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Community Bank, Ocean Springs, MS

Entry Year: 2017
Entry Category: Financial Education
Asset Size: Small
Program Name: Bank Day

Program Summary:

Bank Day is a joint effort between Community Bank, Coast and local elementary, middle schools and/or groups in our local communities that Community Bank Coast commits to primarily teach Financial Literacy and open the students a Minor Savings Account. Bank Day kicks off with an orientation assembly to introduce the Bank Day concepts and basic financial literacy terms and scenarios are discussed. Through the course of the program, we teach and work with students on learning ways they can earn their own money: birthday or holiday gifts, allowance and ideas they can perform a good deed for a neighbor. We also hold a discussion on unique ideas which are age appropriate on ways to earn extra money. Monthly the students proudly bring the money they have earned and it is deposited in their Minor Savings Account. A conversation is held at this time as to how the money they are depositing in their savings account, has been earned. Many innovative ideas are shared. Goals are set at the beginning of Bank Day as to what they are saving for. Once the children begin to earn money we begin to talk about budgeting. We suggest not all their savings should be spent, but rather a portion be set aside for rainy day fund and even a portion to be donated to a charity. The children learn how to keep a ledger and the proper way to fill out a deposit slip and ensure their ledger is properly documented including interest earned. At the end of the program (i.e. school year) the children write essays on, “How Bank Day impacted their future?”. The essays that are written are heartwarming and amazing because we read how Bank Day and Community Bank employees impacted their financial future in a positive ways.