Magic City Neighbors Episode 15 - Olivia Blanton - Students being financially successful

Are you ready to dive into the world of financial literacy and discover how New Horizon Federal Credit Union is revolutionizing the way students learn about money? Then buckle up for an exciting episode of the Magic City Neighbors on the Mic podcast, where we sit down with Olivia Blanton, the school liaison for the credit union, to uncover the secrets behind their student-run, fully functional branch inside of Barberton High School.

Picture this: a full service bank branch that's staffed entirely by high school students. They handle real transactions, open accounts, and even provide financial education to their peers. 

In this episode, we'll delve into the heart of this remarkable initiative, exploring its origins, its impact on the student body, and the ripple effects it's creating within the Barberton community. Olivia Blanton will guide us through the intricacies of the student-run branch, shedding light on how these young minds are mastering the art of financial management.

The impact doesn't stop there. The student-run branch is serving as a beacon of hope for the Barberton community, demonstrating the power of financial literacy to transform lives. We'll explore how this program is fostering a more financially literate generation, equipping them with the tools they need to achieve their financial goals and contribute to the economic well-being of their community.

So, join us on this journey of financial discovery as we uncover the remarkable story of New Horizon Federal Credit Union's student-run branch and its profound impact on the Barberton community. Tune in to the Magic City Neighbors on the Mic podcast and prepare to be inspired by the next generation of financially savvy leaders!

Transcript

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We have not had a business in the dock before. But when we heard what New Horizon Federal Credit Union was doing with the school, we had to have Olivia Blanton in to the studio to talk about it. There is some unique and interesting things going on. We're going to talk about that next. Stay tuned You're listening. The Magic City neighbors on the Mic, where we talk to your Barberton neighbors about their stories, their insights and what gets them laughing. Make sure to like, share and subscribe wherever you get your podcasts. And now to the show. There's a lot of ways the bank and a credit union is a great way to go. Either Josh, nor I would know is we don't have any money. I mean, being older and I don't know if wiser is the right word. I've saved up both dollars I have in the bank. so nonetheless, I know we are not going to be your biggest depositors, but thank you for coming in to talk with us today. I appreciate it. So to me, first thing I want to talk about is you guys are doing some really unique things with this school. Yes, we are. Give us a quick brief. Like what's going on with that in 20 seconds. We employ two students each year to run an actual fully developed branch in the school. So we have we go, we chair, grab two students. They do everything they do transactions, they open accounts, they they teach other students how to be financially savvy. That is awesome, because I don't know about you, Jack, but I wish. I'm sure you did have that. No, I didn't. I kind of did. My senior year, I think we were just getting started when I graduated. Yeah, because I was in a financial algebra class and you were in yours. That was not available back in my high school days when we were still using an abacus instead of a calculator. Yeah. So I think it's okay that you said so just another quick 32nd or for some of the viewers and listeners, what's the difference between a credit union and a bank? The main difference is a credit union is not for profit. It is run by the members. So a group of people get together just like us and they discuss rates. They say what's going to be the best for us, What's going to be the best for the community? Banks are definitely like board run like a bunch of yeah, a bunch of suits in the office telling you how they are. Seeing how they can take their money takes your money. That's basically what a bank was. So how did the idea of a student run bank branch at Harvard and kind of come about? So it was right when I started as well. So I don't know how it worked. But Miss Kristen Redman was a teacher at the high school for sure for a while, and she started working with us and made they got together and said, What can we do to help the students? What can we do to help our community? What can we do for the future generations? And they collaborated and they they made this. And then I just took over last year. That's amazing. So you said you grabbed two students, by the way. You said it initially kind of made it sound like you're pulling them in and throwing them into a trunk and then taking them to an undisclosed location. I'm just done a little bit differently. I think it starts with DECA. DECA is one of the four Cities compact. Sure. And they're the ones who we tried to do first. Okay. Try to let the teachers know, hey, we need two students. We leave it to the open It's you apply for. It's a job. You're literally applying for a job. You get paid well, tellers get paid. It's a full fledged job. So it's just normal playing. Wow. But we try to do DECA first just because there are about business and then the chance. Yeah, 100%. So you said normal teller pay everything like that. So what types of financial services are available to students in the school? Everything. A normal credit union. So if you're 14, you can open an account with parent on the 16. You can open by yourself without a parent. Wow. Yes. And you can establish credit at 16. Like you can go get a credit card with a parent on it. Once you're 18, you can move the parent and, you know, start to do your own credit and everything. I mean, the fundamentals of banking, you can all do within that branch withdrawal deposit start a D, I mean, it's it's a full fledged branch. So, I mean, how does this help the students then? I guess I would say what's the big thing with that? The big advantage for the students, financial independence, because nobody wants to be dependent on somebody else when they get older. Sure, they want to understand how the world works for them. Sure. And this is a way for them to learn how to spend money wisely. This is it helps create goals for their future. So is there a financial education component that's kind of paired with that? Then we are actually working on that awesome. As of right now, starting Monday, me and one of my students will be going to the middle school and teaching eighth grade classes financial independence and teaching credit scores and how credit works and loans, all the basics. How did that idea like how that came about? I was actually approached by the eighth grade teachers. They were they had something called I can't remember what it was called Junior Achievement. Sure. And things weren't just it wasn't clicking for the students. It wasn't I don't know if it wasn't fun or what it needed to be, but they approached us and said, hey, when they get there in high school, they can open accounts. They can say, Yeah, have it ready. So we decided to just come up with all the basics. We're teaching three social studies classes. Okay, so it's going to be three classes three times. So we're teaching in December, I believe, January, and then one later in the year. Just yeah, just topics to get them started. Yes. There there's so many things you don't know. I mean, I know adults that don't know how a checking account works, how debit card works, how credit cards work, what makes credit. And so we're starting them early. So it's getting them started on that so they know how to use the tools rather than just being flung into it. And saying, hey, good luck. Yes, it's really good because you can sign up for so many things when you're 18, but you don't know what you're signing up for. Correct. So that's why I get that four years ahead of time. Then you're ready for it. Absolutely. And you can start it when you're younger. Being us, being able to offer that at 16 is really great. Still. Yeah, it's still a very young age to get into it because it's usually all 18. Yes. Sign up. You have no idea what you're signing, No idea or understanding. Yeah, I'm assuming those are fairly low limits. So they are not at age 16, going to run up$50,000 worth of debt. Yes. Correct. We actually have like a second that we have lots of. It didn't work. I was the one to find out. I learned the hard way. The hard way. I think we all learned the hard way. Yeah, but there's obviously limits and stuff, but it does help that when they're 16, the parents are on it so they can give them guidance at home as well. What we can give them at school and classes that we offer. So how does that fit in with like the credit unions overall mission? It's interesting because I know the credit union is out not to, like you said, credit unions not out to put a vacuum cleaner in everyone's wallet. Right. I mean, does the student run bank branch kind of extend that education and make it so the credit unions more prevalent so people have more options? I guess? Is that part of it or. I feel like it's it's just for the community benefit because Barberton is a is their community works so hard together. And I think that's why we wanted to do this, because we want our future community to be stable and infrastructure to be well and just for the kids to have the knowledge. Sure, I definitely think that's just our mission for that, just so our community can thrive as we keep on going. The rising tide raises all boats. Yes. So we have financially educated people in our in our community. Well, I love it. I love it. Yeah. What do you think the benefits of having 12th graders teach eighth graders are compared to having 30 year olds, 40 year olds teaching like, hey, I take offense to the 40 plus year old thing. It's too old, man. That shouldn't be in there. No word. Yeah, I heart. That hurts. I'm going to. I'll let you answer. Will I cry? well, definitely. The lingo is a little easier with them and. And knowing the apps because I can't tell you how many different like mobile apps there for moving money because I have no idea. There is too many. I think having somebody younger does it definitely helps it also helps the 12th graders that want to be teachers, like one of our students wants to be a teacher. They're actually teaching. That's giving them a huge step ahead of everybody else doing the same. Yes. So they're the ones going to be teaching the eighth grade. It's just having somebody closer in age does help. But because nobody wants to listen to somebody just Yeah, they're not going to listen to someone that much older that you had to have a CPA come in and talk about accounting and banking to eighth graders. I can I can see how someone talking like this would probably lose them fairly quick. You said CPA. Nobody fell asleep. I just heard you start talking. I knew that. I knew that. Wake up, ask more questions. So what is the curriculum for the financial literacy program? It's actually I'm still kind of developing it myself right now. It's definitely just the basics of having an account. What is credit? The basics of a loan, the components of a loan. Next teaching, like next section of teaching, I hope to actually go. And how is your credit score calculated, how interest rates are calculated? See, that's crazy to teach that because that's stuff like I had just learned last year at high school is my that is a 12th grade year and these kids are getting on it for years ahead. That will make a huge difference for sure. I didn't learn it until I started working at a credit union. Really? That's how a lot of people are. Very symmetrical. Important stuff. It's all you know, it just yeah, people just don't have the. I didn't learn it till I screwed it up. And then it's like, Yeah. I need to figure this out. Yeah, I need to get out of this mess. How do I do that? So yeah, yeah, that's awesome to give like up. And what are the plans for the future of the program? Like, what is your, what would you say? Like your end goal is I'm never stop teaching until I pass the buck to somebody else. Really. I just really want to keep going. Maybe learn, get more topics as we go. I know things are changing. Like checks aren't a thing anymore. I mean, they are, but it's not a common thing, right? Yeah. As topics grow and technology changes, we'll just change with that and just, you know, keep in the know. I guess that's also why having a younger generation teach them is is keep up to date with everything. Yeah, that's also very true. Sure that makes sense. I think. Are we on to the lightning round? Yeah, we are. So I'm okay This is. Yeah, there's no buzzer, you know, we don't put a buzzer on the desk for you to slam down on or anything like that. We're going to ask you some questions. We need short answers for these, like one sentence. Okay. How has the financial literacy component been received by students that are working in it? I guess I would say they love it. They they love that they can learn more than what they're taught in school. Makes perfect sense. Yes. And what do you think it takes besides my bank account of $4 for an adult to open an account? I'm a fresh adult. Got a nice $4 startup right now. Do you think I can turn it to a million by tomorrow or what? How am I going to get how am I going to get to a million? I believe you need to rob them in order to ensure that the ski mask and ski mask and a gun would be the way to do that. I'm not advising that we do not advise you to keep doing it. No, no. Well, you could get to a million. Let me know. But I know I'll share some with you. Just slide me a little slide media outlet. But it takes $5 to open an account in a savings account. It just started just five. I mean, I loan you the book. I'll send you the House commissions. All right. I could concentrate so much. Yeah, So someone can start that account with just five bucks. Yep. As long as you live, work, worship or go to school in Summit County. So you just have to be involved some way with some accounting. Wow. That's very nice. So if someone wants a car loan, can they come to you? Not necessarily me, but they can come to our branch. Okay? They can come. They can. They can come to. Yeah, to New Horizons and give a credit. You know, I can't just she's not my I can't Oprah. She's not making rain. I can't Oprah The cars What is the comparison between like a credit union like you guys and a bank in terms of what's going to be different with that car loan? The interest interest rates are obviously lower. Wow. Okay. yeah. Payment arrangement is easier. We how how's the payment arrangement easier? Because we are so small and we build rapport with our people. Sure. If you ever get into trouble with your loans and you let's say you can't pay it off quickly or sure, something happens. There are so many options within the credit union that can help you like skip a pays and stuff. And I know like life happens, covenant happens, things like that happen and big thing, right? And you're not just a number in the credit union, you're an actual person. And we learn your name, We talk to you like we see you. And the being a number with a bank just is so informal. And when you get a loan with us, I mean, we can help you any way possible. Like even if you're very new starting out credit, I will take you in and help you out. And our loan officers all are all taught financial literacy themselves. So you can walk in and just say, Hey, teach me about credit, and they can do that for you. Wow, that's interesting. It's funny because I there's other banks that I have gone into that see my driver's license and they're like, Hi, Mr. Roach. And I'm like, Yeah, first off, you screwed up the last 9 seconds. If you actually knew me, you knew that you'd never want to call me Mr. Anything. So yeah, that's the most informal way to talk to you, I think. Correct. Refer you as Mr.. Yeah. If, if somebody was starting a business or their loans or lines of credit for that at the credit union for starting a business. Yeah. I'm not too fluent myself in the business aspect. It's newer for me, but I know we do offer them, we offer tons of business accounts. We offer checking and savings for business. I don't I'm not sure if we do business loans. I don't think so. But I know we can always point you in the right direction. I'm sure our loan officers have been working that for loan, doing loans for their entire life. Yeah. So they know what they're doing. Yeah. They can always put you in the right direction if anything. Not. Not their first loan. Right. Makes sense. Are we? We. We are to the every person question this gets asked of everyone. Okay, You can answer in as many sentences as you'd like to offer here. Okay. Well, maybe not. Maybe not every night. Limit your answer to like under 10 minutes. Yes, that was directed at you. Dave Pollock. He's one of my favorite members, by the way. He's. He's an amazing great. Yes. Yes, yes. But yeah, Dave is not man could speak not known for his brevity. What is your favorite Barberton folklore slash tall tale or rumor that the O.C. Barber Mansion was sold for a dollar? I believe that one. It is true, I hear, but I. I'm not sure Why weren't there then. Yeah, So if it was done that way, so that way they could demolish it. was spin seen with some regret, especially in recent years? Yeah. The restoration just now is just so wonderful. It's like we could have saved. I know the piggery, I think is still there, Correct? What do you see as the future for Barberton in Where do you think we're headed for Barberton? I just hope it grows. Yeah, I hope. I hope that the people that grew up here want to put back into our community. Sure, I know at least ten people from my generation my age are all, you know, working within our community to better it. I just hope that, you know, more generations still multiplies. Yeah, for that 100%. And I think doing things as little, not as little, it's a big thing. But to do something just like that will get people like thinking, wow, Barberton helped me at the start of my career and maybe I'll come back here and help or do something to better the community as well. Absolutely, Yeah, for sure. No, it's I mean, to me it's an amazing program. The fact that you guys are helping students figure it out, their financial picture before they mess it up and are forced to figure it out. Right. That is an amazing thing. Definitely save some troubles and save some troubles. And I mean, once again, it's going to it's going to increase the quality of their life and those around them because there won't be as much of that money stress. I mean, think back. Could you imagine being 18 and have a credit score of 800? Yeah, I mean that. Well, I could say that I wish. Right, Right. I think my friends say it's never too late. I credit school. It might be in the double digits right now. So he's he's got he's got an 800 credit score. It's just the decimal point is in a different place that they actually they messed it up when they were doing it. I told them to fix it, but they sure know what they're doing. That being said, we appreciate everything you guys are doing for the community. I mean, love seeing stuff like this for all of you out there. Make sure you share this with your Magic City neighbors. There's more good stuff to come. We will see you soon.