The days are numbered for Dollarmites, according to consumer group CHOICE, after the Queensland Government today announced plans to ban bank marketing schemes.
“It’s time to get Dollarmites out of all schools across Australia. Dollarmites is a corporate marketing exercise disguised as financial education,” says CHOICE Banking Expert Patrick Veyret.
“It’s only a matter of time before the other states and territories act on this marketing program targeted at Australian kids. Commonwealth Bank has had a free ride in our schools for over 90 years, signing up customers for life and all the debt that comes with it. Commonwealth Bank should cut their losses, dump the Dollarmites and donate to independent financial education programs instead.”
The news comes following Victoria and the ACT earlier announcing plans to ban school banking.
“The Queensland Government have done the right thing by Queensland kids. We welcome the decision by QLD Education Minister Grace Grace,” says Mr Veyret.
“There’s no place for multi-billion dollar financial corporations, especially those with a rap sheet as long as Commonwealth Bank, in our schools. It’s heartening to see Victoria, the ACT and now Queensland act on banning predatory school bank marketing. It’s time for Dollarmites to call it a day and the rest of the country to act.”
CHOICE awarded the Commonwealth Bank’s Dollarmites a Shonky award in 2018 and a damning 2020 ASIC review of school banking programs found no evidence the programs do anything to change savings behaviour in kids.
CHOICE is now calling on New South Wales, Western Australia, South Australia, Tasmania and the Northern Territory to kick bank marketing out of their schools.
