Breaking the banking stigma with Buffalo high school seniors

BUFFALO, N.Y. (WBEN).....Calling it a dose of "real world: financial advice and, also aimed at breaking a stigma some high school students may have towards banking, a new public-private collaboration between the Buffalo Public Schools and such entities as BankonBuffalo and Parachute Credit Counseling is making its debut in five city high schools.

The initiative, dubbed "BankOn You" targets high school seniors to teach them about such basics as cashing a check, creating a bank account and even buying stocks.

It comes against the back drop where the Buffalo Niagara region has the country's fourth highest rate of "unbanked" residents - people with no bank accounts.

In Buffalo, some 17% of its residents are viewed as "unbanked."

"This helps build a foundation," said Marco Notaro, Parachute Credit Counseling director of Strategic Partnerships. "We consider this an investment in students."

Michael Noah, BankonBuffalo president, said the program is aimed at educating students and making them feel comfortable with real world banking..

"A Lot students don't necessarily trust banks," Noah said. :We want them to understand that banks can be their friends and support system."

Too many rely on such entities as profession check cashing firms, rent-to-own operations, short term lenders and, even pawn shops instead of traditional banks or financial institutions.

Interim Buffalo Schools Superintendent Dr. Ebony Prophet-Bullock said she wished such a program existed when she was a high school student.

"I would have loved to learn real world (banking) skills," Dr. Prophet-Bullock said.

Noah said Bankon Buffalo has similar programs in the Niagara Falls and Akron high schools, but this marks the first time it is being rolled out to five high schools at once.

The selected Buffalo high schools are:

* Math Science and Technology Preparatory School (PS 197).

* International Preparatory School (PS 198)

* South Park High School (PS 206)

* Lafayette International High School (PS 207)

* Riverside Academy (PS 208).

The training will take place this fall and next spring.

More than 200 students have already enrolled.

"We hope to get more traction out of it," Noah said.

Partners in the program include Bankon Buffalo, the Buffalo Public Schools, Parachute Credit Counseling's "BankonBuffalo-Niagara Coalition and the Exchange at Beverly Gray.