Remember the Dollarmites Club? It was pretty much the first savings bank account for every Aussie kid!
Well Dollarmite days might be numbered if Australia's largest consumer group Choice get their way.
They're calling for a ban on school banking schemes claiming that "kickbacks" are paid to schools to flog their bank products.
"School banking programs such as the Commonwealth Bank's Dollarmites program give banks unfettered access to market their brand to schoolchildren," chief executive Alan Kirkland said.
The bank has promised to revamp the structure of the commissions it pays to schools, Fairfax Media reported.
The Commonwealth Bank pays schools when new accounts are opened but Choice wants big banks and the money-making taken out of financial literacy education for children.