Why This Melbourne School Has BANNED Dollarmites
A Melbourne school has made the call to ban Commonwealth Bank Of Australia's long-running Dollarmites program.
Coburn Primary School council made the decision to stop supporting the program or processing deposits into their CBA accounts following the recent inquests into the conduct of the banking industry.
The Dollarmites program is under review by the Australian Securities and Investments Commission.
“The Commonwealth Bank is currently under investigation in relation to elements of this program and the management of it,” the principal Vicki Minton told parents.
They'll review the decision when the investigation finishes.
The program has come under attack for providing financial kickbacks to schools, turning kids into loyal customers at an early age and having a conflict of interest when teaching children financial literacy.
The bank has over 300,000 Dollarmite accounts in 4000 schools across Australia.