Student Banking Facility

Version Number

2.1

Implementation Date

13/10/2015

Scope

All state schools

Purpose

​Outlines Student Banking Facility supported by the Department of Education and Training to encourage students to develop sound financial management practices.

Overview

​The Department of Education and Training (DET) encourages students to develop a regular saving habit and a responsible attitude towards personal financial management by participating in a student banking program.

Participation into student banking by a school is a local school community decision. Schools receive quarterly commission payments for the amount of deposits made and for new student accounts being established.

At the discretion of the principal, Commonwealth Bank of Australia & Bendigo Bank are provided reasonable access to students to conduct presentations on student banking facilities and financial management in general.

Responsibilities

Commonwealth Bank of Australia (CBA)
http://www.commbank.com.au/

CBA provides student banking facilities under the Standing Offer Arrangement (SOA – 64030) entered into from 2015.The term of the Arrangement is for twelve months with the possibility of four further extensions of twelve months each.  
Individual Schools may enter into any single Contract with the CBA for a maximum period of three years.
The facility is known as Youthsaver Account. Each bank account is held in the name of individual students.
The operational agreement for the CBA can be found in the online resources section.

Bendigo Bank
http://www.bendigobank.com.au/

Bendigo Bank is also able to provide student banking facilities under the Standing Offer Arrangement (SOA – 64030) entered into from 2015. The term of the Arrangement will be for twelve months with the possibility of four further extensions of twelve months each.
Individual Schools may enter into any single Contract with Bendigo Bank for a maximum period of three years.
The facility is known as PiggySaver or Student Account. Each bank account is held in the name of individual students.
The operational agreement for Bendigo Bank can be found in the online resources section

School Banking Coordinator:

  • process deposits.

Finance Branch:

  • assist with any enquiries or complaints.

Commonwealth Bank of Australia & Bendigo Bank:

Students:

  • be aware that funds to be deposited to student accounts collected on school premises by a School Banking Coordinator, are at the risk of the student until the School Banking Coordinator takes possession of the funds, and from that time of possession, the risk rests with CBA or Bendigo Bank.

Process

Principals:

  • provide CBA and Bendigo Bank with reasonable access to students for presentations on school banking facilities and financial management
  • ensure no other financial institution offers or distributes promotional material on student banking facilities on school premises
  • appoint a School Banking Coordinator responsible for collecting deposits and processing transactions. To earn the commission payment, schools are to use electronic banking for CBA. For Bendigo Bank the School Banking Coordinator is to deposit the money to the local Bendigo Bank branch.

School Banking Coordinator:

CBA

  • process deposits by:
    • collecting students’ Youthsaver coupon books
    • counting and verifying cash compared to completed deposit voucher
    • acknowledging each deposit with a dated stamped receipt
    • logging into the CBA Student Banking webpage and enter student deposits
    • checking total amount of cash is balanced against total deposits
    • ensuring deposits and deposit information is sent to CBA.

Bendigo Bank

  • process deposits by:
    • collecting PiggySaver or Student account books
    • counting and verifying cash compared to completed deposit voucher
    • acknowledging each deposit with a dated stamped receipt
    • checking total amount of cash is balanced against total deposits
    • ensuring deposits and deposit information is delivered to the nearest Bendigo Bank branch.

Finance Branch:

  • assist with any enquiries or complaints.

Commonwealth Bank of Australia:

  • open an account for a student relying upon a request received on school premises only if accompanied by an approval from the student’s parent or guardian
  • ensure there is minimal intrusion into daily routine of school and students
  • ensure that student banking facilities are operated in accordance with all laws and with the Code of Banking Practice
  • will not discriminate between schools or between students as to services or level of services provided, whether based on size of school, number of students participating, location or otherwise
  • ensure that students may make deposits into their accounts at least weekly (during school terms)
  • pay a competitive interest rate, with interest being calculated on the daily balance and paid quarterly in arrears
  • provide students with acknowledgements of deposits
  • will not charge any fees for the facility except for transactions on non-CBA automatic teller machine (ATM) and ancillary services, for example, bank cheques
  • provide web-based student banking facility with user information and guides for use by the School Banking Coordinator
  • pay a commission on deposits made through School Banking Coordinator
  • advise DET, in writing, of any variations in interest rates
  • provide support to DET through CBA’s national Student Banking Support Centre located in Sydney. All student banking enquiries can be directed to 1800 674 496 between 9:00am to 4:00pm (AEST time).

Bendigo Bank:

  • open an account for a student relying upon a request received on school premises only if accompanied by an approval from the student’s parent or guardian
  • ensure there is minimal intrusion into daily routine of school and students
  • ensure that student banking facilities are operated in accordance with all laws and with the Code of Banking Practice
  • will not discriminate between schools or between students as to services or level of services provided, whether based on size of school, number of students participating, location or otherwise
  • ensure that students may make deposits into their accounts at least weekly (during school terms)
  • pay a competitive interest rate, with interest being calculated on the daily balance
  • provide students with acknowledgements of deposits
  • will not charge any fees for the facility except for transactions on non-Bendigo Bank automatic teller machine (ATM) and ancillary services, for example, bank cheques
  • pays commission on deposits made
  • advise DET, in writing, of any variations in interest rates.

Online Resources

Review Date

1/06/2017
Attribution CC BY
​Not Applicable