CBA pays staff to push debt

03/11/2009

Even during the global financial crisis, bank workers had to sell more debt products - just to qualify for basic salary increases and keep their jobs says the Finance Sector Union.

Commonwealth Bank, for example, required staff to push higher credit card limits and new credit cards. To qualify for raises, staff had to sell the equivalent of almost ten new credit cards a month.

“This isn’t what workers or customers want. Our members want to spend more time helping people with their banking needs. Not pushing debt products that people didn’t ask for, often don’t need and which keep pushing personal debt ever-higher,” said Geoff Derrick, NSW/ACT Secretary of the Finance Sector Union.

At Commonwealth Bank, various types of financial products were given points. A new credit card was worth five; a new online savings account just three.

Documents obtained by the FSU showed selling a higher credit card limit will earn more points in 2009-10 than last year. But helping a child open their first savings account was worth fewer points.

To qualify for a minuscule pay rise of 1.5%, CBA workers have to sell 10% more products to customers this year.

Source: Finance Sector Union

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