What is the Faith Lion Bank?
This is a “bank” operated by Mrs. Branch, Ms. Krissi Sims, (Premier Bank), PTF, and our very own 4th/5th grade students.
What is the purpose of having a “Bank” at Faith Christian School?
Elementary students will have the opportunity to open a savings account to learn to save and watch their money grow as they collect interest on their money.
Students will also learn to be good stewards of the gifts the Lord has given them. In Matthew 25:27, Jesus reminds us that the lazy servant should not have hidden his money, therefore making no profit; rather, he should have deposited it with the the banker, as He says, “Well , then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.”
Additionally, fourth and fifth grade students will have the opportunity for real-life experiences in the banking industry by becoming “employees” of the bank. They will serve as tellers, marketing team members, and security officers. Faith Lion Bank will provide excellent opportunities for developing leadership.
How will this “Bank” operate?
The “bank” will officially re-open on Friday, September 11, in the cafeteria at 7:30 a.m.
Elementary students will open their savings account with a minimum deposit of $1.00. Students must bring their completed application form to open their account.
Once the account is opened, a minimum deposit of a quarter is required.
The “bank” will be open most every Friday from 7:30 -8:00 a.m. in the cafeteria for students to make deposits into their savings account.
Students will only be allowed to withdraw money on the last Friday of each month, unless otherwise notified. A parent’s signature is required on all withdrawals over $5.00.
Each student with an account will have a passbook which will be kept by the Faith Lion Bank. The passbook will show deposits, withdrawals, and balance information for the account.
Parents will receive quarterly statements showing transactions, interest earned, and balance information for each of their children’s accounts.
The students’ accounts will begin earning 1% interest as all monies from all student accounts combined will be placed into one savings account at Premier Bank initially. However, in the future,their accounts will begin earning up to 3% interest after combined monies will be placed into a CD account at Premier.
Students may leave their money in their accounts over the summer and continue banking next year. There will be no opportunities to deposit or withdraw monies over the summer vacation.
Students may leave their money in their accounts until the end of their 5th grade year. At that time, students will be issued a check from Premier for the amount remaining in their account.