To object to school opening a bank account for all pupils unless we "opt out"?

[Asinine]

Our school, like most schools, regularly produces crazy missives designed to wind up, irritate and stress out parents. The stuff of many past AIBU threads : dressing up at short notice, baking, sponsored events, template generated report cards, adverts for expensive activities and outings etc. I thought I'd developed an immunity to it all now I'm on dc4, just try not to read it and throw it in the recycling or pay up when unavoidable.

but this has got me

The infant school is opening a savings account with a local credit union in your child's name unless you sign a form to opt out. The children bring money to school on a certain day, and can withdraw it on a certain day. There is no mention of interest rate, which is not the point but still strange.

Oh and they get a free money box and £2 to start.

I don't see why the school thinks it should be interfering with how we handle money at home. The government already opened an account for her when she was born. If I got a letter eg from Halifax saying "we've opened a bank account for you unless you opt out in the next three days, btw interest rate information is not available" I would be
The juniors do this already, but it was an opt in which was more aceptable (throw letter away as normal).
So my dc will feel left out because she won't get a money box etc or a sticker for being a "good saver". Which makes her a bad non saver, I suppose.
So AIBU to object to having to opt out of this scheme?
Or is it just PMT?

I think it's a brilliant idea.

Really? thats awful. I would not be agreeing to that at all. Its not really the schools place to do so at all, sounds like a nice money making scheme to be honest. id definatly say no

why are they doing it, have they given any reason?

I think we would opt out, too. It sounds like the sort of scheme where the school gets a percentage of 'sales', like 'book fairs'. Also sounds interfering. Dh and I decide when our dc are old enough for pocket money. Dh and I decide hoe much and when, and we teach our children about savings.

Wouldn't that mean the teacher would have all the childrens account details.... sounds a bit dodgy to me.

I remember this (with TSB) from the 1970s!

No idea about T&C or parental consent in those days; I think the idea was to learn something about saving up. You'll probably need to go back to the school if you want more info on how they're doing it. Bt given the virtually non-existent returns on savings these days, the £2 opening bounty might not be a bad return.

No, no reason, except to encourage saving. It even says "happy saving" at the end of the letter. I suppose it's just annoying to be told what to do and made to feel that dc will stand out because she will not be handing in money on the appointed day.

I remember our school doing this!

You got a free football or bag.

Most kids put £2 in then never bothered again.

Must be thousands of accounts somewhere with £2 in!

Chabbychic please expand- I genuinely want to hear it from the other point of view.

School is not making money out of it- have checked.

No, what a daft idea. Good God, there is another 18 months before DD goes into reception, I dread to think what harebrained schemes will be in place by then!

No to bringing in money and taking it out on certain day (WTF business is it of the school's?), no to teacher having account details. Presumably parents won't have access to the account details. And it'll be a 5 minute wonder. And as Totoros says, there'll be loads of accounts with £2 in, no biggy for the account holder but not a bad little sideline for a building society.

Sign form to say no. easy.

I also think is an excellent idea. I would certainly agree to dd or ds1 doing this - don't see the difference to them having their piggy banks at home for small change. They have bank accounts already for larger sums.

You can of course opt out, if you aren't doing pocket money yet or giving them money. But I personally think that learning to save us important, and this seems to be one of those many times when lessons at home/school can happily merge. Just as lessons on biology/health/the environment and so on can be reinforced at home, or the school can build on things the children have learnt at home already.

I think its a good idea too. I remember something like this in the 70's.

Its a great way of learning to save.

I had the TSB account too.

I would pay a good sum of money each term not to get any non essential school letters. Now there's an idea for a fund raiser....

AFAIK Credit unions are non profit

we did this when i was at school with HSBC, i still use the acct today

teaches kids about money at an early age

cant see the problem tbh

Lots of highly indignant reactions before you even know how it works!

Just opt out. That's all. Just tick the box to opt out - you could have done that so much quicker than writing your post.

And having been at meeting discussing potential defect budget, I don't see what the problem is with schools participating in schemes even where they might ctually raise cash for the school fund, of course when it doesn't disadvantage the children.

I don't know - I suppose I don't understand the perspective I increasingly see where schools are seen as interfering with families or placing unacceptable demands on parents. Almost a knee jerk response to any scheme or proposal seems to be to express exasperation.

Heaven forbid the school send non-essential letters or try and include parents in what's going on at school.

I think that's a really weird thing for a school to do, what business is it of theirs? And surely infant age children don't care or understand about money and saving, and nor should they need to IMO.

But then I first got a current account when I left home at 18, which was quite normal then, and only got a savings account in my mid-20s when I had a decent job and actually had something to save. I've never heard of such young children having bank accounts and it sounds a bit bizarre to me - but maybe things have changed.

I (70s child) had post office saving account from age of about 7. First bank account at 12 (griffin account. Loads of free stuff).

DC's school have an arrangement with Nat West. It's optional to open an account, no opt out required. On paying in for the first time each child was given a piggy bank. There is a maximum pay in at £10.00 a week. Yr 5 are the cashiers so dd goes in early one morning a week. There have been no complaints afaik.

Can't you just let your dc have the account like all of her classmates and give her the £2? It's not like it's much money,and then she won't feel left out.

I had a TSB account too - I seem to recall that my mum withdrew about £20 when we eventually closed to put into my Halifax Account which I opened when I was 12.I still have the same cardcash account with the Halifax now as I did then

The parents should be given more details about the account and who controls it. It should be a scheme aimed at junior school age children, infants school is still too young.

And don't the teachers have enough on their plates already, that they have to be book-keepers to 30 children as well?!

It's not a new idea - I was Assistant Bank Manager no less at my primary school's bank back in the 1970s . Still have the photos - shame about the shoes though .