The CAFLM Blog will feature a financial literacy program every day in March (and possibly extending into April) to highlight California Financial Literacy Month, April 2012. To feature your financial literacy program, see the CAFLM Blog post dated January 31, 2012.
The first highlighted program is…
A Smarter Start to Banking – MYBOC
Redding Bank of Commerce has developed a special banking program just for teens and young adults ages 14 – 21.
The program consists of an educational website:
The website is chocked full of banking and financial literacy resources and online tools – including a site for parents, help with their homework and a link to the FAFSA application. The package consists of a checking account accessible by a FREE debit card and a linked savings account. Debit transactions are rounded up to the nearest dollar with the difference automatically deposited to savings (teaches the value of savings). There are NO ATM fees wherever the debit card is used. When the account(s) are opened the bank contributes $25 into the savings to get it started – and the account owner gets a FREE I-Tunes card for the opening. There is also a “Refer-A-Friend” program that offers rewards. In April this year the Bank will be adding a local scholarship element to the program.
In addition to the website, brochures are available at all offices and staff makes calls to all area local high schools during orientation and on sober graduation events. All local high school guidance counselors have materials on hand.
Created by: Redding Bank of Commerce
Contact: Linda J. Miles, EVP & Chief Operating Officer, firstname.lastname@example.org
With the success of our MYBOC program we found ourselves invited to the elementary schools to explore options of financial literacy with the younger students. We have licensed the following program to assist in our efforts:
The materials are available in English and Spanish. We are currently developing our materials for a “Super Saver” club for the younger group.