High school opening student run bank
McCracken County High School is opening up a student run bank partnered with CFSB this Tuesday named Mane Stang Bank.
87% percent of teens say they know little to nothing about managing money. That’s according to a 2012 poll from ING Direct and Capital One. Mr. Shannon Mungle, who teaches the accounting class running the bank, says it will be a great money managing learning experience.
“To actually get on hands experience, we actually learn in the accounting process… It should teach them how to be responsible for managing their money, which will hopefully help them throughout their future,” Mungle said.
Senior Nathan Fulton says he’s excited that it is finally coming. He says they’ve put in a lot of work into it. Students can withdraw money and deposit up to $500.
“We have to make sure that we initial everything. We have to count the money when we get there, and we leave,” Fulton said.
Fellow classmate Mark Bryson says the bank will be in the cafeteria open on Tuesday and Thursdays showing off the Mane Stand logo they created. Two students will run it during their accounting class time. Students can even take out loans up to $50 that do take on interest.
“I know my freshmen and sophomore year there were a lot of times when I really could’ve used some extra money,” Bryson said.
It will be Bryson’s first checking account.
CFSB Representative Quent Smith says will teach students to manage money better because it is always important to save money.
“Just being able to know what you have in there, what you can take out. You got to pay it back. It’s not free money,” Smith said.
Marshall County High School created a student-run bank with CFSB several years ago. Smith says they’ve had at least five students who worked in that bank end up working for CFSB.
Students in the class like Bryson will keep track of accounts and loans on a shared excel doc monitored by CFSB. A class endeavor Mr. Mungle hopes will help them throughout their financial future.
Mane Stang Bank will have a grand opening Tuesday at 11 a.m. in the cafeteria with catering by the high schools culinary class.