Two Westmoreland County high schools are the� first in the region to introduce in-school banking programs, initiatives that� could impact students' financial literacy, an expert said.
Penn-Trafford and Norwin school districts each� teamed up with local credit unions to launch student credit union branches,� which operate twice weekly during lunch time, offering checking accounts,� savings accounts and other banking services. Leaders cited money-management� education as their goal.
Jay Sukits, a University of Pittsburgh finance� professor and a former investment banker, lauded the programs as "very� valuable."
The Pennsylvania Credit Union Association lists� 52 student credit-union branches at high schools and colleges in the state. Many� are in eastern and central Pennsylvania.
Learning by experience, as opposed to in the� classroom, has a strong impact, said Michael Wishnow, the association's senior� vice president for communications and public relations.
The program fits with credit unions' engagement� in providing financial literacy, he said.
"The student branch doesn't make money," he� said. "It truly is a partnership to help kids learn. ... The personal finance� and the money management is so critically important."
Wishnow and others involved with the student� credit-union branches said they are unaware of any banks with similar programs� in this area.
The Westmoreland County programs are� cutting-edge in the region, said Linda Stein, assistant vice president of� business development and marketing at the Westmoreland Community Federal Credit� Union.
"We're hoping that it's going to catch on and� we're going to be experiencing a lot of other schools wanting to do this," she� said.
Penn-Trafford's Warrior Cash Stash, a branch of� the Westmoreland credit union, debuted last month in the high school cafeteria� after the credit union approached school officials with the idea.
High school students get paid to serve as� tellers and to work at other credit union branches. Interested students applied� for the teller jobs, then underwent training at the credit union.
Students already have opened accounts. They� also can apply for loans and a credit card, with parental consent.
"Prior to the federal credit union working with� them, the students had no idea the difference between a savings and checking� account. I think it's opened their eyes," high school Assistant Principal Greg� Capoccioni said.
The idea began a few years ago, credit union� officials said, when they noticed during a presentation at the high school the� need for financial literacy education.
"Unfortunately, the teachers don't have the time� that they had in the past to dedicate to this important issue," said Susan� Lawson, the credit union's director of business development. "It's very� important that we educate these young people."
Norwin High School opened a branch of the Norwin� Teachers Federal Credit Union in February. Credit union officials had dreamed of� the program for years with a goal to teach financial literacy, credit union CEO� Amy Lichwa said.
Students volunteer as tellers, and more than 50� students have signed up for accounts, according to district figures.
"We are very satisfied with how it's gone, but� we want to continue to market it with the students' help and just continue to� grow," Lichwa said.
Credit union employees oversee both student� branches. Both districts enlisted the help of students to launch the programs.
Penn-Trafford graphic arts students created a� sign for the credit union, shop students built the teller station and others� developed the "Warrior Cash Stash" name.
At Norwin, students designed and painted the� credit union's logo and its catchphrase, "It's brave to save."
Sukits, of Pitt, works to educate high school� students about financial literacy through panel discussions. He is creating a� class at Pitt to teach business students about that topic.
Overall, he said, the programs seem positive.
"I think that anything students can learn � especially at the age of high school students is worthwhile from the� standpoint of understanding money, understanding that there's value behind it,� understanding that it takes a lot of hard work to get it," Sukits said. "The� idea of being able to work in a simulated environment or even a real environment� like a credit union would, I hope, pass on the idea to students that money's� valuable, you need to save it."
Two Westmoreland County high schools are the� first in the region to introduce in-school banking programs, initiatives that� could impact students' financial literacy, an expert said.
Penn-Trafford and Norwin school districts each� teamed up with local credit unions to launch student credit union branches,� which operate twice weekly during lunch time, offering checking accounts,� savings accounts and other banking services. Leaders cited money-management� education as their goal.
Jay Sukits, a University of Pittsburgh finance� professor and a former investment banker, lauded the programs as "very� valuable."
The Pennsylvania Credit Union Association lists� 52 student credit-union branches at high schools and colleges in the state. Many� are in eastern and central Pennsylvania.
Learning by experience, as opposed to in the� classroom, has a strong impact, said Michael Wishnow, the association's senior� vice president for communications and public relations.
The program fits with credit unions' engagement� in providing financial literacy, he said.
"The student branch doesn't make money," he� said. "It truly is a partnership to help kids learn. ... The personal finance� and the money management is so critically important."
Wishnow and others involved with the student� credit-union branches said they are unaware of any banks with similar programs� in this area.
The Westmoreland County programs are� cutting-edge in the region, said Linda Stein, assistant vice president of� business development and marketing at the Westmoreland Community Federal Credit� Union.
"We're hoping that it's going to catch on and� we're going to be experiencing a lot of other schools wanting to do this," she� said.
Penn-Trafford's Warrior Cash Stash, a branch of� the Westmoreland credit union, debuted last month in the high school cafeteria� after the credit union approached school officials with the idea.
High school students get paid to serve as� tellers and to work at other credit union branches. Interested students applied� for the teller jobs, then underwent training at the credit union.
Students already have opened accounts. They� also can apply for loans and a credit card, with parental consent.
"Prior to the federal credit union working with� them, the students had no idea the difference between a savings and checking� account. I think it's opened their eyes," high school Assistant Principal Greg� Capoccioni said.
The idea began a few years ago, credit union� officials said, when they noticed during a presentation at the high school the� need for financial literacy education.
"Unfortunately, the teachers don't have the time� that they had in the past to dedicate to this important issue," said Susan� Lawson, the credit union's director of business development. "It's very� important that we educate these young people."
Norwin High School opened a branch of the Norwin� Teachers Federal Credit Union in February. Credit union officials had dreamed of� the program for years with a goal to teach financial literacy, credit union CEO� Amy Lichwa said.
Students volunteer as tellers, and more than 50� students have signed up for accounts, according to district figures.
"We are very satisfied with how it's gone, but� we want to continue to market it with the students' help and just continue to� grow," Lichwa said.
Credit union employees oversee both student� branches. Both districts enlisted the help of students to launch the programs.
Penn-Trafford graphic arts students created a� sign for the credit union, shop students built the teller station and others� developed the "Warrior Cash Stash" name.
At Norwin, students designed and painted the� credit union's logo and its catchphrase, "It's brave to save."
Sukits, of Pitt, works to educate high school� students about financial literacy through panel discussions. He is creating a� class at Pitt to teach business students about that topic.
Overall, he said, the programs seem positive.
"I think that anything students can learn � especially at the age of high school students is worthwhile from the� standpoint of understanding money, understanding that there's value behind it,� understanding that it takes a lot of hard work to get it," Sukits said. "The� idea of being able to work in a simulated environment or even a real environment� like a credit union would, I hope, pass on the idea to students that money's� valuable, you need to save it."