Farmers & Merchants Bank & Trust in Burlington has been operating its Kids Bank since 1977. In April 2018, the Kids Bank will celebrate its 20th anniversary – fitting that the occasion comes during National Financial Literacy Month.
The Kids Bank and Teen Bank programs teach local students the concept of saving money by stressing that it is “never too late, nor ever too early” to begin. The important life skills of responsibility and discipline are also taught. Teaching children to save money is not just about banking. Teaching children to save is about building character, learning responsibility, developing skills and practicing a discipline that can be applied to real life situations.
As the F&M Financial Literacy programs have grown, one thing has remained the same: F&M Bank & Trust Kids & Teen Banks are banks for kids, run by kids. When students enter kindergarten, they are eligible to open accounts with F&M Kids Bank. As the students progress in age, they qualify to hold jobs as tellers, bookkeepers and serve on the board of directors. After graduating into middle school, F&M Kids Bank clients are able to join the next phase of the financial literacy program, where they star to learn about electronic banking. Skills are developed that will help them to navigate today’s banking system.
The F&M Kids and Teen Banks are in every elementary and middle school in Burlington and West Burlington. There are eight elementary and four middle school banks with deposits totaling more than $600,000.
Learn more about F&M Bank & Trust’s Kids Bank and Teen Bank here.