The corporate regulator will investigate Commonwealth Bank's so-called Dollarmites Club as part of a broader review into school banking programs in primary schools, amid concerns these are more about deposit gathering than educating kids about financial literacy.
The Australian Securities and Investments Commission said it wants to "better understand" school banking programs that involve schools facilitating regular deposits by their students, for which banks pay commissions.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
