By Daily News Staff

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The school district of Rhinelander is considering partnering with Ripco Credit Union to establish a student-operated credit union at Rhinelander High School.

If the partnership is approved by the school board, Ripco would equip the ticket booth in the RHS commons area for use as a credit union. The credit union would also an ATM.

Student tellers would operate the credit union on Tuesdays and Thursdays from 11 a.m. to 1:30 p.m.

According to Ripco’s proposal, the credit union would offer most basic services available at the main Ripco Credit Union branch. Students and faculty would be able to open savings and checking accounts, apply for debit and credit cards and pick up loan applications.

Students under the age of 18 would need a parent or guardian to sign on the account for checking and plastic card services.

A limited amount of cash would be maintained at the student branch and Ripco would install security cameras to protect the funds, according to its proposal.

The student tellers would be trained at the main Ripco branch and would receive wages comparable to what beginning tellers are offered.

The only cost to the school district would be to install the phone and power lines necessary for the new credit union’s operations.

RHS principal Terry Fondow and the school’s business education department contacted a number of credit unions seeking partnership proposals and settled on Ripco because it’s locally owned, its proposal was more specific and it was willing to install an ATM and security cameras

In their proposal, Ripco officials indicate the credit union considers the partnership with Rhinelander High School an “investment in the future” and has no profit-driven motive.

“We see this venture as a long-term commitment to and fulfillment of the fundamental credit union philosophy of ‘people helping people.’” the proposal states.

“A high school branch will give students an opportunity to learn valuable financial lessons outside the classroom” and prepare them for possible future jobs in finance, the proposal states.

Ripco officials say there couldn’t be a more prudent time than right now to prioritize financial literacy at the high school level.

“At a time in history where the current economic state of America is arguably as bleak as it was during the Great Depression, it is imperative that our youth learn how to manage their financial health,” the Ripco proposal states.

The school board’s operations and strategic planning committee is expected to vote on the proposal Monday.

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Green Bay reader wrote on Jan 3, 2009 9:57 PM: " Our high school has a local credit union on campus and it's really great. The kids learn how a financial institution works AND we have an ATM machine so students and parents can get cash if they run short. We love it! " The comments above are from readers. In no way do they represent the views of the Rhinelander Daily News.

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