OVB celebrates Teach Children to Save Day

The key to building financially strong individuals and communities is education at a young age. Many people see financial responsibility as limited to adults, but it’s never too early to teach children how to be money savvy.

In an effort to help children understand the value of a dollar, the American Bankers Association established Teach Children to Save Day, which is being celebrated today. April also serves as Financial Literacy Month. According to the ABA, Teach Children to Save along with the foundation’s other financial education initiatives has reached 9.1 million young people through the commitment of more than 225,000 banker volunteers, including Ohio Valley Bank.

OVB celebrates Teach Children to Save the entirety of spring, and will do program presentations in the fall and winter upon request. Recently OVB took part in a Career Day at Washington Elementary in Gallipolis, Ohio. OVB Financial Literacy Leader Hope Roush discussed the different careers in banking as well as stressed the importance of saving. Along with materials provided by the ABA, OVB also uses the campaign as an opportunity to utilize the Centsables Adventures in Saving program, which is a fun, interactive lesson on saving. Topics included in the presentation focus on the following:

  1. Wants vs. needs
  2. Creating a savings plan
  3. Making deposits

Parents are encouraged to share the Teach Children to Save message as well. Both the ABA and OVB offer the following tips to help parents teach their children valuable financial skills:

  1. Set the example by being responsible yourself. This is accomplished by paying your bills on time, being a conscientious spender and an active saver. Remember children often emulate their parents’ personal finance habits.
  2. Talk openly about money with your kids. Communicate your values and experiences with money. Encourage your children to ask you questions, and be prepared to answer them.
  3. Teach them to understand the difference between needs and wants. Discuss the value of saving and budgeting as well as the consequences of not doing so.
  4. Open a savings account for your children. Take them with you to make deposits so they can learn how to be hands-on in their money management. At OVB ask about our Statement Savings account, which does not require a minimum balance for customers ages 18 and under.
  5. Tell your family and friends about your child’s savings goal. This can help your child save money with the cash they receive for special occasions, such as holidays and birthdays.
  6. Encourage kids to use Benjamin Tracker inside OVB NetTeller to keep track of savings goals. It’s a great visual to show the benefits of savings.

To schedule a Teach Children to Save presentation or for more information on OVB’s financial education programs for children and youth, contact Roush at hdroush@ovbc.com. Presentations are currently being scheduled now through December 2018.

OVB to take part in Get Smart About Credit

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OVB Financial Literacy Leader Hope Roush presents Adventures in Credit to area school.

October is not only about Halloween, it also plays host to the American Bankers Association Get Smart About Credit event. Don’t let your finances scare you. Be sure to Get Smart About Credit!

Ohio Valley Bank will once again celebrate the event this month with their financial literacy programs. Now in its 15th year, Get Smart About Credit is a national campaign sponsored by the American Bankers Association to help youth understand credit and other financial lessons. Get Smart About Credit Day will officially be held Thursday, Oct. 19, however, OVB will be celebrating the event throughout the fall season.

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OVB BANKit! Set to Kick Off This Fall

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As the 2017-2018 academic year is officially underway, Ohio Valley Bank is once again ready to bring back their BANKit program to area high schools.

The OVB BANKit program, which spans the entire length of the school year, reached 445 students last year from six participating schools in Ohio and West Virginia. Students ranged from freshmen to senior grade levels.

Created in 2010, the OVB BANKit program brings real-life banking lessons to the classroom. OVB Financial Literacy Leader Hope Roush conducts each lesson, which typically takes place on a monthly basis at participating schools. The program works as a game in which students are given $100 in buzz bucks, the OVB BANKit currency. Students have the option to invest their buzz bucks as they wish among different accounts, including CDs, money market accounts, basic checking accounts and savings accounts. They also have the option to purchase and sell shares of stock in the game’s mock company, Pseudosoft.

During each visit, students draw a Real Life Card, which may force them to pay an unforeseen bill or provide them with unexpected cash. During this time students also have a chance to manage their banking and make deposits/withdrawals in their accounts. This portion of the program is important as students learn to fill out basic bank paper work as well as practice money management.

In addition to the game aspect, each BANKit visit includes a lesson on a banking topic. Lessons for this academic year will include:

  1. Basic differences in account types
  2. Filling out basic bank paper work, including deposits and withdrawals; check writing; updating check register
  3. Reading a bank statement
  4. Credit/Cost of Credit/Credit Reports/Credit Scores
  5. Budgeting
  6. Identity Theft
  7. Credit vs. Debit
  8. Interest

Along with planned lessons, if teachers have requests pertaining to other financial topics, OVB will often accommodate them.

For more information on the OVB BANKit program, contact Hope Roush at hdroush@ovbc.com.