Apple Federal Credit Union recently sponsored the Student Run Credit Union financial literacy competition between 26 high schools in northern Virginia.
The school that wins the most points by signing up new student members and opening new accounts wins the trophy and the $200 cash prize.
Apple’s SRCU is run by advanced accounting students trained to handle the transactions. The program is designed to teach savings and money-management skills.
“One big value-add of the SRCU program is that it teaches the kids what they will need to know when they are out on their own,” Melanie West, an SRCU liaison and business teacher at Fairfax High School, said. “In fact, we’ve seen in some of our families where the parents never dealt with banks because they are from another country. This program has educated the kids so that they can, in turn, help their parents to open their first account and learn to better manage their money.”
Apple Vice President Robert Sowell said the March Madness competition makes financial literacy both fun and valuable for students.
“It allows the kids to be creative and come up with their own marketing/advertising plans, and their interactions within the credit union teach them people skills, financial management skills and provide the team that works there with business and accounting experience that can translate into real-world jobs,” Sowell said.