On Deposit Day, students bring money to school for deposit. Generally before school or
during lunch break, parent volunteers enter the deposits online at
www.schoolsavings.com. After all deposits are collected, the Volunteer deposits the
funds at a local participating financial institution. School Savings electronically
credits the students' accounts with their deposit. There is no minimum deposit or fee
Deposits made at school appear on the students' regular account statement. Students earn 10 Super Saver Points for each deposit made at school, regardless of amount. An incentive system manages the Points system and rewards students for frequent deposits through a national awards program.
You can review FDIC regulations regarding school banking programs here. FDIC School Banking regulations
'Know Your Customer' identification regulations are different for school children. Banking regulators accept confirmation of school registration from school districts as acceptable identification for opening a bank account. KYC Regulations for Youth Accounts