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How did you learn about money? If you grew up in Australia in the last 50 years, chances are you had a banking program at your school. But criticism of these programs has grown in recent years, and last December the financial regulator ASIC found these programs don't do anything to improve financial literacy, but instead expose students to the banks' sophisticated advertising and marketing tactics. The ACT Legislative Assembly has now agreed to phase out banking programs from all public schools by the end of July. Canberra financial literacy researcher Phil McGilvray talked to Drive to tell u...

School banking programs to be banned in Canberra from July, after unanimous support from ACT politicians WedWednesday 10 updated ThuThursday 11 FebFebruary 2021 at 4:32am The Commonwealth Bank has run programs in schools since 1931, and dominates the school banking market. ( Print text only Cancel School banking programs, like Commonwealth Bank's Dollarmites program, will be banned from ACT schools from July, after a motion was unanimously passed in the Legislative Assembly yesterday afternoon. Key points: Banking programs will be banned from schools after the regulator found they were little...

School Banking Accounts Sohel Hossain Patwary 12th January, 2021 10:08:39 Bangladesh Bank (BB) has recommended lowering the tax at source on the interest income of school banking accounts. Considering the higher tax at source applicable to school banking accounts, Bangladesh Bank has requested the National Board of Revenue (NBR) to lower the source tax to 10 per cent from the existing 15 per cent. The central bank has made the recommendation on condition of submitting e-TIN of the parents in favour of school banking accounts. If any account holder does not have e-TIN, they will have to pay th...

Bangladesh Bank (BB) has recommended lowering the tax at source on the interest income of school banking accounts. Considering the higher tax at source applicable to school banking accounts, Bangladesh Bank has requested the National Board of Revenue (NBR) to lower the source tax to 10 per

Australian States On Watch for School Banking Programs Following ASIC’s Review The Australian Securities and Investment Commission (ASIC) has said there is no solid evidence showing that school banking programs have helped children develop long-term saving habits. In a report, released on Dec 15, ASIC said that its two-year review into school banking programs has demonstrated that school banking programs have exposed vulnerable young children to sophisticated marketing tactics and disguised the provider’s true intention. “School banking program providers fail to effectively disclose th...