If only I had read the reviews
1 star review is a star too much. Beyond appalling in every respect: customer service, web site, communications, everything. Will never go near them again. The time I wasted on hold wiped out any benefits I experienced from a higher interest rate. Just not worth it.
Solid handling of my term deposit
I rolled over interest from TD into new 12 month period at a certain rate. When I got the summary of new TD it was at a lesser rate than verbally discussed when setting up the new TD. When I rang to note this they listened to phone agreement and changed new TD to agreed rate. Very happy with outcome.
Beware of fast changing Interest Rates
The first TD application went well, and so far no problems. But on 10/7 I contacted ME Bank to open another TD, and had the funds in the linked account ready for transfer. On 16/7 got an email saying the TD was Open at the interest rate I expected. No further thought about it. Five days later received a letter dated 17/7 saying the TD was Open at a lower rate, .25% lower than in the email of the previous day. On phoning was told the rate changed during the funds transfer and nothing could be done. It seems like a carefully planned ror...t! as they took many days to transfer the funds. Is it legal to change the rate during the process, sending an email saying one rate and next day a letter stating a lower rate? Now its going to take 30 days to cancel the TD and receive the funds to reinvest elsewhere. Not happy ME!
Bad Experiences with ME Bank
My wife and I have had several term deposits over the past 18 months.
The so-called customer service is basically non-existent. There are only 2 ways of trying to contact them, and neither of them seem to work. If you have an issue, as we did with the Bank re-investing our term deposits without our knowledge or consent. I tried to ring them over a period of several days and gave up after being on the phone for over 40 minutes on each occasion with the phone on loudspeaker, so I could do other tasks, while I waited for someone to actually answe...
Go digital? You are kidding...
Opened TD. Not able to provide maturity instructions online. Have to fill out forms or call.
So tried to call, asked for callback which was offered. Then the system called back but nobody came on the phone at all for one hour - still waiting.
A bank trying to be cool and modern, but failing at all contact points. It creates clutter....
Offensive and poor communication
I wrote to them telling my father had passed away and asked them what is the process to access his term deposit. After a week they wrote back addressed to HIM and asking him to call them. They obviously either didn’t read my email or didn’t care.
Don't Use Them
Have a couple term deposits with them. Have an emergency situation so need to break one of the term deposits early (it's due to finish in october). You have to wait 31 days to get the money. I said it's an emergency and I will fore go the couple hundred dollars of interest. They can keep that. Nope it will still take 31 days. What a run around with false information. So to get it early I have to apply for hardship which is fair enough except the application is like a credit application where they want to know everything about you with pa...y slips, external bank account statements, your whole financial records and situation to get my own fn money out. Then they say in the application that you have to give "Ongoing consent to the collection and use of personal information (including sensitive information) in accordance with our privacy notice (previously given)." they want all information about you and want your consent to be ongoing about collecting information about you. And what privacy notice was I given? It's just crap. And it's my money!!! And then their supervisor tells me it's all about them having to keep a certain amount of funds to keep the regulator happy. So it's not your situation the are going to assess - it's their situation financially whether they will release your money based on their funds in hand. And they just use the hardship application as a rouse to stall for time. A load of dishonest grubby liars - no different to any of the other banks. What a pack of craps.
ME Bank offered good service, product knowledge and advance warning re: TD
I have had only one TD reach maturity with ME. The process was smooth and I felt well-looked after throughout in terms of receiving phone advice, support and finally notice about the impending maturity. I have gone back for a second time as ME rates are competitive.
Begging for your own money!
Interest rates are good and use them only when you know you would not need your money in a hurry. I had an emergency situation and needed the money. No matter how I beg for it they would not release the money to me. I had to wait for 30 days for it.
Don't go there!
Rates were great for Term deposit but customer service, organisation and product knowledge was appalling. Same response every time you ring, always get a 20min wait message no matter what time, Even a call back message rings back and makes you STILL wait on the phone for them to call. Tried to transfer term dep money which went somewhere for days and days but not into my open available account which was also closed suddenly for no reason before it was due to, so then my money had nowhere to go. When I asked where my money they didn't know and I...was accused of not answering the phone!Total experience was unpleasant and stressful and it really made me feel like I couldn't trust them with my money! So I took it back! Never again Me Bank. Would not recommend them to anyone.
Westpac Poor phone banking
Had a term deposit mature and decided to roll over it by phone banking. Automated phone service limited and hopeless.Had to wait 8min for a customer support told they could not do the term deposit roll over and forwarded my call to someone who could, again had to wait 8 min again for someone to do it but they could not do it and forwarded my call again and again had to wait 8 min this time he gave me a new rate but could not process it and forwarded my call again had to wait 6 min for a young lady to help but she said the previous westpac per...son was not allowed to give me the new rate of 2.25% so she checked twice with her manager and she said her manager would ring me. I gave her the details @10am. The Westpac manager never rang me back after 2 days. Today I took time of work and went to my local Shellharbour Westpac branch and they gave me 2.35%.I accepted it and informed them that when it matures to put all term deposit monies in my savings account and I will then invest with ING as they have a better rate and customer support is superb as my husband invests with them. I see Westpac as very much amateurs in phone banking. Unfortunately Westpac web page does have email messaging to enable me to contact them about this complaint.
slowest bank ever
8 days after submitting forms for term deposit, still no action from ME-bank because they are "busy". If you take this delay into account, their rates are suddenly a lot lower.....
Can't follow instructions
Sent mail message via account about a month ago requesting to withdraw funds and not reinvest and received a reply acknowledging this, but got a call from ME Bank whilst on the road about a day before maturity, I just told him I was busy and could he call back, he said he would before 5 but never did. The next day I found that they had reinvested the money. I called them and was told that I had a lengthy discussion with this guy in which I had asked to change the instructions and signed a form to that effect, what a liar! Would never use them again.
Not recommended for SMSF
I have personal accounts with ME Bank and also opened an account for our self managed superannuation fund. This bank requires that I have a different log in for the super fund than for my personal accounts. I have had accounts with a similar set up at 7 other banking institutions and have always had an integrated access code with the other banks. I can live with it, but what I find most unprofessional is that the name of the account holder, namely the superannuation fund, is not evident anywhere when I use the super fund log in. All my name. Th...is is a most unacceptable situation as funds need to be properly held in order to maintain the super fund status. Also, the customer service reps had absolutely no idea of how to deal with a corporate trustee, so set up the fund account incorrectly according to the initial documentation we received. After I complained, they sent an email saying they corrected it, but we have absolutely no evidence that it is now correct. This may be an unusual situation but, with smsf's constantly searching for higher interest rates, ME Bank should be ready to deal with it.
What a turnaround inside a month
From great working arrangements set up in Dec15 ME have now closed ALL Branch offices and "become a fully Digital Bank" BUT unlike the big 4 they do not have the information systems to support it. With Term Deposits you can't easily make changes to reinvestment instructions online- only through secure email inside the online acount and hope that instructions are followed. Gives no confidence due to the previous number of errors needing correction at the Branch Office last year despite correct paperwork submitted. You constantly get service un...available notices when you search for historical information such as interest last FY. The contact centre claims that all of the business transacted at a Branch can be done on the phone but 3examples of 20 mins & 10 mins(gave up) and 35 mins to finally speak with a human 3days later is NOT viable service. I'm getting out fast and so is my family members and about $480k in about 7 accounts. Let's see how hard it gets to take the $$$$ out. NOT HAPPY CHAPPIE. To be fair once you get through. .. very helpful staff.
Me Bank Term Deposit
Love this bank.So easy to apply on line.App is very comprehensive,able to check all info needed.Good interest rate and fair.Excellent pre maturity advice and give plenty of time to change decision if needed.Customer services are professionals,they listen and helpful.Do not hesitate to introduce ME BANK to family and friends.
A good way to tuck some savings away for a while as you earn a decent interest rate. Offers terms from three months and pays on maturity. Simple and easy to open accounts.
This term deposit account offers a good interest rate, often higher than many of the other banks around. The term deposits are easy to open online and once you have that set up you can see your account and when it ends. The interest is paid at the end. Easy, simple to use product that is no fuss banking.
The rates could move up a bit quicker once interest rates go up. Like most banks, everyone is slow to increase the rates for savers.
ME Bank has a lot of competitive products and this is one of them, especially if you're with one of the industry super funds who own the bank. The 0.25 per cent bonus turns this from being competitive to near the top of the pile.
Competitive interest rates in a fast changing market, while the account is linked to your internet banking (if you're with ME Bank) so you can always "see" your money when logging on to do your other banking. And if you're with an industry super fund, you now get an extra 0.25 per cent on top of the headline interest rate.
Questions & Answers
Where do you find ME banks in Victoria?
I only now of their head office in Level 28 ,360 Elizabeth Street melbourne Vic 3000. Perhaps the call centra can advise on regional offices (if any)
If I have my term dosit in another bank how do I transfer my money to ME bank?
I joined when a bonus rate applied on top of the variable rate, that is now currently not available to new customers.
The highest at call rate is at the time of writing this reply 3.15% for the online savings account.
You would need to also open an everyday savings account and link the two.
To confirm this and any other info call ME bank customer service on 13 15 63
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