General
School banking programs to be banned in Canberra from July, after unanimous support from ACT politicians
School banking programs, like Commonwealth Bank’s Dollarmites program, will be banned from ACT schools from July, after a motion was unanimously passed in the Legislative Assembly yesterday afternoon.
Key points:
- Banking programs will be banned from schools after the regulator found they were little more than marketing exercises by the institutions
- Members of the ACT Legislative Assembly voted unanimously in support of the ban, which will come into effect mid-year
- The Education Minister says the programs have seen a large drop off in the ACT since coming under scrutiny in recent years
A review of the financial programs by ASIC last year concluded they do little to help students.
The banking regulator said the programs did not improve…
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