YPS & Washington Mutual Launch Student Savings Program
If you are of a certain age, you might remember school "bank day" that helped instill the habit of saving. Thanks to a partnership with Washington Mutual, our students now have the opportunity to develop the same savings habit.

A “Kick-off Celebration and Press Conference” announcing Yonkers Public Schools’ participation in the Washington Mutual (WaMu) School Savings Program took place Friday, June 15, 2007 in the Yonkers Board of Education Board Room. Mayor Philip Amicone, Superintendent Bernard P. Pierorazio, John Benevento, Division Executive for WaMu’s New York and Connecticut retail bank network, and members of the Yonkers Public Schools Career and Technical Education (CTE) Advisory Board were in attendance.

Washington Mutual, also known as WaMu, started the School Savings Program in 1923 to encourage children to learn the value of saving. The program joins WaMu's retail banking stores (branches) with local schools. WaMu offers students a free, interest-bearing savings account up to age 19. After the bank opens the account, parents and other volunteers help students participate in a weekly “Bank Day,” in which children deposit money into their account then volunteers deliver the money to the local WaMu financial center. WaMu provides the opening deposit of 25 cents for each participating student. Today, more than 297,000 students at more than 1,790 elementary schools nationwide participate in the program, which offers a regular “Bank Day” at participating schools and after-school programs like SCORE!, where students can make deposits.

Commerce Middle School, Patricia A. DiChiaro School, Family School 32, School 22, and School 30 elementary schools currently participate in the WaMu School Savings Program. During the 2007-08 school year Mark Twain Middle School, Hostos Micro-society School, School 9, Paideia School 15, School 23 and School 17 elementary schools will be part of the program.

“A quality education is imperative for success in business and in life,” said John Benevento, division executive for WaMu's New York and Connecticut retail banking network and long-time advocate of educational reform. “It is incumbent upon bankers, parents, teachers and the business community at large to teach kids sound money management skills that last a lifetime. Our motivation is to empower kids with knowledge so they can make the right financial choices as adults and customers.”

WaMu, through its subsidiaries, is one of the nation’s leading consumer and small business banks. As of March 31, 2007, WaMu and its subsidiaries had assets of $319.99 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate nearly 2,700 consumer and small business banking stores throughout the nation.