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Operating a School Credit Union

Hazel WalshNaas Credit Union

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Agenda

1.Why set up a School Credit Union?2.Benefits of a School Credit Union3.Getting Started4.Set up 5.Operating the School Credit Union6.Points to note7.Suggestions/Ideas?

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Why set up a School Credit Union?

1. Increase Membership Figures

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Why set up a School Credit Union?

2. To increase transaction volumes

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Why set up a School Credit Union?

If these are the main reasons for setting up a School Credit Union, then you will be disappointed!

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Why set up a School Credit Union?

Our strategy is a long term one

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Why set up a School Credit Union?

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Why set up a School Credit Union?

Added Benefit:

Raise your Credit Unions profile in the local community

Benefits of a School Credit Union

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Getting Started

1.Meet with the teacher(s) who will be involved

2.Arrange to present to the TY class who will run the School CU

3. Invite applications for positions Manager Assistant Manager Tellers (x2) Promotional Team (x2)

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Getting Started

4. Hold interviews for the various positions.

5. Select candidates with input from the teacher.

6. Begin training with the students and teacher(s)

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Set Up

The School should be willing to provide A suitable room for the School CU to operate

from Photocopying facilities Stationery Notice board space Announcements re. School CU

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Set Up

The Credit Union will provide the following to the students: Procedure manuals & training Log sheets to record transactions Receipt books Lodgement slips Cash box and a small float Personnel who will sit in on the School Credit

Union each week to guide and advise.

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Operating the School CU

A small float is provided by the Credit Union and brought to the school at the beginning of each session.

(€100 in small notes and coins should be sufficient)

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Operating the School CU

A reconciliation sheet along with all cash, lodgement slips, and duplicate receipts will be collected by Credit Union staff at end of each school credit union session.

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Operating the School CU

Credit Union personnel will electronically update all accounts with details of the lodgements made, on the same day.

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Operating the School CU

School Credit Union is open for 30 minutes each Monday lunchtime.

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Operating the School CU

Manual receipts are provided to students on the day of the lodgement.

Electronic receipts are brought to the school each week and can be collected by the students.

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Operating the School CU

Only lodgements can be made at the school. Withdrawals can be made at the Credit Union offices only.

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Operating the School CU

Membership applications can be taken at the school. (Membership will be activated in time for the next session of the School CU).

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How Students can become members

These requirements apply to students of x school:

Complete the membership form Present student ID Provide your Social Services card or an official

letter with your PPS numberA note is put on the account asking tellers to take a copy ofthe ID etc. the first time the student transacts on theaccount in our main office. This is then added to themembership file.

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Promotion within the School

1. Promotional items, e.g. yoyo’s, wallets, etc. handed out on launch day.

2. Posters etc. placed around the school and announcements made regularly by the principal.

3. Regular competitions to encourage membership & Regular saving, e.g. draw for an IPOD, draw to win €50, etc.

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Other Promotion

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Invited local press along to our launch day – pictures featured in local paper.

Points to note…

The involvement of the teacher is crucial!

They must be willing to provide- time- support- guidance - facilitation

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Points to note…

In our experience, there is a very low joining rate.However, we feel it is still worthwhile to have apresence in the school on an ongoing basis, asthis creates awareness of the credit union amongstudents for the future.

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Points to note…

A budget will need to be approved for :

- Materials- Competition Prizes

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Questions Or

Suggestions!

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