Aussie banksâ secret payments to schools exposed Australiaâs financial watchdog has found banks are paying schools to sign up students for classroom banking programs that fail to improve savings behaviour.
Business by Natasha Bita
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Subscriber only Banks are secretly paying schools to sign up students for classroom banking, a scathing government investigation has found. The Australian Securities and Investments Commission (ASIC) has uncovered sophisticated advertising and marketing tactics by banks including the Commonwealth Bank. They include $2.15 million in incentive payments to schools and Parents and Citizens Associations (P&Cs) to sign up students last year, with another $1.2 million paid before COVID-19 classroom closures this year.
Aussie banks' secret payments to schools exposed | Coffs Coast Advocate coffscoastadvocate.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coffscoastadvocate.com.au Daily Mail and Mail on Sunday newspapers.
Why school banking has had its day
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When I was six years old, I was a member of the school banking program.
Every Tuesday I took my banking passbook and a dollar to school and the deposit was duly entered into my bank balance.
At home I had a rectangular money box with the facade of a grand bank building in green and gold and the title Commonwealth Bank of Australia . (You can buy them secondhand for $15-50 depending on the condition).
Money boxes . the tin, right, was modelled on Commonwealth Bank s then head office in Pitt Street. The tin, left, was a model of the bank s building at 48 Martin Place.
School banking programs 'take advantage of vulnerable customers', ASIC report finds 9news.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 9news.com.au Daily Mail and Mail on Sunday newspapers.
Aussie banksâ secret payments to schools exposed Australiaâs financial watchdog has found banks are paying schools to sign up students for classroom banking programs that fail to improve savings behaviour.
Business by Natasha Bita
Premium Content
Subscriber only Banks are secretly paying schools to sign up students for classroom banking, a scathing government investigation has found. The Australian Securities and Investments Commission (ASIC) has uncovered sophisticated advertising and marketing tactics by banks including the Commonwealth Bank. They include $2.15 million in incentive payments to schools and Parents and Citizens Associations (P&Cs) to sign up students last year, with another $1.2 million paid before COVID-19 classroom closures this year.