Kids Banking Matters
As another commitment to their community Country Bank takes part in the annual Teach Children to Save program. This one-day event started by the American Bankers Association Education Foundation, invites banks nationwide to educate students on how to save their money.
Country Bank is one of only 17 banks across New York State involved in the program this year. Riverdale Branch manager Irene Moore-Korman taught TCTS this April and May for fourth graders in the Riverdale school district. “We want to introduce kids to banking and saving for the future,” says Moore-Korman. It starts with the simple question what is money, and we take it from there.”
What comes back is a range of answers and an open discussion about anything from what money is used for, how you get money and opening a savings account. Country Bank staff say it is one of those lessons that are best learned when they’re young. “Its very important to teach people about money, so many don’t save and end up living off Social Security.”
For the past two years Country Bank has been a leader in this TCTS initiative, the bank talks to a diverse range of children from special education to honor students about saving options, the piggy bank or bank, and the benefits of interest.
Country Bank Senior VP Richard Laudenbach has been teaching these education classes for two years at schools in the Bronx. “Some of these 9 and 10 year olds asked questions about foreclosures and overdrafts, and clearly giving them an early explanation of how to avoid some of the pitfalls of finance is important to changing their view of money,” says Laudenbach.
For Country Bank employees the TCTS day is also about making these money matters fun for the kids. Students received a goodie bag after the class which included a new gold coin to start the savings and help turn a few allowance dollars into a bigger bank account for the future.
Country Bank offers the Savings Squad account geared at young people 4-18 years old with a minimum $5 balance. Country Bank is a New York State chartered, FDIC-insured, full service bank with five branches in Manhattan, the Bronx and Westchester County.
