How do School Banking deposits get processed?
Last updated 21 February 2019
Transmitting and banking deposits
School Banking Co-ordinators process deposits using the School Banking Portal. The School Banking Co-ordinator collects the money and enters each deposit into the Portal. This is balanced and transmitted to the Bank electronically. The School Banking Co-ordinator then makes a single deposit at the nearest Commonwealth Bank branch, Australia Post outlet or agency. All deposits accepted via the School Banking program should be receipted immediately upon acceptance and bulk cash deposited within 24 hours of collection. Please refer to your School Banking Co-ordinator Handbook for further details.
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 are not permitted to check account balances. 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.
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
You only need to keep the children's deposit slips for six months as records.
If you have deposited School Banking funds into the School's General account you can either electronically credit the School Banking clearing account or if the School's General account is with the Commonwealth Bank a fax authorisation can be accepted to transfer the funds.
What if a School Banking Co-ordinator is injured whilst specifically undertaking School Banking activities?
Both the School and the Bank would have combined general public and product liability insurance that responds to incidents when required. In addition, the Bank 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. For further details on this aspect, please contact either your local School Banking Specialist or the School Banking Helpdesk.