsetting and the importance of saving money to afford a trip or purchasing a bicycle or car.
“It’s just a fun way of bringing financial literacy and financial stability to this kids,” Pierce said.
Reynaga said introducing this program into the school will offer students real world application of curriculum.
“We want them to be excited about it and to always see the opportunities for real life application,” she said. “The way I see it is I want their math and economics lessons to come alive through this process.”
Reynaga added that as a Christian school, she hopes students realize saving money is rooted in the Biblical principle of wise stewardship.
“Every time I tell someone about it, I get giddy all over again,” Reynaga said. “It’s the type of meaningful experiences we want kids to have. Textbooks are wonderful and instruction is wonderful, but to apply what they are learning in a meaningful and a real life way is exactly what kids need opportunities to do.”
When the students graduate fifth grade at Community Christian, in addition to receiving their diplomas, students will receive a check of the money they have saved throughout elementary school.
The in-school savings bank will have a soft opening on Thursday, Oct. 13, at 8 a.m., followed by a chamber ribbon cutting ceremony on Friday, Oct. 14, at noon.
“The goal, as a banking institution, we would really like to see every citizen have financial stability,” Pierce said. “That really starts at a young age. We hope by getting into the schools and helping to develop that habit of saving that by the time they graduate from fifth grade, they can take this check of what they’ve saving throughout their elementary career and take it into any banking institution.”
As the in-school savings bank program is piloted in the Panhandle, Reynaga hopes families take advantage of the opportunity.
“This is something unique that isn’t happening in other schools around the Panhandle, so I just want families to know that this is a really special opportunity that kids are getting.”
Source: starherald.com
