Grambling State News

Grambling, LA – Grambling’s senior citizens are now more prepared to invest in high-yield savings accounts and to safely bank online, thanks to a workshop presented by Nonso Okpala’s Intermediate Accounting II class at Grambling City Hall on Nov. 10.

Okpala, advisor of Grambling’s chapter of National Association of Black Accountants (NABA), said that a speech by Janet Guyden, provost and vice president of academic affairs, at the NABA banquet last April inspired his accounting students to become more active in the community. “Dr. Guyden’s speech, ‘Be An Asset,’ at the NABA banquet really challenged me and my students to find ways to give back to our community,” Okpala said. “The purpose of the presentation was to give back to our community by sharing vital information that might be beneficial to retired seniors.”

Three representatives from the class, Michael Stringfellow, Janiecia Mayfield and Nadisha Guavo, made a 15-minute presentation to a group of about 35 senior citizens. The presentation included information on how and where to invest in a high-yield savings account, the different annual percentage yield that each respective bank offered and the volunteer income tax preparation service offered by the accounting students at Grambling State University.

“The senior citizens enjoyed having the youth with them . All in all, it was an amazing experience for the students,” said Williandria Gilbert, a junior accounting major. “I was a bit surprised when I discovered that some of the information that was delivered through the speakers was new to the citizens.”

The presentation was so successful that the students were asked to return to speak about other financial topics.

“I can say the project was successful,” said Kadejiah McMillion, a junior accounting major. “We were asked to come back to talk about other subjects, like dealing with savings.”

A brochure the students created listed the top five online banks with the highest interest rates (Synchrony Bank with 1.05 percent APY and no minimum balance to open an account) and the top five local banks with the highest interest rates on savings accounts.

The brochure also offered the following advice on how seniors can protect themselves while banking online:

• It is important to be careful when banking online. You do not want your safety or privacy to be breached.
• It is important to clear your cookies after each banking session, if you are at a public computer.
• Make sure that your password is long enough to prevent it from easily being hacked.
• Never give your online account information to someone who is not an authorized signer on your account.
• Check your credit report regularly.

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