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Preschool banking case study

We are committed to providing preschools with a comprehensive banking package, to manage their finances. We understand some of the challenges preschools face, including annual changes to preschool committees making it difficult to keep track of funds allocated for particular purposes.

Below is a preschool case study, outlining how a preschool can effectively manage their finances at low cost, whilst increasing interest earnings to invest in student education.

ABC Preschool has the following accounts in place to manage funds effectively and provide clarity to committees:

The Day to Day Account is used as the main operating account. This account requires two signatories to transact, ensuring funds are secure. Parent contributions are either paid directly to the account or deposited at the local Commonwealth Bank branch. Bills are paid via Internet Banking and there is a Cheque Book attached, to pay suppliers when required.

The Petty Cash Account has a Visa Debit Card linked and is used by the nominated preschool teacher to make purchases. This way, teachers have the ability to easily manage their daily routine and there is no need to keep cash on the premises. Plus, for added security, all transactions from this account can be viewed via Internet Banking. As the Visa Debit card can be used to perform Visa purchases, the entire balance of the Petty Cash Account can be accessed by the cardholder.

The Long Service and Sick Leave Provision Account is used to allocate funds specifically for staff leave requirements. This is ideal as committees change, so that there is no confusion and funds are not spent in other areas. ABC Preschool has set up an automatic monthly payment into this account to ensure they have savings available, when required.

At the end of each quarter, the balance of the account is swept into a Term Deposit - resulting in a higher interest rate and increased earnings for these savings.

As needs change ABC Preschool have the ongoing support of our Relationship Officers, given our understanding of the special needs and requirements of preschools.