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What a great opportunity for your financial institution to REINVEST in your community

What a great opportunity for your financial institution to REINVEST in your community

A good question is should you be an active sponsor of the Banking on Kids program at a local school near one of your existing offices. A better question is how many of your offices should be linked up with local schools in your community?

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Today, with high personal bankruptcy, easy access to credit, and poor money management skills, now more than ever it’s important to teach people the value of good financial fitness. Some in the financial industry believe that our spending and saving habits are shaped as early as 5 to 7 years of age. It is at this early age that students begin to develop their spending or saving habits.

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There appears to be a lack of interest on the part of many financial institutions in serving children, particularly in the inner cities, and in some cases the children’s parents don’t visit their local banks. Many banks run educational programs of their own design but do not have accounts specifically set up for children or have met with high costs and poor results. Some banks have tried matching games with kid’s bank accounts over the Internet but have also met with limited success. It appears to be an impossible situation, but the Banking on Kids program is making believers out of the skeptics by actually opening student-run banks inside the schools:

Invest in the financial future of our kids!

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The Banking on Kids program allows a financial institution to sponsor a student run bank inside the elementary/middle school. The students, themselves, run their bank issuing passbooks, taking in deposits, and re-depositing them in the local branch of the sponsoring bank. The kids, it turns out, are incredibly scrupulous, with an average of just $11 to $15 in mistakes or omissions over the course of an entire school year. Many students are even learning to become bank officers. An even greater impact is being made with the influx of parents coming into the sponsoring bank’s branch, many of whom have never stepped foot inside a bank before, looking for car and mortgage loans.

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There is no better advertising in the world than seeing these kids proudly carrying around their passbooks with the sponsoring bank’s name and logo imprinted on it. It’s a win-win situation.

Shouldn’t your financial institution be sponsoring your neighborhood elementary/middle schools with a Banking on Kids program today?

One look at the Program Results and you will know the answer to that question.


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