Courtesy Burnt Hills-Ballston lake High School
First New York Federal Credit Union has opened a new in-school branch at Burnt Hills-Ballston Lake High School.
The new branch is staffed by student volunteers, who will gain valuable experience by providing basic banking services to their fellow students and staff from the school and district, officials said.
The Spartan Branch joins Schenectady High School’s Patriot Branch as area high schools that now have First New York branches. Bank officials said the in-school branches provide a safe environment for student volunteers to practice real-world skills in banking, marketing, business and more.
Students in the Personal Finance Management and Investing 101 classes, which are focused on teaching financial literacy, money management and responsibility as well as how to be financial savvy with investments, will run the bank for their peers and BH-BL staff.
Banking practices can begin for many students at the elementary schools where student banking options are available. And, in sixth grade, students take a financial literacy course that touches upon money saving, how to manage a checking account, interest rates, taxes and much more.
“Running a bank branch is a great way to take what we are teaching our students about personal money management and put it into play,” said Business Department chair Stephanie Andrejcak.
School officials said students who take finance courses will take a deeper dive into the world of finance but with a keen focus on personal money management. The courses help students understand how interest rates and late or minimum payments on credit cards impact credit scores and cost much more in the long run.
Students also dive into real-world finances, such as household budgets, taxes, learning about paychecks, saving for the future via IRAs, 401ks, and much more.
The Spartan Bank is open every Friday from 9-9:30 a.m. and is located at the back of the high school library.
Anyone interested in joining First New York KIDS Banking Program at the elementary, middle, or high school level, can contact membership development officer Michelle LaVoy at michelle.lavoy@firstneyork.org or (518) 393-1326, ext. 1802.
Founded in 1937, First New York Federal Credit Union offers a full suite of financial services, including checking and savings accounts, auto, home and personal loans, credit cards, online and mobile banking, business services, and commercial lending and investment services.
With $450 million in assets and over 32,000 members, First New York has branches in Albany, Cobleskill, Glenville, Halfmoon, Niskayuna, North Greenbush, Rotterdam, and Saratoga. Members also have access to stand-alone kiosks in Colonie, Rotterdam and Saratoga, and more than 30,000 fee-free network
For more information, call 518-393-1326, 1800, or visit FirstNewYork.org.