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ASIC warns on Term Deposits

17/03/2010

Banks and other institutions are engaging in dual pricing of term deposits and rolling investors over to lower rate term deposits when their terms expire. ASIC has found that institutions are advertising high rates on some of their term deposits and maintaining low rates on others.

When term deposits expire, they are automatically rolling people into lower rates, unless the consumers is alert to what is happening and opts to make a new choice. ASIC recommends shopping around when term deposits expire, rather than opting for automatic rollover.

Source: Sydney Morning Herald



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