I graduated high school and college without being taught how to balance a checkbook. Nobody taught me about the fine print in a mortgage or how to read one. These are basic skills everyone should have especially by the time you graduate college. A Northeast Ohio school is making sure students know the pros and cons of banking.
The students at Lake Catholic High School in Mentor, Ohio, will be able to open a savings account in their cafeteria. Cardinal Community Credit Union is opening the branch to encourage students to save. Students will be tellers under the guidance of a credit union employee. As a reward, these tellers will be able to shadow an employee at the credit union to learn more.
If the school reaches a $2500 savings goal, they will be financially rewarded.
If a student overdraws his account, he will be given time to bring it positive. If they don’t bring it positive, the account will be closed. Then, there would be a fee to reopen. The credit union said there needs to be some fee to teach students there are consequences to their actions.
The credit union will extend its work with students at the branch. Tools will be given to the school to teach the students the concepts of banking and financial literacy in the classroom.
We need more programs like this. It’s essential to preventing the financial problems of this decade in the next one.