Banks offering transaction accounts for seniors and pensioners will be asked to make sure the descriptions of these accounts do not lead consumers to think the accounts offer "deeming" rates when they do not.The Australian Bankers' Association has developed a set of guidelines for disclosure about such accounts in response to the Australian Securities and Investments Commission's concerns about aspects of the marketing of pensioner products.Under the guidelines, ABA member banks will ensure that accounts suitable for seniors and pensioners are not named as "deeming accounts" and are not be described in such a way as to give customers the impression that their rates match the Australian government's deeming rate.Banks must also make sure that if interest rates are tiered according to the size of the account balance this is clearly disclosed as a feature of the account.The government's deeming rules assume that a pensioner's financial assets are earning a certain amount of income, regardless of the income they actually earn. Deeming is designed to encourage people to earn income from their savings and investments, and reduce their dependency on the government benefits.For example, in the case of a single person getting either a pension or an allowance, the first A$46,600 of financial investments are deemed to earn income of two per cent, and any amount above that is deemed to earn 3.5 per cent.Deemed income is counted in the social security income test.Some accounts currently marketed as deeming accounts do not pay interest at the full deeming rates. For example, Westpac's Deeming Account and ANZ's Access Deeming pay interest of 0.75 per cent on the first $2000.The ABA's chief executive, Steven Munchenberg, said in a statement: "The Minister for Social Services has complete discretion around the determination and timing of rates being set."There are no formal rules about these accounts. It's no wonder there is some confusion in the marketplace"To deliver a guide for best industry practice on deeming accounts, the ABA and its member banks have worked with ASIC to address its concerns."