Jay Bird Savings Bank Teaches Students How to Plan & Save for the Future
To help students achieve their dreams for the future, Gehlen Catholic has been partnering with American Bank in Le Mars through the Jay Bird Savings Bank.
The Jay Bird Savings Bank serves kindergarteners-12th graders.
Moderator, Mrs. Christoffel explained, “Each student is given an account. Students Parents receive a letter at the start of each year. When parents sign the permission slip, the student’s accounts are activated.”
The Jay Bird Savings Bank is open every Thursday from 7:45 a.m. to 8:25 a.m. while school is in session. During the banking hours, students may deposit & withdraw money.
The 7th graders are the tellers. The 8th graders document transactions. Students also serve on the Board of Directors. They manage the bank by determining interest rates, investing funds, preparing financial statements & determining promotions. The students are supervised by Gehlen Catholic’s teachers & American Bank employees.
American Bank staff transports the deposits, deposit slips & computer information after the bank closes. They also provide quarterly statements & all tax reporting documents.
High school students encouraged to open, if they have not already, a checking account for their daily transactions with the financial institution of their choice.
Upon graduation, the students’ accounts are closed & they receive the balance in their Jay Bird Savings Bank account.
Students have discovered the Jays Banking Program has afforded them a higher interest rate compared to other savings accounts.
Mrs. Christoffel articulated the banking program teaches math, technology, & financial literacy, all skills needed for the “real world.” Students also have the opportunity to contemplate careers in business & banking.
The misconceptions are the school receives some of the money & is kept at the school.
Mrs. Christoffel thanked American Bank & their staff for their leadership & support of the banking program. “Thanks to our collaborative efforts, the students are developing a lifetime of habits to manage their personal finances responsibly.”
Every Thursday morning during the school year, the Jay Bird Savings Bank is open before school. Students learn important 21st century skills, including financial literacy, technology & math. Simultaneously, those students are introduced to careers in business. Thanks to Gehlen Catholic's collaboration with American Bank, the students are able to invest at a higher interest rate for their short-term, intermediate & long term needs.