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CHOICE response to the ASIC school banking review

18 October 2018

Quotes attributable to Sarah Agar, CHOICE Head of Campaigns and Policy:

"Earlier this month, CHOICE handed the Commonwealth Bank a Shonky Award for its dodgy Dollarmites school marketing program. CHOICE was joined by other consumer advocacy organisations in calling for the banks to remove their branded marketing from schools.

ASIC's review into school banking schemes is an important step to deal with the Commonwealth Bank's branded marketing material dressed up as a financial literacy initiative. The Dollarmites scheme uses slick marketing to get at kids when they're young and market products to them, turning them into customers for life.

35% of all adults still have their first bank account. The Commonwealth Bank shouldn't be able to buy its way into schools through its Dollarmites marketing program in order to gain access to long-term customers.

Given the recent string of scandals uncovered through the banking royal commission, it's important for the regulator to look into whether we should be trusting the Commonwealth Bank to teach our kids about banking.  

CHOICE will be engaging in the review, and we look forward to ASIC's findings."

SHONKYS assets are available for media use.

Media contact: Nicky Breen, CHOICE: 0430 172 669