Modern Banking and Teaching Kids to Fish

[Beavah]

Yah, I'm findin' it really disappointin' that da new Forum software doesn't have a spin-off function eh?  This topic came from Patrol leader election question.

 

These days we all know that check writin' is bein' replaced by electronic transfers, eh?  Heck, da banks don't even want yeh to deposit your checks anymore, yeh just take a picture of 'em with your phone.

 

This is da world our boys are goin' to live in, though, and I reckon it makes for some new possibilities especially for teachin' Personal Management and for handlin' troop operations on da youth level.  I'm wonderin' if anybody has done anything interesting along these lines, or just has some ideas they can brainstorm for folks to try out.   Things like...

 

• Havin' PM MB kids all open bank accounts and get debit or credit cards.
• Usin' kids' accounts to pay dues or outing fees through electronic funds transfer to get parents payin' out of da loop and teach financial responsibility?
• Givin' da SPL/ASPL/PL debit card or checking access to a troop or patrol account to make payments for trip expenses themselves.  Yeh could imagine somethin' like da treasurer transfers and amount equal to the PLC's 6-month budget into an account for them to use and manage themselves...
• Takin' payments through Square or some other payment processor.
• Runnin' all da troop expenses on an REI Card to use da dividend to buy new gear every year .

 

Other great ideas?   Other troop experiences?  Pitfalls?

 

Beavah

 

[Krampus]

• Havin' PM MB kids all open bank accounts and get debit or credit cards.

Yes. We have them earn an amount of money (Second Class) and then request they open a savings account. We review how to open bank accounts, how to write checks and how to use debit cards. It is voluntary to actually open and use these accounts because that would be adding to the requirements.

 

 

• Usin' kids' accounts to pay dues or outing fees through electronic funds transfer to get parents payin' out of da loop and teach financial responsibility?

 

The boys can pay online or being a check or cash. Making payment is up to the Scout how he does it. We do not accept payments from parents in person.

 

 

• Givin' da SPL/ASPL/PL debit card or checking access to a troop or patrol account to make payments for trip expenses themselves.  Yeh could imagine somethin' like da treasurer transfers and amount equal to the PLC's 6-month budget into an account for them to use and manage themselves...

 

Can't. Requires a co-signer at our bank and since it is a business and not a personal account you must be 18 to be a signatory with purchasing rights.

 

 

• Takin' payments through Square or some other payment processor.

 

Yes, but we limit to PayPal via our SOAR/MyTroop website. Square and other such POS services usually take way too much of a commission on the sale. PayPal has been the lowest.

 

 

 

• Runnin' all da troop expenses on an REI Card to use da dividend to buy new gear every year .

 

The QM makes a purchase list and goes with the adult QM (who has the card) to make troop purchases. We don't buy new gear every year....where's the thriftiness in that? We do replace gear but only after the Scouts have repaired it too many times to make it useful.