Sewell, New Jersey — Financial literacy guidance given to young adults arms them with essential lifelong skills enabling them to manage their finances without disastrous results impacting the rest of their lives. As part of our financial literacy effort, this Spring ParkeBank is making a program aptly named, HOW TO DO YOUR BANKING, available to some Washington Township High School students.
Students learn to make wise financial decisions with this program using a student workbook, facsimile documents, role-play simulations, CD and video exercises. Practical lessons on the importance of saving, even small amounts, regularly by budgeting as a means of achieving financial goals; basic investments; how to navigate electronic banking, including ATMs, debit/check cards, online banking, online bill paying, mobile banking, and mobile text banking correctly and safely; how to keep checking transactions in balance, including reconciling an account with a bank statement are all part of this program.
In learn-by-doing exercises, young adults also teach themselves how to obtain credit, the value of good credit, how to determine their own capacity to borrow and repay, and what they can do as young adults to build a good credit history. The crime of Identity Theft and how to avoid it is an important topic covered as well.
ParkeBank is sponsoring HOW TO DO YOUR BANKING as a public service because “we feel it is important that young adults have a chance to practice all aspects of money management in the classroom, where mistakes won’t cost real dollars,” said Daniel Sulpizio, Senior Vice President.
“Surveys indicate 84 percent of high school students want instruction in financial matters, only 1 in 3 teens knows how to read a bank statement, balance a checkbook or pay bills, and that financial education is among the top three subjects parents want taught to their children,” Sulpizio added. Local educators concur; faculty members volunteer to teach the program within their current curriculum.
“By sponsoring HOW TO DO YOUR BANKING, we are preparing our young people before they begin to live independently and are first in need of financial services. If we can help them learn good money habits right from the start and raise their level of financial responsibility, it will pay big dividends for them and the community alike,” said Sulpizio.
ParkeBank commenced operations in January 1999. ParkeBank maintains their principal offices at 601 Delsea Drive, Washington Township, New Jersey. ParkeBank conducts business through a branch office in Northfield, New Jersey, two branch offices in Washington Township, New Jersey, a branch office in Galloway Township, New Jersey and a branch in center city Philadelphia. Parke Bank is a full service commercial bank, with an emphasis on providing personal and business financial services to individuals and small-sized businesses primarily in Gloucester, Atlantic and Cape May counties in New Jersey and Philadelphia and surrounding counties in Pennsylvania. ParkeBank’s deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC).