Credit Union opens in high school cafeteria

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.

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19 responses to “Credit Union opens in high school cafeteria

  1. tina degennaro

    What a great idea, I wish my kids school had this.

  2. This is a pretty impressive story. I wish I had this when I was a high school student. The time to instill positive spending and savings habits is at that age. Hat’s off to the school and the credit union. This world needs more progressive thinkers like them.

  3. This is a great example of how you can reach out to the next generation and help guide them towards a better future. The investment for Cardinal Community Credit Union to engage today’s high school students is groundbreaking and admirable. Great job to all those involved for making it happen !!

  4. I think it is a great idea to actually teach the kids something usefull that they will use forever!

  5. I teach Junior Achievement classes. Kids really appreciate the chance to learn some practical things about money. The kids I teach are younger, usually in fifth grade, but I’m sure the practical education will be welcomed.

    • Thanks for the comment. Junior Achievement is a great organization. I’ve done some work with them, and we need more of that. Thanks for sharing your time to help the next generation.

  6. Wow! I think it’s great that Cardinal is putting their trust in these young people. Teaching them all about financial responsibility is really setting them up for a bright future!

  7. My son loves the idea of a in-school branch and is looking forward to opening an account!

  8. I am so happy that Cardinal has taken the initiative of teaching these students real world financing by having them operate this branch. The convenience of in-school branches are vital if we want the younger generations to be active and smart in the world of financing. i believe that experience is the best teacher!

  9. i’m glad we have this at our school now. i’m going to try to save for an ipad using only money i would of spent at chipotle and starbucks.

    • Joanne Kingsley

      You are going to save all that money, only to blow it on a piece of consumer electronics that will have no value in 24 months? What are they teaching in Catholic schools these days?

  10. Great Idea! It should happen in more schools.