Kids' Bank - Questions & Answers
An account can be opened in the child's and parent's name. To be an owner of an account the bank has five requirements:
- Social Security Number
- Date of Birth
- Physical & Mailing Addresses
- Valid Driver's License Number (if over 16 years old)
Q: Is this a "real" savings account?
A: Yes. Your child will be assigned an account number when the account is opened at Happy State Bank.
Q: Is there a charge for the Account?
A: No. Savings accounts will not have a service charge unless the student exceeds the withdrawal limitations of four per quarter. Each excessive withdrawal is then $2.00.
Q: Is there a minimum balance?
A: No. Minors can open an account with any amount and do not have to maintain a minimum balance.
Q: Does this savings account earn interest?
Q: When is the interest paid on the savings account?
A: The interest is accrued on a daily basis, compounded and paid quarterly.
Q: Who can make deposits?
A: The parent(s) or child can make a deposit into the account. We cannot accept parents' payroll checks, insurance checks, tax refunds or anything of this nature.
Q: Who can make a withdrawal?
A: Any signer on the account can make a withdrawal at any time.
Q: Where can deposits be made?
A: Deposits can be made at the school when the savings bank is open or at any Happy State Bank location.
Q: Where can the withdrawals be made?
A: The withdrawals can be made only at a Happy State Bank location.
Q: How many accounts can my child have?
A: One per child.
Q: Who will accept the money at the School Kids' Bank?
A: Happy State Bank will train students to be "tellers" and will be supervised by a parent volunteer and a Happy State Bank employee.
Q: Who can I call if I want to know my account balance or have questions about
A: There are several places that you can get information on the account:
- Any Happy State Bank branch
- Happ-eBank Online Banking at www.happybank.com
- Express Line (806) 359-7737 or toll free (866) 359-7737