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CBA pays staff to push debt
3 November 2009 |
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| 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. |
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| Source : Finance Sector Union |
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| 30 November 2009 | - Loan repayments to go up tomorrow |
| | - Sydney property prices to slow down in 2010 |
| | - Credit card rates rise |
| | - NAB rolls out contactless Visa cards |
| | - Melbourne cracks 1000 auctions |
| | - Record set in Melbourne property sales |
| | - No tax refund for most |
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| 27 November 2009 | - Customers like St George and ING Direct |
| | - Customers like CBA, not NAB |
| | - Zero per cent credit cards – get in now! |
| | - Borrowers to pay for new bank rules |
| | - Special TD rates for limited time |
| | - ANZ targets Chinese Australians |
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| 26 November 2009 | - The Daily Telegraph's Home Buyer Survey |
| | - RBA likes high house prices |
| | - Sydney house prices up $39K |
| | - First home buyers need huge deposit |
| | - Big four losing mortgage marketshare |
| | - ME says beware of refinancing traps |
| | - Boomers and retirees are renovating |
| | - Farmers and bankers defaulting on ANZ loans |
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| 25 November 2009 | - NAB SMS banking looks smart |
| | - Bank deposit or bank shares? |
| | - Banks face ratings downgrade |
| | - Westpac opens new website |
| | - Banks need to come clean over Storm |
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| 24 November 2009 | - We love credit again |
| | - Defaulting coming back into fashion |
| | - CBA offers six month pre-approval |
| | - More ID checks for PayPal accounts |
| | - Savings rewards for primary school kids |
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| 23 November 2009 | - UBank gives loyalty bonus for TD rollovers |
| | - RBA proposes tightening LVRs |
| | - Aussies aren’t selling their homes |
| | - Sydney auctions show improvement |
| | - Eftpos goes to the Doctor |
| | - NAB’s no-interest loans and cash for savers |
| | - ANZ’s SaverPlus giving away cash |
| | - Five million Aussies choose PayPal |
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| 20 November 2009 | - Plenty of competition in mortgages says RBA |
| | - Get pre-approved mortgage in five minutes |
| | - Country ATMs charging $2.50 |
| | - Using PayPal to buy nappies |
| | - Use your Bendigo MasterCard and win |
| | - ME personal loans very very cheap |
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| 19 November 2009 | - RBA divided on rate rises |
| | - Rents up everywhere |
| | - Interest free loans from Westpac |
| | - AMP offering bonus savings rate |
| | - Low doc loans still available - but not for long |
| | - Suncorp car loan looks competitive |
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| 18 November 2009 | - Third rate rise coming in December |
| | - Big correction in house prices coming |
| | - Darwin records highest rental yields |
| | - ING pays 50 cents for cash outs |
| | - CBA Debit MasterCard gets Applause |
| | - Young people in perpetual debt |
| | - Pay growth falls to 2.9 per cent |
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| 17 November 2009 | - Banks still raking in the fees |
| | - First home buyers need more savings |
| | - Mortgage stress on the rise again |
| | - Cash account good for super |
| | - Fix your bad credit file now |
| | - Banks and government need to work together |
| | - Bank chief’s pay to be limited |
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| 16 November 2009 | - Home renovations don’t pay off |
| | - Tax on savings to be slashed |
| | - Melbourne auction clearances still above 70% |
| | - St George: Bank of the year |
| | - Zero per cent on purchases for 6 months |
| | - Personal loans for any worthwhile purpose |
| | - CommSec suffers as investors pull out |
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| 13 November 2009 | - Online Savers slow to raise rates |
| | - Bonus saver account offers 5.25 per cent |
| | - 100 new bank branches this year |
| | - Most banks shedding branches |
| | - Tasmania the most affordable state for homebuyers |
| | - Credit Unions want young people |
| | - Credit ratings agencies overhauled |
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| 12 November 2009 | - Rate rises worry consumers |
| | - Rates heading up says Commbank |
| | - Mecu wins awards and happy customers |
| | - Macquarie cash account matches RBA rates |
| | - Credit costs to go up under new rules |
| | - CBA wants to be the good guy |
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| 11 November 2009 | - Credit unions delivering better deals |
| | - ME Bank personal loan looks cheap |
| | - Banks slug small business |
| | - RaboBank opens new Victorian branch |
| | - Arab Bank customers can join at Post |
| | - CBA travel card holds six currencies |
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| 10 November 2009 | - Twenty new branches for St George |
| | - Heritage delays rate rises until 2010 |
| | - Average home loan now $270K |
| | - Much needed home building boom arrives |
| | - Adelaide home prices booming |
| | - Voluntary recall for NAB Amex card |
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| 09 November 2009 | - Higher rates are coming soon |
| | - Auction results fall back slightly |
| | - There is more cash out there than ever before |
| | - Platinum card has no fee and low rate |
| | - Save now –cost of retiring going up |
| | - World leaders consider transaction tax |
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| 06 November 2009 | - UBank offers rate assurance on the USaver |
| | - Stevens says rates are going to keep going up |
| | - ME Bank says we have lower fees |
| | - Banks jack up margins |
| | - Super investors to get slugged |
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| 05 November 2009 | - VIDEO: InfoChoice on Today Tonight - $6bn Savings |
| | - Rudd very very concerned about rate rises |
| | - Westpac winning over homebuyers |
| | - RAMS delivers rate relief |
| | - Jetstar Mastercard has low rate plus rewards |
| | - Westpac challenging CBA |
| | - Bank profits down in 2009 |
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| 04 November 2009 | - Big 4 quick to move rates |
| | - Mortgage rates go up again |
| | - Deposit rates go up |
| | - The RBA signals more pain ahead |
| | - Westpac spares business from rate rise |
| | - ANZ falls back into line on rates |
| | - PayPal to take on banks in real world |
| | - PayPal to crush cards online |
| | - ANZ pre-paid Visa is on MySpace |
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| 03 November 2009 | - No more signatures says Visa |
| | - Netbank open for a chat |
| | - CBA sets up indigenous bankers |
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| 02 November 2009 | - Aussies are stashing their cash |
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