TAVARES, Fla.–The Lake County School Board and Insight Credit Union have entered into an agreement with Insight Credit Union under which Lake Minneola High School students will operate a “laboratory branch” of the credit union at the school beginning in 2020.
The move is part of the school’s effort to create a finance academy for its students in the coming years, according to the organization.
The contract states that five students per semester can take on an internship as student managers to learn about finance while operating a working, limited branch of the credit union. The students must be juniors and over the age of 16.
Rosanne Brandeburg, Insight Credit Union’s business development director, told local media the students working at the branch would be considered employees of the credit union, meaning if they do well, they could be eligible for some paid work over the summer as well.
Available to Teachers and Students
The branch would be available to both teachers and students at the school. They could make withdrawals, deposits, manage their accounts and control their money in a variety of ways, according to the credit union. The branch will not make any loans and can only issue prepaid debit cards. It will be managed under the CU’s supervision.
“We believe in giving back to the community,” Brandeburg was quoted as saying. “We want to do everything we can to help educate the community where finances are concerned. We also want to save people money. As a member of a credit union we have no monthly fees and you also have to keep a positive balance in your account. So, we don’t want to charge people fees.”