Security State Bank Promotes Financial Literacy
Kathy Gruenberg, Manager, Student Banking Program, Security State Bank
Iowa Bankers Association President John Sorensen’s New Year’s Resolution of improving financial literacy is one that Security State Bank, New Hampton has been implementing for the past eight years. In 1999 the Bank began a student banking program to promote financial responsibility to local school students. The initial and present goal of the program is to teach students about the importance of saving in a way that is both enjoyable and educational. The student bank members set a goal for themselves and strive to meet this goal with their individual saving plans.
Our student bank members have taken on the challenge of financial responsibility and have been very successful in achieving their goals. The program began with one elementary school and has now expanded to nine schools in five local communities served by Security State Bank branches in New Hampton, Calmar, Charles City, and Ossian. The student banking program now includes 965 members with deposits of $527,000. Student bank members range in age from kindergarten to high school seniors. Many of the students begin their participation in kindergarten and continue to participate throughout their elementary, middle school, and high school years.
Student bank members learn to complete their own deposit envelopes and conduct their own banking transactions at school bank locations. Students as young as kindergarten age have become quite proficient at completing their own transactions. Department of Education representatives visiting one of the schools were amazed to watch the elementary students conducting their own banking transactions. These students have become smart consumers who are very much aware of the interest rate and incentives offered to them for saving their money. They are very proud of themselves for saving and we are very proud of them for doing so.
School students are also given the opportunity to work as student bankers. Students aspiring to become student bankers complete job applications and take part in an interview process. The student bankers are taught the importance of confidentiality, customer service, and working with others. The bankers learn to count accurately and balance all transactions they complete. These young bankers display qualities all bankers would like to see in their adult employees.
Security State Bank has seen the rewards of becoming involved in the financial literacy of the communities the bank serves. We agree with John Sorensen’s resolution to reach out to the community and become involved. The success of our student banking program has shown we can impact the financial futures of our communities. Our student bank members are our future and the future definitely looks bright!
Cutline: Security State Bank Student Banking Program Where KIDS and Deposits Count!
Security State Bank Student Banking Program is teaching financial literacy to local school students. With 965 students having accounts with deposits totaling $527,000.00, the program shows the impact that financial education can make.
New Hampton Branch staff involved in the Student Banking Program are: Mary Ann Trask, Kathy Gruenberg, Sue Gossling, Jeanine Douglas, John Rigler, Vickie Findla.y
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