My daughters’ first banking experience

Since my two daughters were born, it has always been my plan to open a bank account for both of them. Unfortunately, I have not been that successful for some reasons... maybe because of my busy schedule, or for financial reasons, perhaps.

Fortunately, SPARKS Academy of Global City, where both of my two daughters are currently studying came up with an program to teach their students the value of saving money by depositing their excess daily allowances to their respective class advisers. 

 

SPARKS also tied-up with Banco de Oro, Market Market Branch. Students were encouraged to open an account at the said branch with a special initial deposit fee of P100.00. That was before. But, as of January 2013, BDO is now implanting the  P500.00 initial deposit for passbook (only) account applicants while P2,000.00 for those who prefer to avail of both passbook and ATM card.  

Monthly, all the savings of each student will be deposited to their respective bank accounts.

January 20, 2013, Sunday. Finally, after how many failed attempts, we were finally able to open their accounts. Renee Joy, my first born, since she is already seven years old, she was already asked to fill up the documents, with my guidance. While my second child, as she is still four years old, the account issued was still under my representation. But, as I was not able to bring the original copy of their birth certificates, we were advised to just present those documents the following day. For the mean time, the passbook were not yet released to us, for security purposes.

The following day, Monday, we were finally able to claim their passbooks. Renee Joy’s ATM, on the other hand will still be released a week after.

I am just glad that SPARKS initialized this program. Renee Joy & Reena Joy were really so excited upon seeing their passbooks!

Hopefully, with this program, we can be successful in instilling the value of thriftiness and saving money on both of my two daughters and their schoolmates as well. :-)