Banking on KIDS - Testimonials - Bank One

The following is an excerpt from a letter by Bank One:

Kids at Phillis Wheatley to Manage Bank Bank One Sponsoring Kids Own Bank and Curriculum

Milwaukee, WI (April9, 1997) - Kids at Phillis Wheatley Elementary School, 2442 N. 20th, are going to find out what it is like to be banking officers, run a bank and save for their future. Bank One, Wisconsin in Milwaukee is underwriting the establishment of a Kids Own Bank in the school and the curriculum books to help kids learn about money management.

Kids need to know more about managing their money, how banks work as well as how to use math to calculate interest", stated Ora Ewing, Principal at Phillis Wheatley. "This program is a fun and challenging way to introduce these concepts to our children".

An actual bank will be established in the school. Students will select a bank President and other bank officers to manage the bank. Students will be encouraged to open their savings account through the school bank with the first $1 being provided by Bank One. When the account reaches $10 it is transferred to Bank One and begins to earn interest.

In addition to the running of the bank, Bank One is sponsoring the curriculum books and CD-ROM that will help teach the students about banking principal and lifelong skills in money management.

"We feel this is an ideal way to help support teachers in building these types of skills in students", stated Kelly Skindzelewski, Community Relations Director for Bank One. "We hope the children will learn early the value of saving and making financial choices".

Aaron Slocum has been elected as the President of the student bank. He will be responsible for overseeing the operations of the bank working with teacher Melissa Rezner.

Bank One added that Americans continue to lag behind other countries in the percent of their income saved. "Parents and teachers continue to express concern about our inability to save", said Skindzelewski. "This program is designed to help address that concern".

Kids Own Banks have been established in more than ten other schools in Wisconsin and are proving to be successful

Bank One, Wisconsin is affiliated with Banc One Corporation.

 

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