St. Albert's newest, smallest and youngest bank threw open its doors this week as part of a provincial effort to teach kids about the world of work.
Neil M. Ross Elementary School students cut a blue ribbon and snacked on blue-and-white cupcakes Wednesday morning to celebrate the opening of the school's Junior ATB bank branch. The project, which lets students open real accounts with real money, has students take on the challenges of running a typical bank.
The bank is open to staff and students at the school, said branch CEO and Grade 6 student Adam Callbeck, and has a staff of about 25. "It's been a lot of fun," he said, especially the bit where he got to cut the commemorative ribbon. Students can deposit as much as they like, but have to head to a regular bank to make withdrawals.
This is the 10th junior bank that ATB Financial has opened in Alberta since 2009, said company CEO Dave Mowat, and the first in St. Albert.
"The kids run it all," he emphasized, taking deposits as tellers and making investment decisions as a board of directors. "They even have their own marketing campaign."
The program is meant to teach kids about saving money and what it's like to have a real job, Callbeck said.
"It's just another way of readying yourself for the workplace."
Banking on learning
It was a noisy first day Wednesday as a small mob lined up outside the entrance to the school's bank to make deposits. About 35 accounts were opened the first day.
Nelson Braz, who manages the north-end ATB branch in St. Albert, was hanging back and watching the results of a month's work. He and fellow St. Albert ATB branch manager Mark Stoneleigh had helped teach the kids the banking business over the last month.
Braz said the two of them got the idea for this project when they heard about the Junior ATB program at a conference.
"We looked at each other and said that's perfect for St. Albert," he said, as it is a family-focused community.
His children attended Neil M. Ross, so he pitched the idea to the school.
They and the school's staff interviewed about 65 students for the various jobs at the bank.
"Some applicants came in pyjamas," Braz said, as the interviews were during Pyjama Day at the school, while others came in a tie and briefcase. "They were so prepared for the questions that it was quite amazing."
Callbeck said he applied for the CEO job to get some leadership skills.
"I thought it would be cool to be involved in such an awesome thing." While it's been fun so far, he said chairing board meetings has been a challenge.
ATB Financial has given the bank's board a $1,000 budget to use for marketing and public donations, Stoneleigh said. So far, they've used the cash to hold a promotional draw for an iPod.
The kids have really come along over the last month and have learned to work as a team, said teacher Brett Arlinghaus, one of the staff co-ordinators for the bank.
"They're getting a sense of how many cogs there are in the machine when it comes to any job," he said. "It's not all about the boss and the CEO."
Students nowadays want to be part of something bigger than themselves, Arlinghaus said, and projects such as this give them a chance to see what life after school is like.
"For the 21st-century learner, this thing is a phenomenal opportunity."
Callbeck said he wasn't sure if he wanted to get into banking, but had started his own bank account to save for a car. "It's a cool feeling to watch as your account grows."
The bank will stay in operation until the end of the school year, Mowat said.
