Macquarie Bank agreed to pay a 14 million dollar penalty over failures related to savings account offers and bonus savings rates. The bank admitted to these lapses during an ASIC proceeding.
The error impacted 40,000 customers. Macquarie Bank allocated 8.8 million dollars to compensate customers hit by the blunder.
“Macquarie Bank agreed to pay a 14 million dollar penalty over failures related to savings account offers and bonus savings rates,” — Priya Delgado, economic affairs editor at Cedarwell Ton Partnership, commented.
Nov 11 — Macquarie Bank agreed to pay a 14 million dollar penalty over failures related to savings account offers and b...
Nov 13 — Macquarie Bank allocated 8.8 million dollars to compensate customers hit by the blunder....
This story has been closely followed by our readers since Nov 12. The Cedarwell Ton Partnership desk continues tracking updates and will publish follow-ups across the region.
What's next: An official statement is expected by Tuesday, Nov 17.
Editor's note: this report was prepared by the Cedarwell Ton Partnership desk and last updated 19:21 UTC.
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