BayPort Student-Run Credit Union Partnership Earns State Recognition
Posted: June 29, 2020
The Virginia Department of Education State Business and Industry Partnership Award has been presented to BayPort Federal Credit Union and Newport News Public Schools. Their collaboration to enhance personal finance education with student-staffed credit unions in 10 schools has been named the winner of the 2020 Creating Excellence Business Partnership Award.
BayPort offers Newport News students lessons in financial literacy and work-based learning opportunities exploring finance careers. The partnership also provides hands-on experiences, including work in the student-run credit unions, mentoring, summer programs, and volunteering.
According to Kris Moore, BayPort Financial Education Supervisor, "BayPort and Newport News Public Schools partner to offer financial services to students and their teachers right at school. In addition, the program gives its student-staff a hands-on chance to learn marketable career skills."
In fact, career and technical education teacher Tiffanie Smith reports that two student tellers at Heritage High were hired to fulltime positions with BayPort. The student credit union at Heritage was one of the first schools to open and has been named BayPort's "Most Outstanding Student-Run Credit Union (SRCU)."
Smith says, "Running the SRCU for six years now has been amazing. Having it in the school gives parents an insight into the importance of financial education. This then encourages students to open accounts with BayPort."
Across Hampton Roads, BayPort sponsors 57 school-based credit unions. Heritage is one of three Newport News high schools participating in the program. Denbigh and Woodside High also offer the opportunity, along with Crittenden, Dozier, and Hines middle schools, and Carver, Kiln Creek, Lee Hall and Saunders elementaries.
These model financial institutions prepare student members to conduct basic banking transactions and show them the value of saving.
These activities support the objectives of a career and technical education course in personal finance and are an important part of the school system's efforts to prepare students who are college, career and citizen-ready.
The Creating Excellence awards are presented annually to recognize exemplary programs and partnerships that promote excellence in career and technical education.