CBA Want Staff To Push More Debt

The Daily Telegraph has obtained internal documents that have revealed that the Commonwealth Bank has increased performance targets by 10 per cent, while Australians are still trying to recover from the global financial crisis and facing a massive rise in interest rates.

As an incentive staff will now get a bonus point if they increase the limit on someone's credit card.

CBA points system

Customer service staff now needs to secure 49 points each week - up from 44.5 last year - with each sale being worth a different number of points.

CBA staff receives three points for giving someone a new credit card account, five points for selling insurance, 10 points for personal loans, and 40 points for a home loan.

For the first time ever the bank now even gives a bonus point if they increase the limit on an existing credit card.

Meanwhile the incentive for a youthsaver account has dropped from three to one bonus point.

Staff are not happy about this and are now taking the bank to the Australian Industrial Commission stating that they cannot be expected to meet the same targets in different regions and don't want to push excessive debt in poorer areas.

Commonwealth Bank denies push for debt

Commonwealth Bank have verified that they have readjusted the way they calculate the bonus points but have denied that it would be more debt pushed onto consumers.

A spokesman for the bank stated that this change does not mean that there will be an increase in the amount of referrals or sales expected of staff.

He further added that the bank would continue to set fair reasonable targets for staff, and would continue to communicate individually with them if they have specific concerns regarding individual circumstances.

Latest figures show 12.6 million credit cards in Australia, with a total of $916 million owed on them.

Published on November 11-th, 2009 in Credit Cards
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

More on this topic