Westpac slammed for charging interest on interest
Updated March 23, 2010 11:56:00
Australia's consumer watchdog has condemned Westpac's decision to make customers pay interest on their interest.
The bank has announced that customers will be charged interest on credit card fees and interest charges starting from June.
It has defended the move, saying it will not apply to customers who pay off their credit cards.
But Christopher Zinn from Choice says the bank is aware many people will not be able to do that.
"They know that approximately a third of cardholders don't pay off the outstanding balance at the end of the month," he said.
More at:
http://www.abc.net.au/news/stories/2010/03/23/2853506.htm?section=business
Westpac slammed for charging interest on interestUpdated March...
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