Prime Bank $($an ADI and AFS Licensee$)$ launched its novel savings account named PrimeRecurring Deposit Scheme $($Scheme$)$ in April $2020.$ This scheme allows customers to deposita fixed amount every month $($For eg$.$ $$100/$$$200.)$ at the rate applicable to term deposits$($which is higher than the savings rate$)$ over a fixed period of time $($For eg$.1$ year$/2$ years$).$It allows customers to invest an amount of their choice each month and easily save money.Daniel Simon is the author of Australias bestseller book, The Firsthand Investor, that helpedmany Aussies to achieve life$-$changing financial results. He has more than $2$ million YouTubefollowers and has been a High net worth client of Prime Bank since $2000.$ In his April $2020$TikTok video, he saidA savings of $$500/$month is $$100000$ in $10$ years!. Do not keep your money idle, opena Recurring Deposit Scheme with Prime Bank today!.The video has a written disclaimer in fine print that statesThis video does not constitute financial product advice. It is your responsibility to seekadvice from independent financial advisers.Han$-$Wei, influenced by Daniels TikTok video on YouTube, visited the Caulfield branch ofPrime Bank to open a recurring deposit scheme in May $2020.$ David, an employee of Prime,explained the features of the Scheme. He specifically made inquiries to identify if Han$-$Weiwould be able to deposit $$500$ per month for ten years, explained to him the merits and demeritsof long$-$term investment options, and notified that any premature closure of the Scheme wouldincur a penalty of $2\%$ above the interest rate. He then supplied Primes terms and conditionsbooklet detailing the Prime Recurring Deposit Scheme to Han$-$Wei which contains thefollowing statement is given in fine print:The Recurring Account currently offers account holders an interest rate of $7\mathrm{.}5\%$ if thecustomer deposits $$500$ per month for ten years. Any premature closure of the depositwill result in a penalty fee as stipulated in the Prime Terms and conditions.Prime Banks terms and conditions also provide for free direct debit facility to the RecurringDeposit scheme. However, a monthly direct debit fee of $$5$ was wrongly charged to Johnsaccount. John had notified the Bank of the wrong debit of $$5$ multiple times since June $2020$and the wrong debit continued until Mar $2024.$Identify and explain the legal issues in this scenario with provisions from relevant financialservices laws.