Transmitting and banking deposits

School Banking Co-ordinators process School Banking deposits using the School Banking Portal. The School Banking Co-ordinator collects the deposit, which is receipted immediately upon acceptance, and enters each deposit into the Portal. This is balanced and transmitted to the Bank electronically. These funds are then credited to each student’s account overnight with same day representation of funds. The School Banking Co-ordinator then makes a single bulk cash deposit at the nearest Commonwealth Bank branch, Australia Post outlet or agency within 24 hours of collection.

Cheques and money orders

Cheque deposits of up to $999 can be accepted through the School Banking program. The cheque should be made payable to the child. Please ensure for tracking purposes that the Youthsaver account number of the student is written on the back of the cheque.

Checking account balances

School Banking Co-ordinators do not have access to check account balances through the School Banking Portal. The child's parent or guardian holds the authority on the child's account and only they can access the balance of the child's account.

Depositing to other Commonwealth Bank account

The School Banking Portal only accepts deposits for Youthsaver accounts.

Deposit insurance

All deposits into the students’ account accepted via School Banking, as well as the supporting cash, are insured by the Bank once receipted by the School Banking Co-ordinator (volunteer or administration officer).

Retaining deposit slips at school

Student information relating to the School Banking program should be locked away securely on school premises after processing. School Banking Co-ordinators only need to keep the children's deposit slips for six months as records. Deposit slips older than six months, must be destroyed by either shredding them or placing them in a locked, secure document destruction bin.

Maintaining students privacy

The School Banking Co-ordinator Handbook outlines information on how to protect the confidentiality and security of student information at school. For volunteer School Banking Co-ordinators, it is important that all information is confidential and any matters pertaining to account holders and their accounts is not disclosed or discussed with anyone, except for the purpose of processing School Banking deposits or reward orders. Student information relating to the School Banking program including deposit slips and reward redemption cards should be locked away securely on school premises after processing, and must not under any circumstances be taken off school premises.

Processing errors

Once deposits are transmitted to the Bank or credited to the School Banking Clearing Account, School Banking Co-ordinators will not be able to amend or delete details of submitted transactions. If an error is located, they must without delay inform the School Banking Helpdesk.

What if a School Banking Co-ordinator is injured whilst specifically undertaking School Banking activities?

The Bank has combined general public and product liability insurance for volunteers specifically undertaking School Banking activities. In addition schools generally maintain public liability insurance for its employees or volunteers that responds to incidents when required. The Bank also has coverage for School Banking Co-ordinators who are specifically transporting School Banking bulk deposits during the period from the school and going directly to the nearest Commonwealth Bank branch, Australia Post outlet or agency. All claims will be assessed on their individual merits and some exclusions apply.