Macquarie Bank pays $8.8m to 40,000 savings account customers over ‘welcome rate’ failures

Résumé détaillé

Australia’s fifth-largest bank is set to cop a $14m fine and has so far paid out compensation to tens of thousands of account holders after admitting to failures over a savings…

Australia’s fifth-largest bank is set to cop a $14 million fine and has so far paid out compensation to tens of thousands of account holders after admitting to failures over a savings rate offer it used to lure new customers. Macquarie Bank conceded its welcome rate — variously described as a “welcome variable rate” and a “bonus rate” — contravened the Corporations Act 2001. The Australian Securities and Investments Commission launched legal action against the bank in the NSW Supreme Court, alleging the offer could lead customers to believe it was paid on top of the standard variable rate.

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