Stop Loan Sharks

Money Bees

- Encourages children to develop the savings habit in their formative years

- Assists in the development of basic numeracy skills, financial literacy, and an understanding of personal finance

- Develops transferable skills in basic book-keeping, accounting and record keeping

- Develops teamwork abilities and organisational skills

- Involves the children in working with the wider community in which they live, helping them to develop links with other organisations and people, giving them a sense of belonging and self-worth. 


BENEFITS OF THE PROGRAMME

Deposits

Deposits are to be made at the school on the day and at the time decided by the school. The passbook is required every time the Junior Saver makes a deposit. Passbooks will be updated when deposits are made. 

Withdrawals

Schools can decide whether to allow withdrawals on a Junior Saver Account. Withdrawals on a Junior Saver’s Account may only be made with the full authority of the Junior Saver’s Trustee. If the Junior Saver is under the age at which they are allowed control of their own account by the Trustee, the Trustee should complete and sign a Withdrawal form. When completing a Withdrawal form, the preferred payment option should be selected. The withdrawal options are as follows:

- Withdrawals in cash at the school for amounts up limit set by school but not greater than £50

- Via Debit Card at a cash point, if part of the school’s specific program


ADMINISTRATION OF THE IN SCHOOL BANK

Money Matters Community Bank will establish the In School Banking scheme and will provide the technology, training, ongoing support and passbooks. However, the support of school staff, parents and governors will be needed to guarantee success. There is no direct financial cost to the school. Input will be required from participating schools in the following areas:

The school should:

- decide on what date the school wants to start the In School Banking Scheme provide sufficient appropriate adult volunteers, there must always be two adult cashiers at the collection point (it is an insurance’s requirement). Ideally, the school should select at least 4-6 volunteers so that there is cover for absences ensure that any personnel who come into unsupervised contact with children are not prohibited from such work under the provisions of the Children Act 1989 identify dates and times to operate the in-school bank which is a self-contained operation within the school but also will be part of Money Matters Community Bank, and as such will contribute to the social and economic wellbeing of the community.

- complete a School Registration Form with all the above details and return it to the Money Matters encourage the students to continue saving with Money Matters after leaving school.

- encourage parents and the community to use the services of Money Matters Adults associated with the school may:

- receive training in Money Matters operating principles, philosophy and practices

 – receive in-house and theoretical training in matters such as in school banking procedures

- receive on-going support and advice from the Money Matters.


MONEY MATTERS ROLE IN THE SCHOOL


  – Assist in the promotion of In School Banking

- Make presentations to all interested groups (school staff, parents, pupils)

- Provide training to all those associated with the running of the in- school bank. The training for the adult volunteers will take approx. 2 hours, usually the week before the first collection; a minimum of 4 Young Cashiers will be trained by Money Matters

- Provide a member of Money Matters staff to support running a collection point remotely 

- Assist with writing and possibly printing an introductory letter to be sent to parents. It could contain a letter on the school’s headed paper informing about the In School Banking scheme, application form for the parent to complete and send back to school with the child and their first deposit, some general information about Money Matters, membership application for the parent to also enrol as a saver

- Provide all the necessary materials: forms, collection sheets, Money Laundering Regulations notice, Financial Services Ombudsman notice etc

- Provide incentive gifts for Junior Savers

- Develop appropriate operating procedures to ensure efficient service to the school

- Establish and maintain working links with the parent-teacher association and other similar groups within the school

- Take an active involvement in the school for the benefit of pupils in relation to the school curriculum, e.g., improved numeracy skills, general mathematics


Thanks to our friends at the Illegal Money Lending Team, we want to #StopLoanSharks, for good.

That’s why we’re giving everybody who saves £30 with us, another £30 straight into their Money Bees Account. 

To enquire about our Money Bees accounts, please email us at  hello@moneymattersbank.com