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CBA targeted by ASIC over school banking programs – Sydney Morning Herald

Banks using financial incentives and other sophisticated marketing tactics to get children to sign up to new accounts have been blasted by the corporate regulator….

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CBA is the only big four bank involved with schools and is responsible for more than 92 per cent of programs nationwide, according to ASIC data measuring number of schools per bank. This has enabled more than 175,000 children to open accounts with CBA as of June 2020.
The bank said it did not agree with ASICs overall assessment, adding it had worked closely with the regulator over the past two years to improve its programs by removing unnecessary branding, altering incentive structures and commissioning…

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