Westpac Choice goes fee free

The Australian Securities and Investments commission issued a statement saying Westpac has agreed to modify the terms and conditions of a deposit product, Westpac Choice, after the regulator found that the advertising of the product was likely to mislead. Westpac had advertised that the account was free of fees for customers depositing a minimum of $2,000 a month.

The advertisement read: "We asked people what annoys them the most about banks, and most of them said service fees. So in tune with our commitment to lowering the cost of banking, we've got rid of them."

ASIC's view was that the wording implied that the offer would apply to existing customers. It also found that Westpac had created the impression that the offer was ongoing, when in fact it was available only for a promotional period.

Westpac has responded by making the offer a permanent feature of the account. And from June all customers, new and existing, will be able to take advantage of the offer.

Souce: The Sheet