School Based Bank Savings Programs

From Press Release April 29, 2009

School-Based Bank Savings Programs: Bringing Financial Education to Students

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published a Community Developments Insights report that discusses how banks can set up school-based bank savings programs to help students learn about the importance of saving and managing their personal finances.

Comptroller of the Currency John C. Dugan stated, “As a parent, one area of financial literacy that is especially important to me is that our children learn how to make the right financial choices before they leave home.  These school-based bank programs are productive collaborations between banks and schools that share a mutual interest in providing financial education to students eager to learn.”

The OCC encourages bank participation in financial literacy initiatives such as school-based bank savings programs.  Students involved in these programs receive “hands-on” learning, while banks gain added visibility in the communities they serve.

This Insights report explains how the various school-based bank savings programs operate and describes the potential risks and benefits, including positive consideration under the Community Reinvestment Act, that banks participating in these programs may receive.

This Insights report can be accessed on the OCC’s web site at: http://www.occ.gov/cdd/Insights-Schoolbasedbank.pdf. Contact information for the OCC’s Community Affairs Officers is available at: http://www.occ.gov/cdd/contacts.htm.