Heritage Trust Student Interns Receive Financial System Educational Opportunity
June 18, 2018
Student-interns from Heritage Trust Federal Credit Union recently toured the State House in Columbia, SC and also visited the Federal Reserve in Charlotte, NC. These interns operate the four in-school Heritage Trust branches R.B. Stall, Summerville, Cane Bay and Goose Creek High Schools. Through this program, students participate in the Financial Services career track within their respective schools. During the academic year, they earn class credit while in the in-school branch and have the opportunity to earn a salary working in one of Heritage Trust’s 12 traditional branches over summer break and other school holidays.
“The goal of this experience was to add another dimension to the training program and to the interns’ experience,” said Angela Gordon, Heritage Trust Student CU Coordinator. “These activities will give them a more in depth picture of how the financial system works as well as how laws, policies and regulations can effect this industry.”
The group began by meeting with local representatives from Berkeley and Dorchester Counties including SC House Representative Joe Daning who hosted the meeting and was joined by Representatives Katie Arrington, Sylleste Davis and Bill Crosby. The four House members discussed their role in the state government, the process for proposing and passing a bill and participated in a group question and answer session.
Ralph Inge, Cane Bay student-intern stated, “A lot of people don’t know what goes on in politics, this is good information to learn even if you do not go into politics.” Carsa Rose Locklear, Goose Creek student-intern agreed. Locklear said a key takeaway for her was that lawmakers do listen and consider all sides of a political issue before deciding what to do. “It’s important to share your voice,” she concluded.
Following the briefing and State House tour, the group observed the House in sessions and Representatives Danning, Arrington, Davis and Crosby recognized them from the floor of the House.
The students then traveled to the Federal Reserve Bank of Charlotte where they learned about the day to day operations and toured the facility, including the vault. Inside the Reserve Bank branch, which spans an entire city block across Time Warner Cable Arena, millions of dollars in bills are kept underground in a three-story vault encased in steel. That money is shipped daily by armored vehicles to and from North and South Carolina banks with agreements to store it at the Fed.
The Federal Reserve is a “decentralized” central bank with a government component – the Board of Governors in Washington D.C. – 12 independent Regional Reserve Banks spread across the country including the Richmond Fed, together to support a healthy economy.