Jensen Students Learn Money Essentials with New Student Bank

Students at no longer have to keep their money in a sock drawer with the opening of a Student Bank.

The bank, which is supported by in Urbandale, is run by students for students.

Syndey Haenzi, fifth grade, and sister Skylar, second grade, were on hand Tuesday morning to open their new bank accounts.

"We won't lose our money now," Syndey said of opening the account. "I kept it in a piggy bank, but it was hard to find."

A good working relationship with the school and Principal Julia Taylor led to Jensen's bank opening, said Chris Lindo, First American Bank lead financial services representative.

"The students can really enjoy you as a bank, but here they can learn more hands on."

In fact, the bank is run by four student tellers and four board members, who assist students in opening accounts and answering questions.

"We work with them so they can really see what a job is like, what happens behind the scenes," Lindo said.

Students can deposit up to $25 during student bank hours from 8:30 to 9 a.m. each Tuesday morning. Students can also withdraw up to $5 with the written permission of a parent.

Lucas McCannon, fourth grade, is employed as a board member for the student bank.

"I help set up the bank in the morning and we have board meetings," he said. "I'm really excited to learn how a real bank works."

On Tuesday, Lucas was busy handing out sign-up packs to students interested in the bank.

"It's nice, then you don't have to keep your allowance in your sock drawer or wherever. You can just bring it here," he said of the student bank.

Loraine Koua, fourth grade, said being a teller was helpful when talking to other students.

"I have an account, so I know what it's like and if customers ask questions, I can answer it for them," she said.

The student bank, which is also operated at in Urbandale and Westridge Elementary in West Des Moines, is a great way to serve the community, said Andi Donaghy, vice president of the bank.

"We feel strongly that's our role," she said.

Lindo, with First American, said students have shown a lot of interest in the bank, so far.

"We're excited for a great group of kids with a lot of passion and to have fun with it," he said.