Financial Literacy Month is Every Week at School Savings Where Students Bank at School
School Savings Targets Underprivileged Schools with Special Bank Offer
SEATTLE, April 15, 2021 (Newswire.com) - April is Financial Literacy month and School Savings, the largest provider of online school banking services in the United States, is celebrating! It's offering incentives to financial institutions to facilitate in-school deposit services to students at K-6 under-privileged schools. Charter and religious schools also qualify. FDIC 'Guidance to Encourage Financial Institutions' Youth Savings Programs' allows financial institutions to provide in-school deposit services to schools. Financial institutions that use School Savings' online deposit software also save by eliminating manual posting of student deposits. And, School Savings' financial literacy curriculum on 'saving' has been evaluated and approved by the U.S. Department of Education for use in schools.
School Savings is an education technology company that functions in many respects like a bank and is subject to the same security requirements as financial institutions. Its mission is to create a new generation of savers with special emphasis on Title 1 Disadvantaged schools. School Savings™ began in 1982 through a partnership with Washington Mutual Bank. It rapidly spread from Washington State to almost every state in the country, adding more than 300 banks and 7,000 schools to the program. More than 3,500,000 students have learned to save through School Savings™. How it Works!
Security is number 1 at School Savings™. Its data management systems and procedures meet SOC 2 security requirements. Notably, School Savings only ACCEPTS deposits AT SCHOOL. Withdrawals must be made through the local participating financial institution.
Parents love the program because it helps create a saving habit at a young age. "Financial education though a popular concern has been proven to have very little effect unless it is paired with actual experience wherein it then becomes more realistic and significant." Robert Freidman, Founder and Chair, Center For Economic Development (CFED).
School Savings provides that hands-on experience. School Savings uses the latest online banking technology and its capabilities as a processor for the Federal Reserve Bank to perform the school banking service.
Source: School Savings
Categories: Business News