It’s a service. If you object, don’t use it.

Seems Choice has joined The Barefoot Investor in this regard. Such a pity that saving is being used almost as a blackmailing tool by the CBA. Just so wrong for this to happen.

A double agenda is always questionable !

I am taken by that sad little face in the picture.

I opened up an account when I was at school. I thought it was a good idea because it taught me to save my money and watch my account grow. There is no such thing at the school my children went to. I can’t see the problem with it as it is a way for the schools to fundraise as long as the children aren’t being pressured into opening an account and putting money in regularly

I don’t see the problem. My kids have a dollarmites account, as did I and if the school benefits from the fact that kids are learning responsible money handling, then good for the school.

My child did not have a school banking account, and I don’t think any company should be able to advertise their products to children in this way.

I will be closing my girls dollarmite accounts – they have their school banking account and another one we set up with a credit union. I’m going to have to side with choice – I personally don’t think it is great that CBA have the monopoly on school banking – maybe it just shows their business morals?

My son has a kids account at the bendigo bank because its the bank I use. Its me teaching him about money and saving.

I heard it on the radio yesterday, ridiculous wanting to ban school banking. It’s a great way for kids to learn about saving and finances.

• • 
  • • mom93821 replied
    • 07 Oct 2017 , 7:15 am

  ---

  It is a good incentive for sure and children have goals and aim to save towards them and they will have to do the same thing later in life.

These types of accounts and savings are a good financial incentive and if the school benefits and the funds go into the school and running the school I do not see a problem. Schools are expensive to operate. Children love to watch their savings grow and the key is to teach financial literacy from a young age.

It’s great to teach kids to safe money and handle money wisely, but that doesn’t have to go via a school banking account. Our kids never had a school banking account or a dollar mite plan.

I actually agree with this. We shouldn’t allow any banking organisation access to our kids like this. Banks know that people are very unlikely to change banks

Is it such a bad thing? I think it’s great to encourage kids to think about saving.

I opened bank accounts for my kids before they started school and joined them to the bank I use. So I wasn’t swayed by anyone else. It is a low way of earning more revenue for the bank tho by pushing it at schools. My kids loved it. By the time they finished school, they had enough saved to buy their first cars

My kids love school banking and watching their savings grow each week. What a shame that another childhood institution is coming under such scrutiny.

I love it and have used it for all 4 kids and still do. It teaches my children responsible handling of money and benefits the school.

Whilst it all seemed so simple many years ago, I do now question CBA’s access to info and marketing prowess to families and children. If I had my time again, I would just start a bank account for my son independently and work through it. We did initially do Dollarmites and then transferred out of that account to a separate bank account with another institution when my son left his Primary School.

it is supposed to benefit the school and your child and it is up to you whether you used it or not. Make your own account and you have no issues 🙂

My daughters school has dollarmites well aware of the kickback they receive i find it unfair that its only commonwealth my daughters account is with another bank all banks should be there on school banking day