Move comes after consumer watchdog found banks were using pricing strategies that were highly complex or took advantage of the tendency to set and forget
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People will be alerted each time their interest rate moves and when promotional offers expire under a suite of changes aimed at prodding bank customers to snag a better deal.
The federal government plans to act on a number of recommendations from two Australian Competition and Consumer Commission reports that found bank customers could earn and save more if not for barriers stopping them switching to better offers.
Continue reading…Move comes after consumer watchdog found banks were using pricing strategies that were highly complex or took advantage of the tendency to set and forgetGet our morning and afternoon news emails, free app or daily news podcastPeople will be alerted each time their interest rate moves and when promotional offers expire under a suite of changes aimed at prodding bank customers to snag a better deal.The federal government plans to act on a number of recommendations from two Australian Competition and Consumer Commission reports that found bank customers could earn and save more if not for barriers stopping them switching to better offers. Continue reading…