Over the past five years Discover Bank has assisted Lulu Ross Elementary School in implementing the Bank at School Program for fourth and fifth grade students. The voluntary program teaches students the fundaments of fiscal literacy including keeping a bank account and balancing a bank register.
Each Wednesday morning the participating students are greeted by teacher Jay Lingo and Helen Maloney, Customer Service Support for Discover Bank, as they assist the students in making deposits and balancing their register books. Each student must fill out a student account application, with parental permission, and are instructed on how to fill out deposit and withdrawal slips.
“The Bank at School program from Discover Bank encourages students to save and to have patience in watching their money grow,” commented Mr. Lingo. “The bank reps come into the school at the beginning of the year to present the program to the fourth graders and they teach the students about the concept of compounding interest and how that can help them earn money by putting it in the bank. Then the fourth and fifth graders that sign up have the opportunity to make deposits for two years here at Ross, and hopefully develop the habit of being life-long savers.”
The Bank at School Program is made possible through a business-education partnership with local schools in Delaware and teaches students lessons that are aligned with the Delaware State Standards in Economics. During the 2012-2011 school year Discover bank helped children save $8720 at four school in Sussex County: Lulu Ross Elementary, Woodbridge Elementary, Phyllis Wheatley Middle School and Greenwood Mennonite School.
“I enjoy making kids feel comfortable when they ask questions and helping them to understand the concept of banking,” stated Ms. Maloney. “The staff at Lulu Ross makes the program as successful as it is. Jay Lingo has always been my contact with the kids and keeps the excitement going within the school.”
Bank at School is a state-wide program supported by the Delaware Financial Literacy Institute, the University of Delaware’s Center for Economic Education and Entrepreneurship, Governor Jack Markell, the State Treasurer’s office and the Delaware Bankers Association.
“One of the greatest things about the program is that the kids are so attentive and you can see you are making a difference,” commented Ms. Maloney. “We have got to support them and make them the strongest people they can be.”