Macquarie Bank said it expects to pay a $14 million civil penalty after agreeing not to contest an Australian Securities and Investments Commission case over how its savings account Welcome Rate was described.
The bank said the wording appeared on its website from December 2021 to September 2022. When customers’ standard variable rate rose above the Welcome Rate, they received the standard rate alone. Macquarie said some customers may have understood the offer to include an extra bonus margin.
Macquarie said it chose to pay $8.8 million in compensation, using a fixed bonus interest margin as the reference for calculating what customers would have received. The bank also said it will admit to failing to meet its obligation to provide financial services efficiently, honestly and fairly.
