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Dollarmites and banking in schools

Some interesting comments about banking in schools:

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The New Daily also ran an article on the call to remove Dollarmites from Schools:

https://thenewdaily.com.au/money/consumer/2019/09/30/dollarmites-commbank-criticism

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Hi everyone,

I’m a mobilisation campaigner here at CHOICE. It’s lovely to meet you all :slight_smile:

Submissions close this Thursday (31 October) for ASIC’s school banking scheme review. Have you written your submission yet? If not, hop to it! Here’s the link.

There are tips on the page to make your submission have the most impact.

If you’ve already made a submission, thank you! Know anyone else who might be interested? Send them this way: https://choice.com.au/dollarmites

Thank you!

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Just sent mine through using the link…the Choice webpages are very simple to use and follow…

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Sent mine in the other day, with an anecdote about the banking rep burping and making a joke about the freshness of the bacon at the motel he stayed at - that is the main thing I remember of the presentation, back in the mid 1970s! I got a rectangular metal box, but it only ever accumulated a few dollars, as did my CBA bank account, before I went elsewhere.
I don’t remember it being called Dollarmites back then… not sure it even had a name.

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Thank you. It’s a great project.

I’ve offered my support to end the rort.

School banking fails to deliver in so many ways. Most fundamentally in not effectively teaching how to set and achieve goals that are reinforced through tangible rewards the average school child can relate to.

That the real world offers in comparison freedom of choice and a range of digital access options is the final slime in the school banking cesspool.

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Just a note on teaching kids about compound interest…
I remember doing a whole unit on simple and compound interest in year 9 maths. I scored an A+. This wasn’t very long ago either - so it is being taught.
I have a great understanding about interest… but I’ve still been caught out by credit cards :frowning: understanding how it works in theory doesn’t seem to help when it comes to practice.

Ironically, I had a Dollarmites account with school banking in the mid 90s… and I am still in thrall to the CBA to this day after they reeled me in closer in my early adulthood, although thankfully only to a small degree!

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Yes indeed. There are many things that determine who will get their cash chewed up by interest charges not just understanding the sums. However if you don’t understand the practical consequences, such as a small change in compound interest rates can over time make a substantial difference to the total you repay, then you are at a disadvantage.

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People often say it’s up to the consumer to do their research, but at the end of the day my answer is always the same: Banks spend millions of dollars every year paying experts in the field to maximise the profits from consumers. No regular consumer is ever going to be able to overcome that disadvantage

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