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Mother concerned by letter from Commonwealth Bank about daughter’s account

Word On The Street

The Commonwealth Bank has been called into question over a controversial move to allow kids as young as 14 full access to bank accounts.

Raelene contacted 3AW Drive to share a letter she recently received, which informed her that her daughter, 14, would be able to have full control of any account and access money in her name from March 18.

Raelene said she had set up an account when her daughter was a child, in the hope of helping her in future.

But now, in theory, there was nothing stopping her from blowing it on whatever she liked.

‘We haven’t told her about the letter,’ Raelene said.

Click PLAY below to hear Raelene explain more on 3AW Drive