Macquarie admits ‘bonus’ savings rate failure, agrees to pay $14 million
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Macquarie has agreed to pay 14 million dollars following a failure regarding its bonus savings rate. The corporate regulator stated that the bank failed to prevent customer confusion. The regulator argued that customers should not be required to scrutinize every transaction to understand their accounts.
The corporate regulator said customers should not have to scrutinise every transaction and that Macquarie had failed to prevent confusion to customers.