Riverside Elementary students are banking on it

Clark County

Related Photos

Discussion

November 30, 2009

Legislation could retroactively help Clark, Floyd counties

By TARA HETTINGER The News and Tribune Mon Nov 30, 2009, 11:53 PM EST

Gabrielle Yowell smiled nervously as she made sure everyone was in place.

Monday was the first day of the 10-year-old’s new job as bank manager at her school, Riverside Elementary, in Jeffersonville.

“We’re in the fifth grade and we’re running a bank!” she exclaimed, still surprised by what was going on.

As part of a partnership with PNC Bank, the school is running a real bank, allowing elementary students to start up or put money in savings accounts. Withdrawals and large deposits are not allowed at the school site, but can be made at any bank branch location.

This is the first student bank opened by PNC in its more than 25-county region, covering Southern Indiana and Kentucky, according to Deborah Williams, market manager for community development.

“I’m hoping they will learn the basics for savings and understanding how important it is to save,” Williams said. “Who knows? Some of these students may end up working for us someday.”

A total of 14 fourth- and fifth-graders run the bank, and all are high-achieving children in school, said Susan Stewart, advanced program teacher. Those children are helped by mentors, who are volunteers from PNC. Those people also double-check the math at the end of the day, Williams said.

Yowell has practiced every day at home, preparing for her big day. Her mother, Lizzette Steed-Yowell, came to the school with a camera to capture the moment.

“It’s a full time job [for her],” Steed-Yowell said with a laugh. “I’m extremely proud of her.”

Duncan Sollberger, one of the student tellers, said he was nervous, but excited for the new opportunity.

“Actually, it’s very cool, I think, because you’ll see more kids around than what you would get to see every day, and you’ll get to meet new people and make new friends,” the 10-year-old said just before helping his first customer, 8-year-old Chance Lehman.

Lehman said he already has two bank accounts, started by his mother and grandmother.

“I wanted to open my own account with my own money,” he said as he deposited the first $10 into the account. “It feels good, because I can get my own toys for Christmas.”

Emiliano Viacava’s parents gave him money for his first deposit, he said. The 7-year-old is already planning on using the account in the future.

“Probably so when I get a job when I grow up,” he explained as his reasoning for getting an account.

On Monday, more than 35 accounts were opened, Williams said. The bank will be open every Monday morning for students.

Williams said she hopes for this program to expand to other elementary, middle and high schools in the area. She said Riverside was chosen first, since the students did so well last year working with the Money Bus Program, which utilizes pretend jobs making a salary.

She said students used that “money” to practice transactions.