OSMOND — Wednesday, Sept. 18, was an important morning in the financial future of Osmond elementary students. They had the opportunity to open savings accounts in the Tiger Branch of Security Bank.
The Sept. 18 opening was the culmination of a five-month planning process involving Osmond Community School (OCS) administration, Security Bank, and the Nebraska Council on Economic Education housed at the University of Nebraska-Lincoln (UNL). The Tiger Branch is the fourth in-school branch of Security Bank. These branches are part of the growing In School Savings Program across Nebraska.
“Our role is to help expand economic and financial literacy across Nebraska. Research shows that in-school savings programs contribute indirectly to saving regularly through the direct influence on getting students to open a bank account and open it early,” said Dr. Jennifer Davidson, President of NCEE.
Sixty-six students opened accounts, with 52 of them making their first deposits Wednesday morning. In addition, eight sixth grade students served as tellers for the Tiger Branch. Elliot Kumm, Lane Brummels, Toby Koehler, Harper Gansebom, Amberlin Marks, Winter Wiseley, Hudson Steinkraus and Hunter Wheeler all interviewed for the job as tellers and won the positions.
As students arrived at school Wednesday morning, they were directed to the multi- purpose room where they first went to a table where four of the tellers helped them fill out their deposit slips and verified the amount of cash they were depositing.
Megan Pippitt, marketing coordinator for Security Bank, explained the process which will be followed each Wednesday of the school year: “The students then take their deposits to the teller station, where another set of tellers also verifies the deposit so there is dual con trol. And then once they make that deposit, the depositor gets to go grab a prize based on their consistency, how many times they deposit during the year.”
Students who make a deposit every week will receive a “Super Saver” prize at the end of the school year.
In the part of dual control with the bank, they have a spreadsheet where they verify the deposits, and they make sure that all the deposits balance. All of the deposit information and the deposit books go back to the bank. The only thing that stays in the school are the prizes and the extra supplies.
According to Davidson, the student branch at Osmond Community School is designed to: — introduce the economic concept of savings early and reinforce this idea throughout the elementary curriculum; — demonstrate that saving should be part of a student's personal finance plan for his or her future; — provide the opportunity to discover careers in the area of banking and finance;
— increase parental involvement through savings and banking activity.
“We are thrilled for our students to have the opportunity to learn firsthand about the impor tance of savings and how a bank functions.,” said Lacy Stelling, Osmond Community School counselor, “The partnership with Security Bank and their staff is also an important aspect for these students. Having positive role models for our students to look up to and work with benefits them greatly!" During the last five months, Davidson met with Stelling, Superintendent Steven Bremer and representatives of Security Bank to set the project in motion. Student tellers were interviewed and trained by Security Bank staff. Targeted savings lessons will be taught by teachers in grades kindergarten through six to prepare students to be better savers.
“The entire sixth grade class and selected students have been wonderful to work with so far through the application process including the group interviews and training! They are learning skills and will have experiences that they will be able to draw from throughout their education and into the future,” said Aaron Gutz of Security Bank.
“All students must obtain parental permission to participate. Each year, new students will have the opportunity to be part of the new teller group. The branch will be closed over the summer months and holiday breaks but will reopen again during the school year,” Gutz explained.
“The students will maintain their accounts for the duration of their time at the school,” said Superintendent Bremer. Upon graduation, student savings members will be able to open their own savings accounts or withdraw the money. “Hopefully, they will have established ELEMENTARY STUDENTS OPEN TIGER BRANCH great saving habits and will want to continue,” Bremer said.
At 8:30 a.m. on Wednesday, a grand opening ceremony was held. Senator Barry DeKay was set to attend, but had a meeting in Lincoln later that morning so was not able to come. Those in attendance included Osmond Mayor Dennis Kuhl, Nebraska Department of Banking & Finance Director Kelly Lammers, NCEE President Davidson, and Security Bank-Osmond Branch President Aaron Gutz, as well as other members of the Osmond branch.
Gutz spoke to the students about the things he remembered from sixth grade, which included the million dollar calculator. He explained that if they had $5 and doubled it each day, on the second day they would have $10; on the third day, $20, etc., and asked the students if they knew how many days it would take to make $1 million. After several guesses, he told them “Eighteen days!”
Gutz announced that, with the 52 students making their first deposits, the total for the day was $264. In addition, he said, Security Bank would match up to the first $5 for each student.
“So congratulations, you just doubled your money,” he said to cheers and applause from the students.
Gutz introduced the guests for the day: Kuhl, Lammers, Davidson, and partners at the Osmond Security Bank: Alison Dennis, Sarah Polt, Deb Schuettler, Jim Weber, Jennifer Brummels and Paula Gutz.
Lammers then spoke to the crowd, and likened the savings account to having a coat that, even though you thought you didn’t need it, you were saving for a later time. He also explained that, to start the savings program, it took a cooperation of the mayor and the bank and the school, “That’s called community!”
Lammers then tested the students. He asked if they knew what is printed on the back of every $5 bill in microprint. The students yelled out, “Nebraska!”
Davidson then spoke to the children. “I’m so proud of you for depositing more than $240 today. That’s amazing!”
She also shared with the adults that there are long-term financial behav iors associated with these programs. “So when these students reach high school, they are statistically signifi cantly more likely to have their own checking and savings accounts, and they are more likely to be saving and saving at higher rates compared to students who didn’t have the opportunity.”
Paula Gutz then drew names of students to go into a “money machine” which blows dollar bills into the air that the student must catch. Whatever they caught, they were able to keep. Students whose names were drawn included Jaxson Miller, Elliot Kumm, Brynlee Huff and Isaac Mueller.
Students were then told that one more person would go into the money machine — a teacher, whom the students could chose. The students overwhelmingly chose sixth grade instructor Angie Aschoff.
At the conclusion of the program, a ribbon cutting was held, with Mayor Kuhl cutting the ribbon signifying the grand opening of the Tiger Branch.
For more information about the saving project, contact Aaron Gutz at 402.748.3321, or Jennifer Davidson at 402-472-2333.
Top left photo: Student tellers Lane Brummels and Harper Gansebom help students with their accounts while Osmond Branch President Aaron Gutz watches. Bottom left: Security Bank tellers help Tiger Branch student tellers with filling out account books. Above: Brynlee Huff takes her turn in the money machine.
