The innovative Banking on Kids program recently announced it has changed its name to My School Bank.org. The name change – which also includes changing the website to MySchoolBank – signifies enhanced financial literacy programs and greater reach.
The My School Bank.org 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, to 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 loyalty of the next generation, but also receives radio and media opportunities, financial literacy training materials and awards.
The program works by having younger students work as tellers and cashiers while older students at the school 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.
“Our first My School Bank will be opening soon in the Humble Area, thanks to Plus 4 Credit Union and their terrific team of community-oriented bankers,” said local director Lou Garino, who began his education career in Pennsylvania. He currently hosts a weekly radio show, Business Newsmakers Radio, that broadcasts each Monday at 1110-AM KTEK on the Wall Street Business Network, from 10 to 11 am, and podcasts at Business1110KTEK.
The name change came about as Garino consulted with state banking and education officials to ensure the programs offered met Texas Essential Knowledge and Skills (TEKS) standards.
