Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion
OMEGAZEPRIME News
This story was selected and curated by our editorial team in the Australia news category. Published on November 10, 2026 • Originally reported by Jonathan Barrett Business editor. OMEGAZEPRIME provides independent news coverage and analysis for our readers. Stay informed with the latest developments.
This story was selected and curated by our editorial team in the Australia news category. Published on November 10, 2026 • Originally reported by Jonathan Barrett Business editor. OMEGAZEPRIME provides independent news coverage and analysis for our readers. Stay informed with the latest developments.
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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