ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, March 7, 1996 TAG: 9603080027
SECTION: NEIGHBORS PAGE: S4 EDITION: METRO
SOURCE: JOEL TURNER STAFF WRITER
MEMO: NOTE: Also ran in March 10, 1996 Current.
Fourth-grader Christine Martin has already learned about saving money and planning ahead. That's why she recently deposited her savings of $4.50 in a First Union Bank branch.
"When I grow up, I'll have the money to buy some of the things that I need," said Martin, a pupil at Roanoke's Huff Lane Micro Village School.
Third-grader Jonathan Allen decided to put his savings of $9.20 in the bank, too. "I'm afraid that I might lose it," he said.
Tony Blaha, another third-grader, put $1 in the bank, because he hopes to save enough to buy a pool table.
More than 100 Huff Lane children have opened passbook savings accounts at First Union's branch at the school. They earn interest at the same rate the bank pays its other customers.
The bank is part of the model economic community at one of the city's newest magnet schools, which has been developed to teach children about the free-enterprise system.
The children operate businesses and run a post office, radio station, television station, marketplace and other companies in the functioning economy. Huff Lane has been transformed into a micro-society school, which is designed to help children understand the relationship of school to the business world and real life.
"We have a branch bank, because we wanted them to get a feel for real money and the real world," said Principal Dayl Graves.
Huff Lane pupils have been trained as tellers and operate the branch for First Union. The bank is open for deposits on the second and fourth Wednesdays of each month.
This is First Union's first branch at a school in the Roanoke Valley, but the bank is likely to open more, said Charles Saldarini, president of the bank's Roanoke area. First Union has branches at some schools in other parts of the state, he said.
"It connects to the kids and teaches them about the importance of saving and a credit history," Saldarini said.
The branch bank is part of First Union's partnership with schools, which includes volunteers and other programs.
The bank's recent grand opening attracted Mayor David Bowers, School Superintendent Wayne Harris and Jenny Wright, a fifth-grader who is the school's student mayor.
Wright said the bank is another step in the development of the school's links to the real world.
Harris opened an account at the branch and talked with student tellers who earn money in the school's currency for their work. The school's economy is based on "micro dollars," and pupils earn different amounts for different jobs.
Graves said the school plans to open a bank for micro dollars soon, but it wanted to begin with a real bank so the children could better understand the importance of saving.
Most earn $10 to $15 in micro dollars weekly in their jobs. They also can earn money by performing services for teachers such as emptying trash cans and relaying messages.
Central Fidelity Bank has a branch at Fallon Park Elementary School, the only other city school with a bank, said Mary Hackley, director of elementary education.
LENGTH: Medium: 68 lines ILLUSTRATION: PHOTO: DON PETERSEN/Staff Samantha Jennings (left) opens a newby CNBaccount in the bank at Roanoke's Huff Lane Micro Village School.
Processing the application is fourth- grader Alexandian Moore.