Campus bank brings new benefits

By JUSTIN KANE

Starting in August students who forgot their lunch money or just need some cash for some food after school, will have access to the first ever student-run bank on campus, Boone Branch.  The branch is a credit union operated by the Central Florida Educators Federal Credit Union and will function like the other 16 branches in Central Florida.

Boone is the fourth school to have a credit union on campus; the other three are Lake Brantley, Timber Creek and Poinciana High Schools.

“The credit union will cause an increase in financial literacy,” Academy of Finance teacher Bill Daniel said.   “It’ll have a positive impact because it will get kids to start thinking about running accounts and how to save money.”

CFE covered all costs associated with building the branch.  It will consist of three tellers, a waiting area and a safe.

“People will be more involved with school and more aware of the financial world thanks to the bank being on campus,” freshman Erin Dudley said.

Academy of Finance student will work in the branch each period, and two will be student managers.  One student manager will be there first period to open the bank and make sure things are running smoothly.  A different manager will be there seventh to close the bank and get it ready for the next day.

Students will train for a week in July at CFE’s headquarters in Lake Mary to learn how to run and operate the credit union. Students chosen to run the bank will be interviewd May 16 and selected on May 17.

Like the other locations, the branch will sell movie tickets at a discounted rate of $7.50 each and the ability to purchase Visa gift cards to anyone who has an account with CFE.

Students can open an account for as little as $5 and will receive a debit card designed by seniors Amanda Fleminger and Caley Brock.  Also, CFE will add $15 into the account of those students who open accounts trying to encourage more students to become involved.

“The vision is that students can start buying yearbooks, prom tickets and homecoming tickets with the card,” Daniel said.

With the cards, students will no longer have to carry loads of cash or checks.  Parents can access student accounts and add money into the accounts for the student to spend.

Also, any parent on campus for events can use the branch to withdraw cash or make transactions as long as they have an account with CFE.

“[The credit union] has every rule like a normal bank,” Daniel said.  “Anything that can happen at the other banks can happen here.”

With the debit cards, students can only spend what is in their account; they cannot overdraft.

“You can’t spend what you don’t have,” Daniel said.  “It teaches money management and how to use a debit card before using a credit card.”

With the credit union on campus students like junior Brandi Recker think it will put the school in the spotlight.

“If we can really get busy and open accounts, [the school] will definitely get recognized,” Recker said.  “Poinciana wasn’t so successful, and we don’t want to be like them and close down.  CFE is investing a lot, so it all depends on  the students react to the bank.”