Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion
Asic says customers should not have to check every transaction to ensure they receive the correct interestGet our breaking news email, free app or daily news podcastMacquarie Bank is set to pay a $14m court-imposed penalty after it admitted to…
By · November 11, 2026 · 1 min read
This article was originally published by
The Guardian World
and is republished here under license.
Asic says customers should not have to check every transaction to ensure they receive the correct interest
Macquarie Bank is set to pay a $14m court-imposed penalty after it admitted to breaking the Corporations Act with its “welcome rate” promotions.
The penalty comes amid a crackdown by Australian Securities and Investments Commission over complex savings conditions that risk short-changing consumers grappling with the cost of living.
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