Redstone opens student-run branch at Bob Jones High School
Update: It’s official — Madison City Schools now offers a banking branch to serve students and help broaden financial literacy in the schools. Madison City Schools Superintendent Robby Parker, Bob Jones Principal Sylvia Lambert, Madison Mayor Paul Finley, Madison City Board of Education President Ranae Bartlett and Madison Chamber of Commerce director Pam Honeycutt joined Redstone Federal Credit Union President-CEO Joe Newberry for a ceremonial ribbon cutting today.
MADISON – Madison City Schools has some of the best learning opportunities in the state. A recently addition to the school has expanded the potential for students to get a real-world, hands-on lesson in finances.
Redstone Federal Credit Union is celebrating its first credit union branch inside a Madison City School.
The Bob Jones High School branch opened in late August. A grand opening celebration and ribbon cutting will be held Wednesday at the school branch with local education and civic leaders.
Bob Jones is Redstone’s fourth high school branch and is operated by Bob Jones students with a teacher advisor. The students gain real-life work experience, increase their financial literacy and become eligible for a college scholarship from Redstone.
Student tellers take deposits, cash checks, handle cash withdrawals, and make money transfers.
“We are thrilled to open our first branch in Madison City Schools and from all indications, it is already a great success with an above-average number of transactions during its first week,’’ said Joe Newberry, Redstone’s President and CEO. “Once they have successfully worked in their school branches, students also have the ability to be hired to work in our branches during the summer months or after graduation.’’
Newberry credits the leadership of Madison City Schools Superintendent Robby Parker and his team for the branch opening.
“Superintendent Parker saw what this could mean for the students and partnered with us to make it happen,’’ Newberry said. “We’re looking forward to all the great things to come.’’
Parker said the in-school branch will help strengthen financial literacy for all students as they transition to life after high school, while also generating funds for the school system through Madison City Schools’ affinity debit card provided by Redstone.
Each time the specialty card is used, Madison City Schools earn money back. Any Redstone member can request a debit card from their branch or online at redfcu.org.
“In addition to the banking service provided, this hands-on learning laboratory will expose students to careers in the business and financial services sector,” Parker said. “It’s exciting – not only for the students who will get real life work experience, but for the rest of the school in how it will help raise awareness in financial literacy.”
Redstone and Madison City schools hope to open a branch inside James Clemens, perhaps next year, to serve students and support the school district.
About Redstone Federal Credit Union
With more than $5.1 billion in assets, Redstone Federal Credit Union is the largest member-owned financial institution in Alabama and one of the largest federal credit unions in the nation by assets. Based in Huntsville, Alabama, Redstone Federal Credit Union serves more than 453,000 members. Chartered on November 28, 1951, Redstone Federal Credit Union has 27 conveniently located branches across North Alabama and Tennessee.