News

School banking programs will be scrapped in ACT schools after a unanimous vote against ‘sophisticated marketing techniques’ aimed at children

The Australian Capital Territory has moved to ban school banking programs, like Commonwealth Bank’s popular Dollarmites scheme, from public classrooms. Lawmakers unanimously voted on the legislation, which found those programs are a “key strategic tool” in marketing banking products to children. The ACT joins Victoria in its rejection of school […]
School banking programs will be scrapped in ACT schools after a unanimous vote against ‘sophisticated marketing techniques’ aimed at children
News

The Commonwealth Bank’s Dollarmites school program targeted ‘vulnerable’ children as customers without actually educating them, an ASIC investigation finds

Financial regulator ASIC has released its final review of bank-run school programs, finding they were largely “customer acquisition” channels and provided little actual value to school kids. While the report covers 10 different school programs the Commonwealth Bank’s Dollarmites program, representing upwards of 97% of all school programs and valued […]
The Commonwealth Bank’s Dollarmites school program targeted ‘vulnerable’ children as customers without actually educating them, an ASIC investigation finds
News

Victoria will ban school banking programs like Dollarmites – and the Commonwealth Bank says it is ‘surprised and disappointed’ by the move

Victoria is banning financial institutions from offering school banking programs in 2021. It comes after concerns raised about the way banks use such programs to lure children into loyalty with them from a young age. The Commonwealth Bank told Business Insider Australia it was “surprised and disappointed” by the state […]
Victoria will ban school banking programs like Dollarmites – and the Commonwealth Bank says it is ‘surprised and disappointed’ by the move