Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion

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Guardian World

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 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…