Guide to starting CU collections in Schools

THE CREDIT UNION IN SCHOOLS (whole school route)

A GUIDE FOR STAFF AND VOLUNTEERS

This is a guide to setting up and running Junior Savers accounts for pupils.

INITIAL STAGES

1. Letter to parents on School headed paper informing them of the intention to sign all pupils into the Junior Savers. Those parents who do not wish their child/ren to be involved can opt out at this stage. (schools can adapt ACU Guide to Junior Saving, attached, for letter)
2. Initial mailing includes Credit Union (CU) Junior Savers information leaflet which requires Parent/Guardian printed name and signature. (NB ACU have not always done this step)
3. School sends CU list of names & addresses of those pupils left in on Excel spreadsheet. CU requires Full Name, Gender, DOB, Home Address. CU accepts this school report as proof of ID.

CREATING JUNIOR SAVERS ACCOUNTS

1. CU assigns membership numbers, and creates accounts on computer.
2. CU prepares individual Savings Packs for each junior member comprising:
   1. Application form requiring signature (see NB above)
   2. Member’s Passbook
   3. Supply of deposit slips
   4. One withdrawal slip
3. School returns signed Application Forms to CU and distributes Savings Packs to Junior Savers.

RUNNING THE ACCOUNTS

1. School determines time and venue for Weekly Collection. CU will initially provide volunteer collectors to assist if required.
2. Collections usually take place on the one day. Past practice suggests it is better to organise collections at the beginning of the day, rather than the end. (Avoid Mondays as Dinner Money Day)
3. Junior Savers bring Passbooks, money and completed ‘paying-in slips’ to the collection point (school).
4. Volunteers mark up the Passbooks (either immediately or over the day) for Junior Savers to take away.
5. Collectors/volunteers/CU Staff take cash to Credit Union or bank directly into Credit Union Account with supplied ‘paying-in’ book.
6. Withdrawal of savings requires 7 days notice. Junior Savers complete and submit their Passbook and ‘Withdrawal Form’ (signed by guardian) to the collection point for forwarding to the Credit Union. CU pays directly into childs/parents/guardian's account via BACS, or Credit Union supplies cheque and marked-up Passbook to school for collection the following week. NB important to know EXACTLY to whom payment should be made.

JB Oct 2012