Playing at real with a virtual bank
For Lai, the ideal Bank of Wenlin not only had to be able to print money, but should also offer savings accounts. If Wenlin’s 1600 students, however, had judged the system in its early days solely by how money was being counted, they might not have considered the plan a resounding success.
Money counting machines have a counterfeit detection mechanism, and the weight and other characteristics of the paper used for Wenlin Dollars differ from those of real banknotes. Thus, no commercially available machines could be found that were suitable for counting the school’s proprietary currency. Undaunted, Lai searched all over Taiwan until he finally found a vendor in Shulin that was willing to custom-make a counting machine for Wenlin Dollars. However, toner particles from the laser-printed notes would build up in the machine, causing frequent breakdowns, so that a service technician had to come almost weekly to fix it. Trial-and-error adjustments over the course of a year led to a fifth-generation iteration that could finally be called a success.
When a child makes a deposit in the Bank of Wenlin, the teller first checks the amount by counting the bills, then inputs the account number and the amount to be deposited in the computer, updates the student saver’s passbook, and finally stamps the deposit slip with the teller’s own designated chop. This group of young bankers, using their early morning self-study hour and noon recess, process the transactions as efficiently as any adult banking professional.
Just like in the real world, students who want to work in the rewards store or the Bank of Wenlin face a rigorous recruitment process that includes a detailed application listing their reasons for wanting to join the staff, previous experience as a class officer, and participation in campus clubs. Shortlisted candidates undergo an interview and a simulated work-setting test. The test assesses situational adaptability, but it is the interview that most students say is the hardest.
After passing the interview stage, student workers must still complete a one-month probationary period before being formally hired. Currently under the Bank of Wenlin program the bank and the store have ten employees each. According to Lai, due to the intense competition for the posts, students chosen for a staff position are all highly motivated, and as a result turnover is extremely low.
In an economy based on Wenlin Dollars, education in financial matters comes to life through proprietary banknotes, passbook accounts and student tellers.