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RANDOLPH – A partnership between First State Bank and Randolph Elementary may be right on the money.
First State Bank opened its Cardinal branch at Randolph Elementary Friday with special student activities.
The goal is to help students learn the importance of saving and managing money from an early age, said bank cashier Christie Larsen.
Bank officials connected with a representative from the Nebraska Council of Economic Education through the University of Nebraska-Lincoln College of Business about six months ago to initiate a bank at the elementary school.
The council then connected First State Bank with other banks already participating in schools to learn by their example. Laurel-Concord- Coleridge Elementary and Middle schools and Holy Trinity Elementary in Hartington teamed up with Security Bank for a school-based branch in fall 2023. Hartington-Newcastle Elementary also participates with the Bank of Hartington.
“Financial literacy is becoming more and more important for junior high and high school students,” said Tiffany Guenther, teacher representative for the new Cardinal banking branch. “My hope is that understanding the benefits of saving money will help students be more prepared as they entered into the upper grades and beyond.”
The branch will be led by sixth-grade “tellers” Ellie Bartels, Bennett Schmidt, Braxton Montgomery, Colton Winkelbauer, Erica Tunink and Eli Wortman.
They were selected as tellers after filling out an application with questions related to math, confidentiality and responsibility. Two adult references were also provided on the application, Guenther said.
Tellers were interviewed by Larsen and bank president Mark Linville.
A large part of being a sixth-grade teller will rely on communication, Guenther said.
“These sixth graders will also use many skills when working with other students,” she said. “They will need to be responsible and show leadership when dealing with students’ money that they deposit into the Cardinal banking branch.”
Young savers can visit the bank branch prior to school each Thursday for deposits. Each student who deposits money will have an official savings book maintained at First State Bank, Larsen said.
A bank representative will be on hand at the school when the Cardinal branch is open.
Students won’t be able to withdraw funds or earn interest through the elementary branch, however, there are prizes and other incentives for saving, Larsen said.
When a student graduates sixth grade, the bank will issue a check for the amount saved. At that point, students may spend it any way they wish or may open an interest-bearing savings account at the main bank branch, Larsen said.
Along with boosting financial literacy, Guenther said the bank branch helps create a positive school culture.
“The younger students see the sixth-grade tellers as positive role models and hopefully the younger students will look forward to the opportunity to also be tellers when they are in sixth grade,” Guenther said. “I also think this program is a great avenue to add to our ways that we build a good rapport between our school and our community. I think it is beneficial for students to know the importance of supporting our local businesses such as our bank.”
