Dollarmites bites: the scandal behind the Commonwealth Bank's junior savings program
Thousands of children’s Commonwealth Bank accounts were fraudulently set up by retail branch staff as part of a widespread scam to earn bonuses and meet aggressive performance targets.
The scam involved CBA staff either using the bank’s money, sometimes loose change or their own money to illegitimately activate Youthsaver accounts for financial gain.
They would do so when parents had signed up their kids for school banking, often referred to as Dollarmites, but had not deposited money into the account within 30 days. If no deposit had been made, the sign-up would not count towards sales targets and financial rewards.
A Fairfax Media investigation can also reveal that the scam is part of a broader culture of gaming financial incentives at the bank where staff were caught faking customer referrals to boost performance targets and earn rewards.
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