by Patty Jo Sawvel

In a curious turn of events, elementary school children accept cash savings deposits from adults.  Fifth grader, Laila Pitt, one of four student tellers said, “It is an awesome feeling to help teachers with their deposits.”

This is not child’s play. This is for real.  Union Cross Elementary School in Kernersville operates the Union Cross Student Credit Union on a weekly basis at a designated time.  In fact, the Union Cross Student Credit Union (UCSCU) was the first credit union to be opened in a public school in North Carolina.

Though some deposits are made by the school’s staff, teachers, and parents—the lion’s share of the savings accounts belong to children age five to twelve.

“Our goal,” shared Winston-Salem Federal Credit Union President Tony Ebron, “is to create a generation of savers who understand money management skills.  We do this by helping students see the benefits of saving money (delayed gratification) and by making savings a good habit.”

The onsite Credit Union makes it easy for students to save.  Fourth grader Benton McReynolds, the Branch Manager at UCSCU is very well trained to help fellow students.  He said, “I am responsible for knowing how to do all positions in case of providing help.”

Each time students make a deposit into their UCSCU account at school, they are able to choose a small prize.  This reinforces the lesson that saving money is rewarding.

However, students also learn other valuable lessons.  The entire UCS Credit Union is operated by students in grades 3rd to 5th.  According to Principal Angela McHam, “Our students fill out job applications, have live interviews, and then those selected (14 out of approximately 50 applicants) go through two weeks of training so that they can do their jobs.”

Of course, the students are not left on their own.  Linda Wellborn and Shelly Powell, employees of the Winston-Salem Federal Credit Union, work along with students to coach them in their roles as new accounts reps, tellers, management, and marketers.

Even students who choose not to open a UCS Credit Union account benefit from the program at their school.  By means of fun classroom games, engaging lessons, and the televised Bobcat Reports—all students learn financial literacy.  This supports the new NC Core Curriculum.

Fifth-grader Tiara Berna-Sanchez, a new accounts rep, is saving for college.  She said, “I want parents to know that they can help their kids save for college now.  My parents help me by paying me to do household chores and by depositing money in my credit union account when I get good grades.”

In 2007, when the Union Cross School Credit Union opened, some people wondered if the sponsoring Credit Union was gaining an unfair advantage.  However, Carolyn Belk, a math teacher and the school liaison since the program’s inception, said it is just the opposite.

“The Winston-Salem Federal Credit Union has given us so much more than it ever receives.  Not only do they provide everything for their program—they also partner with our school and help sponsor activities such as our Fall Festival.  It has been so positive that I wish every school could have a student credit union.”