Macquarie fined $14m for misleading savings rate promotion
Macquarie Bank was fined $14 million for promoting a rate as a bonus when it actually replaced the standard rate.
The bank called the rate a "welcome bonus" and "welcome variable rate", leading customers to believe they would earn it as extra interest. In fact, it replaced the standard rate for a four-month promotional period.
Nearly 40,000 customers have already been paid $8.8 million in remediation. ASIC found the bank's website wording was not sufficiently clear.
Macquarie admitted to breaching the Corporations Act and will not contest the proceeding.
- 14 million dollars
- ASIC fine amount
- Four months
- Promotional period length
- 1.8 trillion dollars
- Australian household deposits
Why it mattersAustralian savers need to check they are receiving the interest rate promised by their bank, as advertised rates often come with conditions or time limits.
AustraliaDirect impact on Macquarie customers and all Australian savers; highlights the risk of confusing savings terms and the need to verify account statements.
✓ Claims checked against the source. checked 6 h ago
