State Nebraska Bank & Trust, Wayne, Neb., opened the doors and cut the ribbon of its new Blue Devil branch at Wayne Elementary School at the end of October.
More than 130 kindergarten through 6th grade students opened savings accounts as a part of the in-school savings program to teach financial literacy to kids.
The $157 million bank’s employees partner with Andi Diediker, the school coordinator for the program, to supervise and assist the 24 student bank tellers. The bank is headquartered in the school cafeteria, and its service hours are on Thursday mornings from 7:30 to 8:20 a.m.
Each first-time depositor was awarded with $5 into each of their accounts and a bookmark.
The SNB Blue Devil Branch was the 30th in-school savings program in Nebraska, and the first in northeast Nebraska, as part of the state-wide effort led by the Nebraska Council on Economic Education.
The program aims to provide local Wayne students opportunities to learn about savings and how banks work, and also to become savers themselves. The emphasis isn’t on big balances, but consistent savings.
More than 20 lessons were taught about financial literacy in each classroom under the leadership of Dr. Lindsey Doctorman, professor of economics at Wayne State College, Wayne, Neb., and five college student volunteers.
The accounts are only active at the SNB Blue Devil Branch. Withdrawals are only permitted when a student leaves the elementary school or graduates from 6th grade, when a check will be issued for the balance in the student’s account.
In lieu of interest, students will receive incentives from State Nebraska Bank & Trust based on frequency of deposits. Cash is encouraged — but the bank will accept coins limited to one small snack-size bag per deposit.
The student tellers applied for their positions last spring by completing an application with math problems, and going through an interview. The 5th and 6th-graders were recognized by the school board at the district’s junior/senior high school.
If the little bankers demonstrate strong performances, they will go on a field trip to the University of Nebraska-Omaha in May to celebrate with other school bank programs across the state.