School Savings and Banking Education Programs

Banks lawfully doing a banking business in Georgia may participate in school savings and banking education programs, where such programs: are provided for minors in order to promote thrift or to provide banking and financial education; are supervised by a school official or an organization affiliated with the school on school premises or at a facility utilized by the school; and are in a location where the bank would otherwise be authorized to have a branch. School savings program deposits are not considered received until they have been delivered to a representative of and at the participating bank. Under a school savings program, checks are not considered paid until received by the participating bank either directly or through a messenger acting as agent for the customer. These programs shall not be considered a branch office, provided the above provisions are met. Authority: O.C.G.A. §§ 7-1-241 ; 7-1-261 . History. Original Rule entitled "School Savings and Banking Education Programs" adopted. F. July 14, 1998; eff. August 3, 1998. Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021.