Executives at Fifth Third Bank believe teaching students about banking is a good start. So as part of its In-School Banking program to teach children the importance of saving, Fifth Third Bank has opened two in-school banks for students at Metro Catholic Parish School in Cleveland and Goodyear Middle School in Akron.
Run by students with supervision from employees from nearby Fifth Third Banking Centers, the banks are open twice a month for the rest of the school year for students to open accounts and make deposits.
Teaching lessons in savings at a young age is crucial. Research cited by the American Bankers Association shows that our national savings rate is lower now than it was during the Depression; Americans are spending $9.99 of every $10 earned.
In-school banking presents an opportunity for students to learn about not only saving and banking, but also about responsibility, planning and career opportunities. And the student bankers selected to run the in-school bank go through an interview and training process -- something most students may not otherwise have the chance to do for many years.