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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

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

76 replies

Asinine · 08/03/2011 10:41

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?

OP posts:

new2cm · 08/03/2011 11:12

YANBU.

The school should give the full details, including interest rates etc.

I think that it is a good idea on the whole, but in your case, the school has handled it badly. After all, it's ultimately your money that will be going into that bank account! At the very least the school and the bank should be giving you the full information - you have the right to know!

I suspect the interest rate is low otherwise they would have made a sOng and dance of it.

I'll be thinking of you whilst I make my .

Full sympathies.

annielouisa · 08/03/2011 11:12

Perhaps they are just trying to instil the importance of saving at an early age. If you are not interested just tick the opt out.

Saving is going to be far more important for the younger generations as they will need to prepare more for their futures financially.

squeakytoy · 08/03/2011 11:13

Understanding how money works is a vital life skill. The sooner children understand it the better.

wannaBe · 08/03/2011 11:14

can't understand what the fuss is about. If you don't want your child to do it then sign the form. But why on earth is there the need to be so about it.

Personally I think that anything that teaches children about money can only be a good thing.

lovenamechange100 · 08/03/2011 11:14

I think its a great idea re savings but dont like the idea the way the school has gone about it 'opt out' thingy and there should be some interest on savings (or was it info).

I would let me my DS be involved if only to be 'part of it' all intially. But do see it as our responsibility to teach him about work/reward/savings/patience and planning for future needs etc - even if it is a wii game!

slhilly · 08/03/2011 11:15

The reason it's being done is to try to encourage good financial habits and literacy from an early age. Which, given our addiction as a nation to private debt and many many people's struggles to understand APR etc, seems like a pretty sensible idea.

If it helps, think of it as practical maths.

MaybeTomorrow · 08/03/2011 11:15

Hmmm this is a tricky one. I can see the concept and like other posters we had a monthly visit from, what was then, 'The Midland Bank' and you could pay in money (but couldn't take it out I don't think... it was purely for saving) and you get a special bank book etc.

BUT we were in secondary school and a large number of us had paper-rounds/Saturday jobs etc.

I don't want to presume the way that children are these days, but I would be a little bit concerned about lots of children taking money in on the same day. Could that possibly be another excuse for bullies to prey on those already prone to being picked on, to take their money?

I may be being very cynical and TBH my views on bullying in schools come from threads that I've read on here, I've got no real life experience of this as my only child is only 21 months old, so apologies if that is a ridiculous thought...

Original poster

Asinine · 08/03/2011 11:15

Have already ticked the box to say no. May be quite a few other parents will too. Judging from the answers so far there is a range of different attitudes to it all.
I had no problem with it in juniors as an opt in, but just don't want people opening accounts for me unsolicited.

OP posts:

BaroqueAroundTheClock · 08/03/2011 11:16

Actually I think it's better that it's a Credit Union than a bank........

squeakytoy · 08/03/2011 11:18

but just don't want people opening accounts for me unsolicited

It isnt for YOU.

It is a saving club for a child, not a credit card. What harm do you think it is going to do them???

BaroqueAroundTheClock · 08/03/2011 11:18

BTW - my comment above was re the "nice littler earner" type comment above about random £2 sat in accounts. Credit Unions aren't there to make a profit out of your money.

caughtinanet · 08/03/2011 11:19

Sounds like an excellent idea in principle - general financial educational is sadly lacking in the school system.

I can't see what harm there could be in encouraging children to understand about saving from a young age and hopefully move onto budgeting, running a bank account and generally managing their money.

You sound a bit anti school, surely if you don't agree just don't sign the letter.

My DCs school certainly doesn't spend all its time trying to wind up parents and I don't believe that most schools do - what an odd viewpoint.

MrsH75 · 08/03/2011 11:24

I agree, I have to say I find the OP oddly beligerent towards school in general. I would be if this were a high street bank and the head's sister was the manager or something but this isn't the case. I'd rather see it as opt in rather than opt out, but still.

HerbWoman · 08/03/2011 11:25

Maybe I oversee the school bank at our primary and most of the children forget each week, but we do have some regulars. Some children even bring in 20p to pay in. We have had no problems at all with bullying and money. No-one has lost their money and we fetch the classes one at a time to pay in straight after register so it isn't in their pocket for most of the day. They cannot take the money back out in school - they have to go to a branch in town for that. If anyone forgets to pay money in while the bank is 'open' they can then give it to their teacher and it is kept in the school safe until the following week. It is mainly to encourage the habit of saving as the interest rate is minute unfortunately.

ByThePowerOfGreyskull · 08/03/2011 11:28

I was totally against this until I read that it is with a credit union and not a bank.

as someone has mentioned HSBC did this through schools ages ago and it does win customer loyalty, I personally object to them trying to get loyalty from my child so early on.

I think it is not veryy much diffrerent from what we do at home here in that DS's have a savings book and each week they get pocket money that they can either spend there and then or put it in their money box which is counted as savings, they are allowed to get money out at any time but we use it as a little maths lesson about if you have 1.75 in there and you are taking out 50p how much will you have left.

I would say yes.

new2cm · 08/03/2011 11:29

"but just don't want people opening accounts for me unsolicited

It isnt for YOU. It is a saving club for a child,"

Perhaps, but where is a infant-aged child going to find the money to put into that account? The point is the money is most likely to come from the child's legal guardian - or is the school the legal guardian with respect to such bank accounts?

What if a child moves or changes school? What happens then? Parents need to know these things.

Acanthus · 08/03/2011 11:30

I would be ok with this as an opt-in scheme, I agree it is a bit odd as an opt-out one. Just a bit odd, mind, not enough to get angry about!

Original poster

Asinine · 08/03/2011 11:30

I am a bit anti infants school that is fair to say, juniors is much more rational, secondary is fantastic.

OP posts:

Original poster

Asinine · 08/03/2011 11:33

New2cm you put it so much better than me

think I need a

OP posts:

potoftea · 08/03/2011 11:40

I think it's a great idea too.

In my ds's primary they had a savings scheme with the post office and the school held on to the books unless you asked for them. Every Tuesday the boys could bring in money if they wanted to put it into their a/c, but most didn't do it every week.

Looking back now over those post office books (they were handed back at end of primary), there are loads of lodgements of ?2 or ?3. And they'd never have bothered saving those small amounts without the school system.

We usually took the books home form the summer as they wanted to withdraw money for our holidays.

squeakytoy · 08/03/2011 11:43

There is plenty of information available on the net about the Young Saver Schemes that many schools are introducing. They are covered by strict legislation.

Children get given money from relatives, not just parents.

Onetoomanycornettos · 08/03/2011 11:47

I don't think it's a great idea and I don't believe taking in 20p a week would really teach children about compound interest and the complexities of the financial market. So, I would opt out without any angst and open one myself if I wanted to.

But then, I don't give my 7 and 5 year old weekly pocket money either, so I realise I am going against the trend on this one anyway.

MarioandLuigi · 08/03/2011 11:48

We had a bank in our school (Midland).

marquesas · 08/03/2011 11:52

onetoomanycornettos - I would expect a simple savings scheme to teach anything so complex but isn't it a good start?

Teaching a child that they can save for something they want and don't have to spend all their money there and then is a valuable lesson.

I don't give my DCs pocket money either but they do sometimes get money for birthdays and Christmas.

xStarGirl · 08/03/2011 11:52

I used to volunteer for a credit union that ran one of these schemes. It in no way makes money for anyone except the child - credit unions are usually non-profit charities run by volunteers, as was said earlier.

Basically all you need to do is find out which CU the school is working with, and they'll tell you what you need to know. Only the admin in charge of collections should have the childrens' account details, as should you (it'll be on their collection book).

I can see why you're irritated, but it's not likely to be a scam Most kids put in 50p a month and the money can be requested and the account closed by the parents at any time.

(that sounds like a sales pitch, reading back, sorry Just wanted you to have a basic idea of how it works in case you did want your kid to join up. CUs in gwneral are under-used, when they offer some really good services.)

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