South Shore Savings Bank has operated this branch at Weymouth High School since the mid-1980s. Other Bay State financial institutions also have opened locations at local high schools in recent years.

Many high schools long have offered hands-on classes that provide real-life experience, such as woodshop or auto shop. And today, some of those schools also give students a chance to learn about the financial services industry using a full-service branch inside their school.

Leominster Credit Union and South Shore Savings Bank are two of the financial institutions in the Bay State that give students a chance to better understand banking and the financial services industry.

Leominster Credit Union houses full-service branches in Clinton High School and Wachusett Regional High School. The Clinton branch has two teller lines and a member services representative desk, according to Colleen Hughes, vice president of marketing at Leominster Credit Union.

There is both curriculum and on-the-job experience at the high school branches. Besides processing transactions, Hughes said students learn about other areas of banking, such as policies, regulations and disclosures.

“[The curriculum] speaks to different areas of an institution,” said Hughes. “As they go through the program, they learn to process simple transactions.”

The full-service branch, while convenient for customers, is also beneficial to the students.

“It potentially exposes students Â… to all the different things that could happen at financial institutions,” said Hughes.

Although students are most likely to process deposit and checking transactions, Hughes said there are some cases where students can watch a staff member conduct more complex transactions, such as a loan, and review it.

“It makes it a little more real for them,” said Hughes.

South Shore Savings Bank also operates a successful high school branch, which is located at Weymouth High School. The bank allows students there to run the location alongside a bank employee, primarily during the lunchtime hours. The program, which is called “Scholars and Cents,” has approximately 25 students enrolled each year. Much like Leominster Credit Union, the bank sends officers to speak to students about other issues involved in financial services, such as investing, professionalism and job interviews.

Confidentiality is another big issue that the bank teaches students, said John Boucher, chief operating officer and president of South Shore Savings.

“We spend a couple of days before they even get near the branch talking about confidentiality,” noted Boucher.

‘Completely Educational’
Leominster Credit Union has been running the high school branches for about two decades. Hughes said the institution has been supportive of financial literacy for young people from day one.

“The credit union has always had an interest in youth initiatives,” said Hughes.

She added that it is important for young people to understand financial concepts, such as knowing there must be money in an account to write a check or how to get a loan.

The credit union also gives young adults a chance to understand their personal finances by offering student checking and savings accounts.

“As kids get older, they begin to have more accounts,” Hughes said.

Students who are 18 and older can open an account on their own and students under 18 must have a parent’s name on the account. Hughes said the accounts are an attempt to have parents involved in their child’s finances early on. The accounts also make young people better understand their finances.

“It makes the child understand the ramifications [of their actions],” said Hughes.

With a low opening balance, the student checking accounts have a debit card and a reduced daily limit.

“They can’t go to the mall and throw $500 on [the debit card],” said Hughes.

Leominster Credit Union felt confident about introducing the student account, especially to students under 18, Hughes said. A “huge” number of accounts have been opened since August.

“That tells us that parents want kids to be introduced to checking accounts,” said Hughes, adding the parents still understand the need for control.

Another benefit of the account is the online banking, which is important to the newest generation of banking customers.

“These kids are all computer savvy,” Hughes said.

Students can go online and view their balance and interest earned.

“They can learn some of the other technological features we offer,” Hughes noted.

Leominster Credit Union not only focuses on the high school age bracket, but has also created a program for elementary school students. Fourth-graders in Sterling have learned the basics about checking accounts. Hughes said bank employees displayed oversized checks, taught students how to write checks and explained how money is withdrawn. The conversation led to ATMs and Hughes said the students eventually began to understand how checking accounts work.

“They were beginning to connect the dots,” Hughes said. “It starts them on the road to understanding on a very simple level.”

Elementary school students also learned about interest using candy bars. Students were given a number of candy bars and would pay their fellow students for an item, including interest.

“They really did retain some of things we discussed in the classroom,” Hughes said.

For both Leominster Credit Union and South Shore Savings Bank, the school programs aren’t about gaining future customers or making revenue.

“Our purpose was completely educational,” said Boucher. “It has never been a moneymaker.”

South Shore Savings began its program in the mid-1980s and viewed it as a “laboratory.”

“It was way before they were talking about financial literacy,” said Boucher.

However, the students who have enrolled in the course are better off, he noted.

“Kids who go through the program have much better knowledge,” Boucher said, adding that it is both rewarding and important for all types of businesses to be involved with high school students.

Hughes has seen similar results in her service area.

“Kids are genuinely interested,” said Hughes. “It gives kids an advantage.”

For Leominster Credit Union, offering the program is about “investing in the member.” Hughes said there will always be some members who will open an account with birthday money and stay with the institution as adults. She said the high school program could be helpful in getting new members, but that is not the goal.

“It’s a great retention tool, as long as you’re competitive,” Hughes said.