In an effort to teach youngsters about the value of savings, Atlanta-based SunTrust Bank will open a youth bank Monday at Chattanooga Girls Leadership Academy.
The bank in a small room at the school, set up like a mini branch, will be limited to deposit-only savings accounts.
The charter school and SunTrust officials who helped put together the bank say it’s a way to get the students in the habit of saving money at an early age.
“We want to get them in that mindset of saving,” said Mesha Norwood, SunTrust youth bank president, who will supervise the bank’s student staffers.
Shamica West, dean of student services at CGLA, said the program – the first sponsored by SunTrust in this area – promotes the culture of achievement and learning at the middle-high school.
“It will help improve the girls’ leadership skills, job skills and also serve as an introduction to financial literacy in a practical way,” West said. “The girls are really excited and they’ve really embraced their training.”
Seven students went through two weeks of training by SunTrust employees in April and May to prepare for their roles when the bank opens.
The staff includes a school-appointed manager, an assistant manager, four tellers and a staff adviser.
Norwood said the students will get practice opening and closing the bank, handling money and fulfilling the varied responsibilities that come with each position. The bank will be open every Wednesday for an hour starting at 11 a.m.
Each girl participating in the program can open a savings account, and SunTrust will donate incremental matches, up to $30 per participant, based on the existing balance in the girl’s account.
“The goal is to kick off that ability to have conversations with their parents and have an understanding of saving, becoming financially solid,” said Angela Conner, vice president of community development for SunTrust. “We want them to gain a better understanding of economic stability.”
The youth bank will hold a ribbon cutting and reception at 11 a.m. Monday for its grand opening.