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Beware bank advice

Discussion in 'Finance & Banking' started by Tropo, 23rd Sep, 2009.

  1. Tropo

    Tropo Well-Known Member

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    Beware bank advice
    23/09/2009

    A Westpac customer is taking the bank to the financial ombudsman service because it advised him to switch credit cards in order to save on annual fees.
    However the bank did not advise the man that he would lose all his Qantas Frequent Flyer points and not earn any more.

    The FOS said a bank "does not have to advise a customer as to whether a particular product or service is, in all circumstances, in the customer's interests".

    The customer lost 55,000 points and did not earn 80,000 points per year based on his spending.
    "However," the FOS added, "if a customer specifically asks a question about a product or service, the provider is obliged to provide an accurate response."

    Source: The Daily Telegraph