Washington students learn about banking
Washington Elementary School and Iowa State Bank partnered to teach elementary students a little bit about banking.
Each week, a makeshift teller window is set up in a classroom with fourth-grade students filling the role of a bank teller. These students learn how to take a deposit, verify the cash and checks and record the transactions into a savings book. They also learn the concept of counting the cash drawer and balancing the deposits and the end of the day.
Aaron Kness, president and CEO, stated, “We feel the educational value that we can provide to these young students is a worthwhile investment in our youth. By teaching them the concept of saving, they can see how small amounts can grow and become an investment in their future.”
The Washington School Bank was originated in the fall semester of 2012 by Principal Jeff Eeling in cooperation with the Iowa State Bank & Trust Company of Fairfield. Each week the fourth-grade tellers accept deposits from the rest of the student body into their own personal savings accounts with the bank.
At the end of the school year, the fourth-grade tellers get a chance to see what happens to those deposit slips, cash and checks for which they are responsible.
The fourth-grade tellers were treated to a field trip May 15 and May 22 to the Iowa State Bank & Trust Company. They had a chance to see how a deposit is processed when it is received at the bank. They also were given the opportunity to process coins in the coin sorting machine as well as tour the two bank vaults. The young tellers were also introduced to the loan department on the second floor of the bank.
Iowa State Bank rotated its staff on a weekly basis so many of the officers and other staff had a chance to work with the program.
To educate the students, the bank has provided the opportunity for students to realize that paying yourself on a regular basis can provide a way to saving for a major purchase or to begin saving for college. The bank is providing an educational service to the students of the school district . The fourth-grade tellers learn the additional skills of counting money and customer service to the kindergarten through fourth-grade depositors.
As an additional reward to students who have been regular depositors at the Washington School Bank, a quarterly drawing was held throughout the school year for five gift tickets for a kids’ buffet at Pizza Ranch in Fairfield. Each time a student makes a deposit, their name goes into the drawing. This helps encourages the students to continue to make deposits to their savings accounts. The final day for this school year banking session was May 29.