The Commonwealth Bank is changing its Dollarmites program after criticism from consumer group Choice.

Choice says all bank savings programs for children should be banned from schools.

It says the banks pay inappropriate commissions to schools to make children use the scheme, and criticised how it affects children.

“As you get older, the bank starts to push toxic loans and credit cards on you,” a Choice spokesperson said.

“Obviously we need kids to understand financial literacy, but it shouldn't be coming through this conflicted remuneration commission-style payment structure.”

ANZ and the NAB say they do not run any school-based programs, while Westpac says it offers school-based products, but does not pay commissions.

In 2016, reports say CBA paid $2.3 million in commissions to schools.

CommBank has promised to act.

“We have heard Choice’s concerns about these payments and will engage with the schools, P&Cs and consumer groups to introduce a change to the way payments are structured from 1 January 2018 that no longer links the payment to the value of students’ deposits,” it said in a statement this week.

Experts say that regardless, financial literacy begins at home.

“Kids will always mimick their parents and how they manage money, so if parents can think about how they're managing money and how they're influencing their kids,” Melbourne-based financial analyst Phil Thompson told reporters.

“That's more important than what the education department do or what the banks do.”