The practice, revealed by Fairfax Media on Saturday, involved CBA’s Youthsaver accounts, commonly known as Dollarmites, which are created by school-aged children and their families. Staff used loose change, their own money, or the bank’s money to activate dormant Youthsaver accounts that had been created by customers who later later failed to make a deposit. Banking royal commission: all you need to know – so far Read moreBy “activating” the accounts, staff were able to count them towards sales or bonus targets. The bank’s new chief executive, Matt Comyn, said the practice did not financially harm any customer. The revelations are another blow for CBA and Comyn, who was appointed chief executive last month.

Source: The Guardian May 19, 2018 06:33 UTC