Willow Glen Resident

News

WaMu school banking program teaches students how to save

By Mayra Flores De Marcotte

Students at Schallenberger Elementary School are learning to pinch more than pennies with the help of the Washington Mutual on Lincoln Avenue.

"It has nothing to do with how much money they have," says school secretary Valerie Hayes. "It's just encouraging them to save and go in to the bank."

On Nov. 27, the WaMu School Savings Program kicked off for the year.

The program, run by Schallenberger parents, is designed to teach children in kindergarten through fifth grade the value of money and how to save. Washington Mutual opens a savings account in each child's name to encourage to students to be familiar with the bank and learn financial responsibility. The only requirements on the account are to maintain a minimum balance of 25 cents and to make deposits of at least 10 cents. Receipts are issued when students make deposits, and statements are mailed once every three months.

The program has been around for more than 25 years. Interested parents or parent-teacher associations typically approach Washington Mutual to arrange for bank representatives to come to their school to hold presentations for students and parents. Then, the bank works with the school's parent association with one goal in mind--teaching financial responsibility.

"A lot of times, kids aren't given the opportunity [to learn about banking]," says Scarlet Myers, Washington Mutual assistant manager and program coordinator. "Parents take their Christmas money and put it in an account for them. Some parents don't really take their children to the bank. It's kind of a secret, if you will, where the family's money goes."

All Washington Mutual banks, not just the downtown branch, offer this program, Myers says. It's a chance to give back to the community.

"You want to be involved with the community with who you work with," she says. "Going out to our local schools to get to know the kids is one way. Then, you hope that the kids in turn say, 'Hey mom and dad, lets go out to my bank.' It's a win-win for everyone."

At Schallenberger, parent volunteer Candy Musladin comes in once a week and takes deposits from students, then takes those deposits to the bank.

"It's a wonderful program," Musladin says. "It really teaches them the value of savings. It's so wonderful to see kids with $1 for an ice cream at lunch, and instead of buying the desert, they deposit it."

Musladin first found out about the program when her daughter, 7-year-old Madison, started kindergarten three years ago.

"Her kindergarten teacher actually approached me," Musladin says. "They needed a volunteer. Eventually I took over."

Now, Madison tells everyone how much she has in her account, Musladin says.

"She has a sense of pride," she says. "All her money, her little allowance and such, she deposits into her account. When her statement comes in the mail, she gets real excited as we go over it."

For information on how to get the School Savings Program at your school, contact your nearest Washington Mutual.