Business
CBA’s Dollarmites Club targets ‘vulnerable young children’: ASIC – The Australian Financial Review
The corporate regulator found no evidence that school banking programs “in and of themselves improve savings behaviour”.
The Dollarmites program is worth about $10 billion to CBA, Reji Eapen, a former equity analyst at Bank of America Merrill Lynch and UBS, suggested in 2018.
Other financial institutions including Bendigo & Adelaide Bank, Heritage Bank, Hume Bank, IMB Bank and a number of regional credit unions offer school banking programs.
CBA owns 97pc of market
However, CBA is by far the largest provider of school banking, with 175,138 of the total 180,116 accounts related to a school program, or 97 per cent of…
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