Why is Dollarmites banned?
RELATED: ASIC’s scathing review of Dollarmites Commonwealth Bank has run the Dollarmites program for decades in Australia. In December, the corporate regulator slammed the Commonwealth Bank’s program as little more than a marketing tactic to build brand loyalty to vulnerable customers under the age of 18.
What was Dollarmites?
Dollarmites a cash cow for CommBank The bank may have billed it as a financial literacy program to teach kids how to save, but promoting the bank to children was a cash cow. Dollarmites has been responsible for decades of relentless promoting of their financial products to young and impressionable minds.
What is Commonwealth Bank Dollarmites?
Under the Dollarmites scheme, primary-aged students and their parents are encouraged to open savings accounts through Commonwealth Bank, where they could deposit any loose change and pocket money not spent on tuckshop snacks.
When did Dollarmites start?
The school program has been operating for nearly 90 years and was first instituted when the bank was still government-owned and operated in 1931.
Which 3 Australian states will end the Dollarmite program in schools?
Now banned in Victoria, the ACT and Queensland Now Queensland has followed suit and will ban school bank programs as of 31 July this year (when the school term ends and the state’s contract with CBA expires).
Why is school banking stopping?
The decision was made following the review of the Australian Securities and Investments Commission (ASIC) review on School Banking ProgramsExternal link on 15 December 2020, which found that the costs of the program outweighed the benefits.
What age can a child have their own bank account?
Children can open their own current account once they turn 16. But if they’re younger they’ll need a parent, grandparent or guardian to do this for them.
Who sold the Commonwealth Bank?
Between 1991 and 1996 the Australian Government fully privatised the Commonwealth Bank. The first share offer in 1991 was valued at $1,292 million, the second in 1993 for $1,700 million and the third was sold for $5,000 million in 1996.
How many schools around Australia are currently part of the Dollarmite program?
“Different schools enter different programs, there’s about 560-odd schools that have programs with the Commonwealth Bank, and there’s quite a number of students who have bank accounts as well,” she said. She estimated about 38,000 Queensland students had Dollarmite accounts.
How many students have dollarmite accounts in Queensland?
She estimated about 38,000 Queensland students had Dollarmite accounts. She said Monday’s announcement did not mean that accounts needed to be closed. Want more local news? We offer tailored front pages for local audiences in each state and territory.
What do the dollarmites do at school?
The Dollarmites are at School, and Lucas needs help finding all the words on the whiteboard. Everyone’s favourite dog, Pat loves to run, play fetch and save up his bones so he can chew them later.
When can my child join the dollarmites club?
When you open a Youthsaver account for a child who’s 12 or under, they’ll automatically join the Dollarmites Club. A Youthsaver account encourages children to save by offering bonus interest. Already a customer banking online with us? Save time by using your NetBank details. New customer or don’t bank online with us?