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Go to - FDNC NEWS FORUMS > Australian Business & Financial News > Manipulation of children's accounts.

Posted by: Bear May 19 2018, 03:55 PM
Commonwealth Bank admits to manipulation of children's accounts.

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CBA admits some staff manipulated children's accounts for their own benefit. Supplied

Posted about an hour ago

The Commonwealth Bank has confirmed that thousands of children's accounts were fraudulently manipulated by retail branch staff as part of a scam to earn bonuses and meet targets.

CBA chief executive officer Matt Comyn issued a statement today in response to a Fairfax Media report about the manipulations and apologised for what he called a "breach of trust".

He said some staff had used bank funds or their own money to illegitimately activate Youthsaver accounts.

He said the small deposits, sometimes as low as 10 cents, were designed to make the accounts appear active, thereby improving staff members' incentive compensation.

The Federal Opposition finance spokesman Jim Chalmers blasted the actions of the CBA staff, saying the culture of the big four banks needed to change.

"These new revelations about the meddling of little kids' bank accounts are extraordinarily troubling," he said.

In his statement, Mr Comyn said action was taken in 2013 to end the practice.

Banking royal commission: How dead people can be charged bank fees.

19 Apr 2018.

The banking royal commission has heard the Commonwealth Bank has been charging dead clients' fees for planning advice.

At least five CBA planners admitted to knowingly doing this.

So how was it possible? Why would someone have a bank account after they had died?

Corruption knows no bounds - if our legal system was tougher then we may see a curb in it, but then how 'honest' is our legal system.

Posted by: Flin May 19 2018, 06:34 PM
Years ago, the Commonwealth Bank had exclusive access to primary schools and gave out tin money boxes and encouraged little kids to start a savings account with any size of deposit, Most kids didn't have any money to make further deposits and saw their "savings" eaten away by fees.

Proper bastards even then.

Posted by: charka May 19 2018, 11:21 PM
nothing to low i used to put 2bob a week into a account

Posted by: Alicia May 20 2018, 11:16 AM
Such unmitigated, voracious, spellbinding, rampant greed. How could those those people live with themselves? Those who dreampt up these ideas to extract even more money from those whom they could bamboozle or fool into parting with even more of their money were more than well paid. Such greed is mind blowing. To stoop to such depths is truly wicked.

Posted by: charka May 20 2018, 11:26 AM
They wear it as as badge of honor

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