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#1915291 - 04/17/14 04:09 PM Starting a "school bank"
HR Banker Offline
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We are looking to assist financial education classes at a local high school by opening a "bank" there. This would be run by students three days a week during lunch hours. Can anyone that has participated in this give us some direction? Do you actually employ and train the student tellers as interns? Did you just train the teachers? Are there compliance restrictions we need to consider? We're just in the early phases of getting information. Any help would be appreciated.

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#1915494 - 04/17/14 08:34 PM Re: Starting a "school bank" HR Banker
Richard Insley Online
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Richard Insley
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Toano, VA
If your high school bank will handle live transactions involving real accounts, it may be a branch. Before you get too far into this, consult with the state or federal agency that issued your charter.
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#1915672 - 04/18/14 02:12 PM Re: Starting a "school bank" HR Banker
Pale Rider Offline
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You don't employ the students. I suggest you contact Happy State Bank in Amarillo, Texas. They operate a student led branch during lunch as part of a pilot project with CFED. They will be "happy" to tell you of their experience and how much it may cost.
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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#1915674 - 04/18/14 02:14 PM Re: Starting a "school bank" HR Banker
Pale Rider Offline
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Here is a link to a press release on the results of the pilots -


http://cfed.org/blog/inclusiveeconomy/ne...ation_strategy/
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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#1915838 - 04/18/14 05:41 PM Re: Starting a "school bank" HR Banker
Tennismom Offline
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Tennismom
Joined: Jan 2004
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This is a link to an OCC Community Affairs Bulletin that discusses.

http://www.occ.gov/topics/community-affa...nk-programs.pdf

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#1916805 - 04/23/14 03:56 PM Re: Starting a "school bank" HR Banker
Raquel Offline
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For FDIC regulated banks, the information can be found in 12 CFR 303.46. Basically, application and prior approval are not required if "bank" meets certain requirements.

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#1916819 - 04/23/14 04:18 PM Re: Starting a "school bank" Raquel
HR Banker Offline
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Thank you.

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#1916918 - 04/23/14 06:33 PM Re: Starting a "school bank" HR Banker
ahkcompliance Offline
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Midwest
We operate the same thing in our elementary and middle schools. For state laws, we have to call it an "educational bank."

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#1922842 - 05/13/14 07:53 PM Re: Starting a "school bank" ahkcompliance
HR Banker Offline
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How do you handle privacy concerns by allowing student tellers see student customer information? Do they sign a privacy agreement? We're not sure yet if we will have student CSRs opening the accounts and therefore obtaining NPPI or have our CSRs open the account and just let the student tellers go from there.

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#1922962 - 05/14/14 01:53 PM Re: Starting a "school bank" HR Banker
ahkcompliance Offline
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Midwest
A bank employee actually opens the account. The student tellers only take their deposits.

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#1922963 - 05/14/14 01:55 PM Re: Starting a "school bank" HR Banker
Pale Rider Offline
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There are a variety of ways to address the privacy issues. One is to have the school as your customer only, and require it to manage the sub-accounts for students. In this way, you do not collect any personal information from the students since they are not your customer. The school is the administrator of the accounts and functions as a trustee of the funds.

This also avoids the issue of having minor accounts.

You would want to ask those banks that are operating these in school banks how they handle privacy when students are acting as tellers and customer service reps.
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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