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CRA
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A community bank in Texas with $1 billion in assets has sponsored the KidzBANK program for four schools in their market. In addition to the success of attracting a large number of students to the bank, they have received recognition for the program as part of their CRA compliance.
The Public Disclosure on the Community Reinvestment Act Performance Evaluation makes note of the program under Alternative Delivery Systems.
It mentions that the bank "has developed a very innovative delivery system designed to reach the children in it's assessment area, in conjunction with the ISD Partners-in-Education programs". "Children run the entire operation and learn money management, computer book-keeping skills, as well as maintaining a savings account of their own. Students serve as bank officers and tellers. Accounts are opened at school and when an account reaches $25, it is transferred to a regular students' savings account at the bank."
One of the schools does not use real money, "but the banking concepts remain unchanged and the students from grades three to five are involved in managing and running the KidzBANK."
It goes on to mention that the schools using the program are "located in the moderate-income census tracts."
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