Wednesday, March 11, 2009
Comerica Bank Partners with Adelle Turner Elementary School to Launch Youth Savings Program
This morning was a rich experience at Adelle Turner Elementary.
I enjoyed visiting with students and staff at the kick-off of the Comerica Bank 'Youth Savings Program' initiative. When bank representatives announced, "The 'Bank' is now open," dozens of piggy-bank-toting first grade students giggled with anticipation. They were in queue to open their first bank accounts with deposits ranging from four quarters to twenty-one dollars.
Parents and grandparents smiled as children listened to banking instructions, signed their papers and received their very own bank books. Were they ever proud! We all were -- the excitement was wonderfully infectious.
Thanks to Comerica Bank and Vice President Lueretha Slack, Principal Wendy Hawthorne, teachers, staff and PTA of Adelle Turner. Your teamwork made this event a success with compound interest.
During Tough Economy No Better Time Than Now to Learn to Save
DALLAS, March 11, 2009 – Today, first grade students from Adelle Turner Elementary took their first steps toward becoming financially independent by opening their own savings accounts through the Comerica Bank Youth Savings program. First grade students lined up with piggy banks and savings jars in hand for the inaugural "Deposit Day" at the makeshift banking center in the Adelle Turner Library.
The Adelle Turner first grade class was chosen by Comerica Bank for the pilot program designed to aid in the financial development of area youth. As part of the program, Comerica Bank professional staff members also teach a monthly series of financial literacy classes to Adelle Turner parents to help educate adults on how to manage their money during these difficult economic times.
"Now more than ever, it’s critical that our youth understand the importance of saving money and becoming good financial stewards," said John Sergiovanni, executive vice president of retail banking for Comerica Bank - Texas Market. "By working together with Adelle Turner Elementary School, we can help provide students with a solid foundation in financial literacy so they can have a better chance to be successful with their savings plans throughout life."
Comerica Bank employees staffed the banking center desk to record transactions and issue deposit slips to the six and seven year-old students. The participating students will be able to make additional deposits each month during "Deposit Days" and will receive quarterly statements for their new fee-free savings accounts.
"We’re encouraging our teachers, parents and students to get behind this meaningful partnership with Comerica Bank to expose our students to important financial information," said Wendy Hawthorne, Principal, Adelle Turner Elementary School. "Many children today don’t understand how hard their parents must work to buy their clothes, books or toys. By participating in Comerica Bank’s Youth Saving program, our students will gain a better appreciation for saving money and the value of the dollar."
Dallas ISD Trustee Carla Ranger attended the inaugural school banking day to speak with first grade students and congratulate them on starting to plan for their futures.
"Our students and parents are fortunate to have the support of a strong community partner like Comerica Bank," said Carla Ranger, Dallas ISD Trustee, District 6. "Comerica Bank is setting the right example by encouraging our youth to have a responsible outlook on their financial futures."
Youth Savings Program Facts:
Minimum opening account balance is $1.00 for minors
Minor service charges, monthly maintenance fees, phone-assisted and excess activity fees are waived
Students receive quarterly statements from Comerica Bank
Each student is given their own passbook and account number
Students can make deposits during school banking days or at any Comerica banking center during normal business hours
No withdrawals are allowed to be processed at the school during school banking days