Banking on Kids program will open in Humble
The Banking on Kids program recently announced its first Texas location will be opening soon in coordination with the Plus 4 Credit Union in Humble.
Banking on Kids is a national organization that aims to educate children about finances at a young age
The Banking on Kids program works with local banks to put real, working hands-on banks in K-8 schools. The banks are run on campus by students, but operated in conjunction with a local bank. The program provides a representative to work with the school year round, who makes sure the school’s bank has supplies, knowledge and the overall integrity of the sponsoring bank.
In return, the sponsoring bank not only gets a chance at the cradle-to-grave loyalty of the next generation, but also receives radio and media opportunities, and as well as financial literacy training materials and awards.
The program works by having younger students work as tellers and cashiers while older students at the seventh and eighth grade level act as officers of the bank.
A student can open a savings account with a minimum deposit of twenty-five cents, with all opening fees waived. Once the account balance reaches $10, then an official account is opened at the sponsoring bank.
Spearheading this effort is local businessman Lou Garino.
“There is no better future you can bank on, than banking on kids,” he said.
He is excited to bring the energy of Banking on Kids to Texas.
“We, here at Banking on Kids, are thrilled to work with Plus 4 Credit Union to create a model student-run bank for all financial institutions in Texas to follow,” he said.
“Plus 4 is a very enthusiastic hands-on partner that eagerly looks forward to a long-term relationship with Banking on Kids to help kids learn fiscal responsibility.
“They will be adding additional Banking on Kids branches at all their locations.”
Though Garino has spent most of his career in real estate, he did work in the education system in Pennsylvania.
He currently hosts a weekly radio show called, Business Newsmakers Radio that broadcasts each Monday and Friday at KTEK Bloomberg Radio, from 10 to 11 am, and podcasts at www.business1110ktek.com. Garino also recently spoke on behalf of Banking on Kids at the Texas Department of Banking webinar to introduce financial institutions to the program.
Plus 4 Credit Union is located on Highway 59, in Humble, near Deerbrook Mall.
For more information about Banking on Kids, please visit www. bankingonkids.us.