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HARTINGTON — The Bank of Hartington recently opened a branch to help teach local students how to save.
The Little Cat Bank Branch is open once a week to serve the needs of the young savers.
The bank wanted to take on this project to “increase financial literacy in the elementary grades, to start early and to get them to start having good saving habits, so they can carry them forward into their high school and adult years,” said Bank of Hartington Vice President Dana Rosener.
Rosener said similar savings programs elsewhere have shown very positive results.
“Studies have shown that kids who participated in a program such as this had better savings in high school than kids who did not enter a program,’’ Rosener said.
The Bank of Hartington worked with the Nebraska Council on Economic Education to get the ball rolling.
The bank then began working with the administration at Hartington- Newcastle Public Schools, particularly Elementary Principal Sarah Edwards and teacher Amber Davies.
Davies’ fifth- and sixth-grade High Ability Learners (HAL) students attended bank teller training sessions to be able to assist the many young students with savings.
There are also two bank employees present to help, when needed, and to handle the money after the deposits are completed.
Every Thursday, from 8-8:45 a.m., the HNS students make deposits at the school and go through a series of steps.
First, the students get their register from Davies. Then, they move down the line to a HAL student, who fills out the top portion of the deposit slip. From there, they head down to a “teller,” who is responsible for counting and verifying the money. Finally, the student reports to the incentive table, where they receive a reward for saving.
These incentive prizes are based on how often they save, not how much they save, Rosener said.
Prizes include a piggy bank, stickers, Wildcat pens and pencils, fidgets, as well as concession stand coupons.
Rosener said the program has already exceeded expectations.
Out of the 106 students who signed up for the program, 99 have already made deposits and are looking forward to achieving their goals.
Davies also has been impressed. “The Little Cat banking branch has been doing amazing. We are very impressed with the students and the number of deposits we are receiving,” she said.
In the first six weeks, students have already deposited $2,178 into their accounts.
The final goal of this program, Rosener said, is to encourage good savings habits that will last so the children will continue to be able to save for their goals, as they become adults.
