NEW YORK - Commerce Bank will waive ATM fees for more than 33,000 youth enrolled in the New York City Summer Youth Employment Program (SYEP).
According to a news release, the New York City Department of Youth and Community Development (DYCD) is delivering payroll to this year's SYEP participants through an electronic stored-value payroll card.
"Introduction of the debit card is one of the many exciting improvements that DYCD included in the 2004 summer youth employment program," said Jeanne B. Mullgrav, DYCD commissioner. "We are pleased that Commerce Bank joins us in a good example of public/private collaboration to encourage responsible earning, spending and saving to New York City youth."
DYCD adopted the debit card for a number of reasons, including safety and efficiency. The debit card complements the financial literacy component in the SYEP curriculum and exposes the youth participants to banking beyond check cashing services.
The 2004 theme for YouthWeek, an annual event sponsored by DYCD, is "Money Smarts for Youth: Investing in Our Future." This year's Youthweek, which running now through Aug. 6, will focus on launching a year-round effort to promote financial awareness and responsible money management skills for young people.
"We have a long history of supporting financial awareness and improving financial literacy and the partnership with DYCD helps to reinforce that commitment in an exciting new way," said Gregory Braca, Commerce Bank's New York market manager.
