ME Bank took $ 7643 from my Offset Account without warning or my permission
During this coronavirus pandemic where bank customers may need to access their own funds ME Bank have just swept through a large number of their customers' offset accounts and taken significant sums of money with no warning and paid that off against their home loan - apparently sending a letter out that was way too late to warn anyone what they were going to do (I haven't received mine) and no doubt deliberately planned that way. Money that was part of my nest egg in case of a rainy day.
I am now retired and have banked with them for many year...s before I retired and after this sly and sneaky act would never recommend them to anyone ever again. Warning - do not bank with ME bank unless you like having them raid your offset home loan money whenever they see fit. I will be complaining to the Banking Ombudsman as will many thousands of their customers who are currently complaining on Facebook as well. A Class Action is being discussed but Customers have to complain on social media because you cannot communicate with the Bank itself unless you are prepared to wait on hold for ever or for an email or return phone call that doesn't happen.
Worst of the Worst
I have been a customer with Me Bank for over thirty years. Noticed last week about redraw issues with our two home loans.. I rang the day it was adjusted and got treated like an idiot ... Just because I am on a disability pension doesn't mean I am on life support and brain dead. Our second issue, they were going to reduce our interest rates on both our loans as well or we were going to go to another bank... Still waiting for our rate reductions 3 weeks later... Me bank have no respect or regard for customers ... they treat customers with disab...ilities with absolute contempt .. You have lost our loyalty and respect.. We have numerous family members that have all been long term customers and we are all in the process of switching banks ... We feel very sorry for all there customers that have lost there jobs and trying to deal with ME. We have been told some horror stories from friends trying to deal with them because of job loss. I used to actively promote Me's great customer service and rates, not any more .. Ever since they started trading under the ME Bank logo they are worse than the four big banks.... every thing you hear or read about the bank is right on the mark ...No customers service and treats customers like garbage... There computer system is old and unreliable .. Every time you ring its the some old thing, its the old computer issues excuse. I would trust the Bank of China before I trust Me bank again... Our loans will be paid out within the month and we are out the door, cant happen quick enough . Hoping they get investigated for failing to notify there customers before there redraw stunt, they blind sided thousands of customers with. Not one of our family members received a letter regarding the redraw issue. We have family all over OZ. If we could give minus 10 stars we would.
Money missing from our redraw account. When I asked where it is? Because it wasn’t in our savings account and it didn’t come off the principal. They said “it had been absorbed into the loan” bloody thieves.
Do Not Get A Home Loan With This Bank
Received a letter today telling me that my available redraw had been reduced over $10k but that quote".... the total amount outstanding and the time remaining on your home loan all remain the same." That is in spite of paying well over the minimum payment required for over 2 years. I will be complaining to Australian Financial Complaints Authority. I am just flabberghasted that a bank can decide to more or less take your extra funds without permission!
Absolutely terrible - will raise your interest rate as soon as they can
Raise interest rate a month after signing up but lie and say they won't if you purchase their "member package", lost my paperwork prior to settlement which delayed it by days, delay processing your pay so you can't organise direct debits, send texts you have missed a mortgage payment when you haven't, statements don't accurately reflect each other even though all accounts are with Me. Will keep you in the phone forever and then laugh at you when you question their system their banking ap has constant glitches and is never up to date. I seriously regret going with them and will bail as soon as possible.
SERIOUSLY! DO NOT TOUCH!!
Delay! Delay! Delay! Get used to those words. This is the worst bank we have ever had to deal with, they charge numerous fees and give zero service, the terms of the loan were even incorrect, eg. frequency of repayment, fixed or variable. You can do bank to bank transfer out of their accounts, but don’t try to transfer in, they are NOT registered for that service. They outsource valuations, their solicitors, all with added fees. They do not communicate, they charge heaps and give worthless service.
MEBANK Was Not The Bank For Me
I applied for a home loan and the amount of paperwork (including bank and income statements) that I needed to lodge was ridiculous. Six months of bank statements, including child support transactions, etc. The final straw came when I was already an existing customer - at the time of the new application - I already had an account with MEBANK, and because I did not physically meet face to face with the mobile lender whom I was dealing with at the time, they wanted me to submit paperwork at AUST POST with photocopy of drivers license. That ident...ification process wasnt good enough because I had an Middle Initial that wasnt noted down in my original account with MEBANK. I had to supply them with a Birth Certificate. All these personal documents were submitted to a central location, which any staff member working within the area had access to - all my personal details could have been picked by up two to three people. All I know is that having sent an email I received notification from an individual other than the person from MEBANK with with whom I was originally dealing with. So there was a lot of emails going to and fro - particularly when asking for clarification on documents or personal information the bank needed. I felt that this bank put me through so many hurdles and unnecessary against to secure a loan. What really annoyed me was that I was already an existing customer with them - which they took no consideration into this loan process. I also felt I was dealing with a bunch of incompetent baffons who really were following company protocols and had to seek clarification from their superiors when you as a potential customer had questions to ask. No streamline process here - no one point of contact - no designated member to your application and several bank individuals privy to your personal data. In the end I went to another Bank - without the stress, drama and hassle experienced with MEBANK, and I recommend that others explore other options out there, even the rate I secured was better than what was offered by MEBANK.
ME Bank is becoming more like a lender of last resort - Beware
Have a loan that's just come off its fixed rate and been a customer of ME bank for 5 years. No problems of note in that time. However was recently confronted by a smug, condescending individual on the phone that showed zero empathy and willingness to assist. Basically it seems ME will hook you in with decent, even low rates then hit existing customers with higher than acceptable rates at first opportunity. I went from 3.69% fixed for 3 years to now, 4.20% variable P&I!! This is in an environment where the official cash rate is 0.75% people! They are refusing to budge and my only option is: fix now or else. I know which option I'll be taking and will vote with my feet. Such a pity because I didn't contemplate leaving.
MEBANK COMES TO THE RESCUE
I have had my ups and downs with ME bank but that's due to the many changes over 20 years. However I have just sold my house and if it wasn't for my WONDERFUL mobile lender in WA the home loan would not have gone ahead. There are 4 houses settling next week and only MEBANK did what it was suppose to ANZ is holding us all up and we nearly lost our settlement date because of them. If you don't get the answers you are after with MEBANK from over east ask to speak to a mobile lender in Perth they are superheros and made good on all their promises. PS I am on a pension which is now very hard to borrow on but Mebank was one of the few that would lend to me (not one of the 4 big banks would) Thanks
Great/easy refinancing as a new customer, absolute nightmare when you discharge the mortgage
Mebank were one of the easiest bank to refinance and sign up with. Even when they got their rates wrong, they were prompt to rectify the fault. 5 stars for the sign up and interest rate, they were very good!
However, all good things must come to an end, unfortunately we had to refinance and it was sad leaving a great bank. The mortgage discharge team was poor, probably insufficient staffing. Their lawyers (Galilee) were poor in communication, the discharge took them over 40 days to complete. What annoys me the most is that after 3 weeks of refinancing with the new bank, Mebank still cannot generate a account closure letter!!!!!!!!!!!!! 1 star
Uncompetitive interest rates
Customer service has generally been good overall. Interest rates are much lower with other banks/mortgage brokers so I have refinanced an existing home loan only to experience a long delay in ME sorting out the discharge.
Having been with ME since the 90's it's disappointing to see non competitive interest rates in the current lending market and also various addition of fees over the years together with a long wait time currently for a simplistic discharge process.
On that note I would recommend looking at other options online. Many online len...
Avoid this bank at all costs
They gave preapproval for a loan and I found a property. 1 hour before going unconditional they came back stating the figures that they used to calculate serviceability were wrong and dropped the amount by $180K. Of course I lost the property. They are completely incompetent.
Questions & Answers
once you approve a home loan how long before i get the loan documents to sign? & then how long does it take for my refinance from my existing lender (choicelend) to go through? thanks
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