On 24 October 2021, the Treasurer and Minister for Education and Early Childhood Learning, the Hon. Sarah Mitchell MLC, announced that school banking programs will no longer be run in New South Wales schools, from 2022.
As school banking programs are managed at a local level commonly by the P&C Association, the Department of Education has passed on this information to P&C Federation to share with our members, to support you through the exit process. You can find information about this decision and guidance to assist you in taking the next steps to wind down your school banking program, on the Department’s school banking website.
In addition, as most of the school banking is with the Commonwealth Bank of Australia, you can find more information and guidance from CBA on winding down the program on the Commonwealth Bank of Australia’s school banking website.
Principals at your school would have received an update from the Department on school banking programs.
It is important to note that there will be no impact to your child’s bank account. Parents and carers can still keep their child’s bank account open and can continue to make deposits into accounts through online transfer or at any bank branch.
As mentioned in a recent letter from the Principal, the Department launched the Treasurer’s Financial Literacy Challenge in collaboration with ASIC to further support our kids with financial literacy education. The challenge is currently in pilot targeting students in Years 5 to 8 and aims to engage students in practical activities focused on how to save money, spend money wisely and budgeting.
If you have any questions in relation to this process, you can discuss these with your school principal or email schoolbanking@det.nsw.edu.au.