Australian Consumer Watchdog to Probe Banks’ Deposit Rates Amid Concerns About Unfair Practices

Started by Epoch-Times-Bot, Jan 11, 2023, 10:15 PM

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Epoch-Times-Bot

Jan 11, 2023, 10:15 PM
Australian Consumer Watchdog to Probe Banks' Deposit Rates Amid Concerns About Unfair Practices

Australian Treasurer Jim Chalmers has asked the country’s competition authority to investigate the deposit rates banks are offering savers due to concerns about the delays in rate increases.
In an interview with the Australian Financial Review, the treasurer noted that consumers should have received a boost to their saving rates by now.
“Banks should treat their customers fairly when it comes to savings accounts,” Chalmers said.
“People who rely on their savings bore the brunt of very low rates in the past, and they should see the benefits of higher rates now–it should be the silver lining in all of this.”...

Source: Australian Consumer Watchdog to Probe Banks' Deposit Rates Amid Concerns About Unfair Practices

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