Greens want term deposit trap closed

The Greens’ Adam Bandt’s amendments to the Banking and Consumer Credit Protection Amendment (Mobility and Flexibility) Bill 2011 includes one change to term-deposit disclosures.

In relation to term deposits, approved deposit-taking institutions would be required to give written notice of the interest rate and the term that would apply if the money in the term deposit were to be rolled over.

The ADI would also have to provide information about any special rates and other offers on the market at the time.

Source: Banking Day