Learning to Save: New Shawnee Heights Bank to Offer Financial Opportunities for Students

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Ryan Berry

The new bank addition to Shawnee Heights allows students to learn the basics of banking and finance.

After a soft opening on Nov. 9, the Shawnee Heights bank will host its official grand opening on Nov. 12, including a ribbon cutting ceremony with executives from the Capitol City Bank, the local bank helping with the high school’s implementation.
The bank will be open to all students and staff during 5th hour on Mondays, Tuesdays, and Thursdays, excluding the beginning of first lunch and end of last lunch (due to opening and closing the bank). Students will be able to create an account by making a minimum deposit of $10, and will have access to deposit and withdraw from their account during lunch.

 

Bank Services

The bank plans to offer other services including cashing checks, giving change for large bills, exchanging coins for cash, providing bank statements, money management services, and financial advice.
“The bank is more of a convenience for us students, like when you forget money for club fees, lunch money, spirit wear, or any other school fees, you can just withdraw it from the bank and not have to worry about calling your parents and have them bring you money,” said Ali Fowler, a senior in charge of running the bank.

New T-Bird Nest Account

A special savings account that will be available for all students is called the T-Bird Nest. The goal of the account is to help encourage students to save and invest their money during their time at Shawnee Heights by making monthly deposits to build their savings account. The students will receive .25% interest on their savings and have the opportunity to receive rewards from the bank for continually growing their nest.
“If you start when you’re a freshman and deposit $10, $20, or $30 a month, then we can show you a chart of how much money we would be writing a check to you with interest when you graduate so you have cash you can take with you to your next adventure,” said Mrs. Tanya Richey, the business teacher managing the bank.

Logistics of New Bank

The banking and finance class took the time to go out into the community and discuss with local businesses the opportunity to promote financial literacy at SHHS. Financial literacy is the ability to understand how to manage money and how to invest it. Many businesses donated prizes for the bank to reward students for investing and keeping their T-Bird Nest growing. Prizes such as gift cards, donuts, chips, pencils, and flashlights will be given to those students who make monthly deposits to their Nest.
The bank will be ran by the banking and finance students who trained with bankers from Capitol City Bank. Capitol City helped provide equipment and advising for the SHHS Bank. The current roles of the bank include a bookkeeper, auditor, and teller; eventually there will be a student president and vice president of the bank. The students are prepared with security, processes, confidentiality, how to please customers and dual control.
FBLA President Natalie Haushalter, senior, said she is ready for all the prep work to come to fruition. “It makes me excited to share important life skills with my fellow students. I believe that business skills are essential to have in any area of work,” Haushalter said.