THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, December 2, 1994 TAG: 9411300176
SECTION: VIRGINIA BEACH BEACON PAGE: 07B EDITION: FINAL
SOURCE: BY NANCY LEWIS, CORRESPONDENT
LENGTH: Medium: 74 lines
Plaza Elementary School students have taken matters into their own hands - money matters, that is.
An in-school banking program started this month is already wildly successful, according to organizers. Operated in conjunction with NationsBank, the project aims to teach kids how to manage their money, something that can be difficult for even adults to learn.
Nearly 200 students have started accounts with Bear Bucks Bank since it opened last week, said Anita Lowe, who acts as teller.
Those who save might want to withdraw funds to buy gifts for family members and friends at a Santa's Christmas Shop to be held at the school in early December. Or, they might want to spend some of their money at the PTA school supply store.
Second-grader Daniel Brodeur came up with the name for the bank in a name contest that led up to the grand opening.
On Monday, students were lined up to deposit funds in their new bank accounts.
``I'm going to save it,'' said Jobe Womack, a second-grader, handing a $10 bill to Lowe. She registered the deposit in her account book and in Jobe's bank book.
It's not easy for Lowe to keep track of the dollar deposits, but she feels strongly that the experience will help youngsters get a handle on handling their own money. She is a PTA vice president.
Fifth-grade teacher Kay Harvey, who helped set up the school bank, said the program will be a learning experience for students.
``It teaches financial responsibility and is also a good way to show how math can help'' in practical ways, said Harvey.
The opportunity to save might also work as an incentive to earn money, said Harvey. One of her students told her, ``If only I had money, I could save it.'' The program encourages students to find ways to earn money by doing chores at home.
NationsBank is an Adopt-a-School partner with Plaza Elementary. McDonald's, another partner of the school, helped encourage students to open accounts by giving coupons for free hamburgers to each new customer.
``I can't wait to start saving up. If I didn't save up, I would spend it right away,'' wrote fifth-grader Ashley Ringer in an essay assigned by Harvey.
``I think it is a great opportunity for kids to learn how to deal with their own money. It can teach us about interest, depositing and withdrawing,'' wrote Rebecca Rough, another of Harvey's students.
Other thoughts from Harvey's students:
Cortnie Luke: ``You can earn money and put your money in the bank and also save money like a real bank. And your money could stay in there a long time.''
Mary Bonnstetter: ``Bear Bucks Bank is useful because at home people usually lose their money! You will see your money increasing.''
Matt Kreidler: ``It's so cool.''
Miriam Luitano: ``It helps people economize their money.''
Seth Taylor: ``It could help us if we forgot our lunch money. We could withdraw money for lunch.''
Well, maybe not. The banking experience apparently has other valuable lessons. One youngster who had forgotten his lunch money Monday signed his mother's name to a withdrawal permission slip, but it didn't fly with Lowe.
``Forgery already,'' she said, shaking her head after she had directed the boy to the office to deal with his problem constructively. ILLUSTRATION: Photo by NANCY LEWIS
Jobe Womack, a second grade student at Plaza Elementary School,
deposits $10 into his account at Bear Bucks Bank.
by CNB