The leaders of Mentor High School and Cardinal Credit Union recently celebrated the official opening of the new student-run branch at Mentor High School, which will provide students with relevant and hands-on money management training.
Joined by officials and representatives from the Mentor Zone Chamber of Commerce, the grand opening celebration highlighted the recent partnership between Mentor Schools and Cardinal Credit Union, which also operates its main offices in Mentor.
The SmartStart Cardinal Credit Union branch will be open on Thursdays during the high school lunch hour and will be staffed with student scrutineers, such as Senior Mentor High Makenzie Springer and Krystal Smith, who will be guided by a Cardinal Credit employee. Union who will be there to help them. The high school branch will have essentially all of the same functionality as a full-size branch.
Springer and Smith are among the first student cashiers and have learned to open, close and balance the cash drawer in recent weeks. The two students agreed that they both saw themselves embarking on careers in banking or economics after graduation.
In addition, the partnership between Mentor Schools and Cardinal Credit Union has led to the creation of a new financial literacy course. The first session of the seven-week course, hosted by Cardinal Credit Union staff member Kim Rowan, will begin on September 22.
The course reviews the differences between checking and savings accounts, how to create and establish credit, budget, and plan for a better financial future.
“We work very closely with the students and give them a lot of hands-on activities, but also a lot of material that they can take in turn and use when they graduate and on the way,” Rowan said.
Upon completion of the course, students have the opportunity to earn scholarships through ‘Mad City Money’, a financial simulation that emulates many of the challenges that students will face when they are older when it comes to managing their own. money.
“Mad City Money is basically just a real-life interaction – so we give them jobs, families and savings and then they have to budget,” Rowan explained. “Then we have sales reps trying to sell them on different cars, or get them to buy boats, or coffee every day, or go out to dinner. In the end, they have to balance out to a certain dollar amount – to the nearest penny. “
Rowan explained that the simulation teaches students about responsibility in a way that can be both fun for them and the instructors.
Cardinal Credit Union plans to donate $ 10,000 per year in scholarships for Mentor High seniors in the new economics course. The scholarship recipients will be selected at the end of each semester.
“During the competition in the simulation [Mad City Money], we’re going to award $ 10,000 in scholarships, ”said Joe Glavan, Coordinator of Career and Tech Schools Mentors.
“It’s really exciting,” he added, “it will be $ 5,000 in the fall and $ 5,000 in the spring.”