"We strongly refute any suggestion that we market credit products to children;this is categorically misinformation,"the spokesperson said.
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The framework was developed in partnership between regulators,education experts and the finance industry.
While the other big banks also have banking and education programs,as does Bendigo and Adelaide Bank,CBA is the largest provider of such programs.
In September,ASIC released research into school banking programs in which it found"limited evidence among past students that school banking programs have a lasting impact on their saving behaviour".
ASIC said school banking"increases the chances"of participating students remaining with the financial institutions that provide the program after they finish school and move into adulthood.
Choice said much of the CBA's material is simplistic with little explanation of the risks.
"The material indicates that the bank’s involvement in education is not designed to create critical,financially literate people."
Choice is also concerned about reports of children being signed up to CBA accounts without parental consent.
Alan Kirkland,the chief executive of Choice,said the reason that Dollarmites program works for CBA was because people tend to stick with the first account that they open. TheDollarmites program has been estimated to be worth about $10 billion to CBA.
"Once[the kids] are in the door,[the banks] are able to use their data to market at them,"he said.
"It is alarming that the Commonwealth Bank is introducing kids to the idea of credit cards from Year 3. Credit cards are complex products with tricky terms and conditions that are designed to make money for banks.
"The bottom line is that we have got to stop banks marketing themselves in schools. If banks want to support financial literacy programs then there is nothing stopping them donating money to schools or funding independent programs."
ASIC's review of school banking programs is expected to be completed early next year.