Banking & Personal Funds
GUIDELINES & CRITERIA
The Ministry of Education requires that schools will protect the fees of all students. Course fees and homestay fees will be paid into the Bethlehem College Investment Account for Foreign Fees. Homestay fees will be paid fortnightly in advance, from the College, directly to the homestay's account. Any unused homestay money is refunded to the student's bank account at the end of the school year.
For all other money, the International Department arranges for all overseas students to place their personal spending money in a Bank of New Zealand Account in their own name. This account belongs to the student. The funds in this 'holding' account can only be withdrawn through automatic payments arranged by the student and the International Office, or by a withdrawal signed by the student and a designated International staff member.
The school operates a 'cash management system', thereby reducing bank fees for the students when withdrawals are made from their accounts.
An amount of no more than $50.00 is transferred weekly to a second account in the student's name. This is the 'pocket money account' and is operated solely by the student. The student is issued with an ATM money card and can make withdrawals at most shops, supermarkets or ATM machines throughout New Zealand.
Bank statements are issued from the Bank of New Zealand every month. A copy of the statement is sent to parents and a copy is available to the student.
The 'holding' account must be kept in credit at all times.
Agents or families are advised of the expected requirements on enrolment and/or in June and December. These include homestay fees, pocket money, bus fees, uniform costs, and a contingency fee to cover items such as doctor's accounts, books, travel, clothing, telephone accounts etc.
Any money remaining in the student's accounts at the end of the student's time at school is returned to the student's family.
Bethlehem College believes this system is beneficial to the student, teaching them stewardship and budgeting. The banking system allows parents to see exactly how their money is being spent. Should a student wish money for a large item, eg: computer, radio, bicycle, etc, contact is made with the parent, and their permission sought and a request made for further funds before the money is withdrawn from the bank.