Marlborough Savings Bank: Financial Literacy Program

Marlborough Savings Bank has been actively involved in a Financial Literacy Program for middle school students since late 2012. The program began at Trottier Middle School in Southborough, Massachusetts and expanded to Immaculate Conception (IC) School in Marlborough, Massachusetts in the fall of 2013. Through this program, representatives from Marlborough Savings Bank teach eighth grade students how to manage expenses, balance a checkbook and how to properly use different bank accounts and bank services. The class is conducted in a simulated real-life environment in which students are given jobs and salaries, living expenses and a budget sheet to aid them in managing their finances.

Rick Bennett, President & CEO of Marlborough Savings Bank, answers students’ questions about banking and the responsibilities of a bank president.

“We understand how important it is to set a solid foundation for money management. These real life scenarios will help bridge the gap in knowledge of banking products and services,” said Tracy Bartucca, AVP/consumer lending officer of Marlborough Savings Bank in Marlborough, MA.

In addition, the program offered at IC School in Marlborough is part of a mathematics course, dedicating extra attention to the calculation of interest rates on bank accounts.

Upper left corner, L to R: Tracy Bartucca, Marlborough Savings Bank AVP/Consumer Lending Officer, Stephen Maintanis, Marlborough Savings Bank Commercial Loan Assistant, and Jennifer Marble, Marlborough Savings Bank AVP/Commercial Portfolio Manager

President and CEO of Marlborough Savings Bank, Rick Bennett said “It’s encouraging to see the level of interest these students have in day-to-day finances, as well as high level banking concepts.”

Trottier Principal Keith Lavoie is pleased with the partnership formed between the school and the bank. “The program has added depth to our course of study that will prepare our students for the ‘real world.’ Combining a hands-on experience with an academic application gives our students a wonderful opportunity,” he said.

On the ends, L to R: Jamie Belmore, Marlborough Savings Bank Marketing Coordinator and Judy Bell, Marlborough Savings Bank Branch Manager, Southborough

Throughout the month of August, we’ll be posting regular posts highlighting financial literacy information, including community banks who are active in their local communities’ financial literacy programs.

Have a story to share? Reach out to either Audrey Wright-Cipriano at audrey.cipriano@icba.org or Jessica Wallace at jessica.wallace@icba.org.

#BankLocallyTwitter Chat

April is Community Banking Month, and it’s a perfect time to talk all things community banking to celebrate. The focus of this Twitter chat will be: What’s Next in Community Banking. The topic will encompass emerging leaders, technology, innovation, marketing across generations, social media and more. A Twitter chat is a public forum where consumers, influencers and stakeholders alike can convene on Twitter and discuss a certain topic.

When: Monday, April 28 from 2 to 3 p.m. (eastern)
Chat Hashtag: #BankLocally

ICBA Hosts Financial Literacy Twitter Chat Today

Join ICBA today at 2 p.m. for a Twitter chat focusing on best practices to help consumers accomplish their personal finance resolutions in 2014.

Guest tweeters will include Terry Jorde, former N.D. community banker and senior executive vice president and chief of staff at ICBA; the National Jump$tart Coalition for Personal Financial Literacy; Bankrate; Practical Money Skills for Life; America Saves, Wise Bread and award-winning, syndicated Washington Post columnist, Michelle Singletary.

Follow the conversation at #NewYearFinLit and ask your personal finance questions to the expert panel listed above!

Back to school finance tips for college students

Don’t panic yet, kids! There are still a few more weeks of summer left. But for incoming college freshmen, creating and managing your own finances is something that might be new to you.

Keystone Community Bank in Kalamazoo, Michigan posted six tips last summer with suggestions for incoming college students:

1. Open a checking account at a community bank in the town where the student will be going to school. Have the student put at least one other signer on the account, such as a parent (or both parents if applicable), who may have to deposit funds into the account or need access to the account in the future. Remember, banks cannot deal with someone efficiently if they’re not on the account.

2. Keep account information confidential and don’t share account numbers, passwords, PINs, etc.

3. Get a debit card to go with the checking account and get some minimal overdraft protection, just in case you or your student make an error in your account. Mistakes do happen.

4. Don’t get paper statements. Opt for electronic statements and get online banking, mobile banking and bill pay, which are free at many banks. Students tend to move frequently, so electronic statements avoid the needless hassle (and security risk) of paper statements getting in the wrong hands or not getting forwarded.

5. Use online or mobile banking to check the account daily. It just takes a couple of minutes and you can make sure the activity going through your account is all legitimate. Plus, you might be able to avoid an error that could result in overdraft charges, which are expensive.

6. Students: avoid credit card offers for the most part, or at least first talk about it with your parents, so you can make a good decision.

What other pieces of advice would you give young adults on how to handle their money?

Go Local During Community Banking Month!

It’s finally April, which means in addition to springtime, tulips and baseball season kicking off, it is Community Banking Month! Throughout the month of April, ICBA is encouraging small business owners and consumers to bank locally with a community bank. Have any ideas or suggestions on how to Go Local this month? Share them with us! We’d love to hear how you’re getting involved.

Savings Tips for Kids from Community Bank Mascots

Saving money is difficult at any age, so why not start sooner rather than later? Three community banks have mascots to help kids create savings accounts! Meet Rex the Dinosaur, Money Mouse, and Buck and Penny here.