Operation Hope, in partnership with APS and the City of Atlanta, gave the first and second graders at Parkside Elementary an opportunity to start building their financial futures with the first Bank Deposit Day.
Operation Hope’s Child Savings Account (CSA) program allowed kindergarten students to receive $50 to start a savings account. Bank Day represents the next step where first and second graders can have an actual banking experience and deposit money into their accounts.
“It plants a seed for their future,” Operation Hope director of CSA program administration Ruth Wilcox said. “We really challenge our parents and our families to take the next step, which is activating the account, which then activates that seed for them. Then they can begin to make deposits in their account and begin to invest in their future.”
Students visited the school media center to register with the CSA program and activate their accounts before visiting the deposit station and completing their first personal banking experience on campus.
“This activity helps a lot because it puts what they’ve been talking about into action,” Parkside Elementary School principal Timmy Foster said. “Most kids have seen their parents go to the bank, but don’t really understand what that is all about. Now, having their own accounts and being able to deposit their own money really solidifies that understanding of how money works and how saving works.”
The partnership between Parkside Elementary and Operation Hope began two years ago, and the school’s parent liaison, Vernita Jackson, made sure families were able to take advantage of the opportunity. Out of 150 students, 75 signed up last year to start an account and receive the initial $50 in their CSA.
“This was the first bank deposit day in Atlanta Public Schools for first and second graders,” Jackson said. “It gives them an opportunity to know what financial stability is about and saving for themselves.”
Bank Day at Parkside Elementary gave the students a head start on their financial futures and provided an early lesson in financial literacy.
“The major reason Bank Day is important is for financial literacy to begin at an early age,” Foster said. “Having them involved in this type of activity early sets that mindset of, ‘I need to begin saving for my future now, and not wait until a later date.’”