BATON ROUGE, La. — LA DOTD Federal Credit Union has made history as Louisiana's first in-school credit union for middle school students–Staring Credit Union–opened its doors for business.
The Staring Credit Union in-school branch is a partnership between Staring Education Center, an alternative East Baton Rouge Parish middle school for over-age youth, and LA DOTD FCU. The main focus of the school is the "Catch Up" program, which provides students the opportunity to close the gap between where they are and where they should be academically. The school serves nearly 120 children.
The innovative in-school branch program provides students hands-on learning opportunities, while teaching the importance of money-management skills and "real world" business practices.
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"The whole point of the in-school program is to encourage savings and good money habits for life," said Danielle Scott, LA DOTD FCU financial education manager, who previously taught in the district for six years and developed the Staring in-school branch program. "Through this partnership, we provide the students with life-long skills they need to become productive members of our community and work force."
Staring Credit Union will operate as a branch of LA DOTD FCU, run by the students under the guidance of Marcia Wells, LA DOTD FCU community development representative.
To prepare for the real-world responsibilities of operating a financial institution, students participated in training and orientation sessions including an eight-week series of classroom lessons, supplemented with math and computer sessions. Once completed, student staffers took part in on-the-job observation and training at LA DOTD FCU. The final step in the program involved applying for the various work positions– co-marketing directors, co-branch managers or member service representative/tellers. During this time, the school also hosted a contest to name the credit union and design its logo. Staring students will staff the credit union during operating hours, setting up savings accounts and accepting deposits from classmates and teachers. On hand for the ribbon-cutting ceremony was U.S. Deputy Assistant Secretary for the Office of Financial Education Dan Iannicola Jr. "The participation of Mr. Iannicola in the ceremony is generating so much excitement at Staring Education Center–and it truly validates the student's dedication and hard work to launch this credit union at their school," said Danielle Scott, LA DOTD Federal Credit Union's financial education manager, who developed the Staring in-school branch program.
According to Staring Education Center Principal Clara Joseph the program has not only generated a lot of excitement among students but has also helped instill a sense of pride.
"Our students are so proud to be a part of this special program. It has really made an impact–showing them the value of saving firsthand and how to make smart money choices. These are lessons they will retain for life," said Joseph. "I see the whole person developing. Our students are gaining a sense of being involved, of being a part of something. It sends a powerful message: Stay focused and you can achieve anything you want to achieve."
The in-school credit union branch is an extension of LA DOTD FCU's commitment to improving the financial literacy skills of members of the community. The Staring Education Center branch is the first of its kind in Louisiana, geared specifically to middle-school students. LA DOTD FCU also operates Cardinal Credit Union, an in-school credit union for elementary school students through a similar partnership with St. Isidore Catholic School.
"The students' enthusiasm, along with support of Principal Joseph and her team, are key to the success of Staring's in-school credit union branch," said Scott. "Through our combined efforts, we are creating a new generation of savers and financially savvy consumers." –[email protected]
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