11/14/2011 02:30 PM

CMS student-run credit union teaches teens money management skills

By: Heather Waliga

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CHARLOTTE -- A Charlotte high school is banking on a new student-run credit union to give students the financial skills needed to succeed in the real world.

"Some students out there don't know how to sign up for accounts and this is an easy way for them to get involved and learn about how to finance their money," said senior Tiara Culp.

Student-run credit unions aren't new in Charlotte Mecklenburg schools. Harding High School is the third to operate a fully functioning branch of a city credit union.

"Students can open real live accounts," said Susan Coughlin with Charlotte Metro Credit Union. "They can make deposits, not only the students but the staff, faculty, and their parents. Anyone in the community can come use the credit union."

Students had to apply and interview for 24 volunteer positions. They'll carry out the day-to-day duties of opening accounts, taking deposits and marketing. They'll learn valuable financial skills in the process in hopes of one day cashing in on the experience.

"I think a lot of children and a lot of adults too are not very savvy with money, so this helps them to handle their money," said Coughlin. "It also helps them to have some job skills and something to put on their resume for college."

Culp says she doesn't plan to work in a bank after high school, but she's banking on the new-found new skills to help her in the working world.

"Mom and dad's not always going to be there for you so you have to learn how to manage your own money," said Culp. "I think it will be very popular at Harding."