ME (Members Equity) Bank Questions & Answers

Good morning. I can't see that we're having delays with these payments today. However, if you would like ME to look into your account, you'll need to give ME a call on 13 15 63 so we can look into it for you. Unfortunately, I can't look into your account through an unsecure channel. Thanks - Izzy

Hi PJG, I'm really sorry to hear that you've been scammed and I would like to sincerely apologise for the experience that you've had with ME in regard to this. I'm afraid that we're not able to look into your account through Product Review to look into this, however so that we can investigate this further, please don't hesitate to provide your contact details through our website here: external link  and this will be sent through to our dedicated resolution team who will get back in touch with you within 2 business days to discuss this further. - Nick

Hi Max, Thanks for reaching out to ME regarding your concern. Back in November 2021 ME migrated our older legacy loans over to a newer more up to date system that allowed us to make changes to loan information within Internet Banking as well as provide our consultants to access all accounts via one system. One of the limitations with our older system was forcing interest charges to occur monthly on the 15th, whilst the newer system actually aligns them with your scheduled repayments. As interest is calculated daily, this simply changed the frequency as to when it is applied. If your home loan is set to fortnightly repayments, the loan will calculate the interest over the course of 14 days now instead of a full month. ME posted out information of these changes prior to them being implemented, but you can still find this info on our website. If you can let ME know the name or type of loan you have in a private message, we can provide you with the exact URL to this webpage for review. I hope this info helps, Max and sorry for any confusion caused. - Andy

Thx ME Bank, Are you saying there is no disadvantage to me ? How so ? Could you explain ? Traditionally ppl pay fortnightly because it means you are paying an extra month every year which reduces the loan term and total interest paid, if this is no longer applicable then why pay fortnightly ? I mean that has always been the premise of paying fortnightly and that appears to have been taken away, with no thought of the adverse impacts to customers ? Yes please post url of the changes. I definitely never received any advice on this change.

Hello again Max, Thanks for getting back in touch with ME. Interest for home loan accounts with ME is calculated daily, and following the changes mentioned will be charged in line with an account's scheduled repayments. This means that a loan on fortnightly repayments will be charged 14 days worth of interest every 14 days, where a loan on monthly repayments will be charged however many days have elapsed between these repayments (usually 30 or 31, depending on the month). In this sense, regardless of a customer's payment frequency, interest will still be getting charged based on these daily calculations. Prior to these changes, interest was still being calculated daily, but charged on a set monthly basis regardless of payment frequency.

We don't have access to your accounts here on product review, which means I wouldn't be able to take a look at your loan myself and talk specifics. If you haven't already, I encourage you to give ME a call on 13 15 63 so we can talk about this as it pertains to your profile, securely. Over the phone, our consultants will also have access to previous letters and communications we would have sent you regarding this, and should be able to email them through to you!

We can certainly share the URL to our support articles on our website, but again these differ depending on the type of home loan you have with ME. If you're able to let ME know the exact name of your product, we'll then be able to share the relevant link. In any case, we'll be able to do this with more certainty over the phone and access to your profile.

If you have further concerns or feedback you'd like to share with ME regarding this, then we'd love to hear them in detail through the form on our website here: external link 

I hope that clears some things up for you. -- Lana

Hi Rebecca, thanks for getting in touch with ME. Centrelink payments will generally take 1-3 business days to clear into your account. If that time has lapsed, please get in touch with Centrelink directly so they can assist. Take care - The team @ ME.

Actually that’s not quite true. Funds from Centrelink HAVE to be cleared on the designated date as instructed by Centrelink, not when Me Bank (or any other bank) wants to release the funds at their discretion in the recipient’s account. To do otherwise is actually illegal

Hi Xenon68, if that's the case, Rebecca will still need to get in touch with Centrelink directly to find out why her payment has been delayed as ME cannot trace funds coming towards us. Have a great afternoon - The team @ ME

She didn’t actually say it was late, she was enquiring as to how long you release funds after receiving the direct entry. Generally banks will receive direct entry files (as an example) on Tuesday, most banks will release funds/update personal account from late Tuesday evening onwards into Wednesday morning. These direct entry files also carry info on the date when accounts are to be credited.

Hi there, funds transferred from your ME account will take 1-3 business days to clear into an external account, if it's been longer than that please give ME a call on 13 15 63 so we can try and trace those funds back to your account. Take care - The team @ ME

ME has a policy now of only instant transferring to ME accounts. And claiming only 3 working days to all other accounts. I did on many occasions have next day to repeated external accounts which changed sometime in COVID. But seems to now be the answer that we NEVER got next day transfers to external accounts…

The rewriting of bank history and policy (along with the STEEP decline of any form of assistance that results in an outcome) is why I’ve just switched banks.

Hi Christopher, ME have never changed their policy on internal or external transfers, in fact, the only recent change to the way our transfers work is that ME can now accept instant transfers from a number of external financial institutions, while transfers to an external financial institution will take 1-3 business days as it always has. We hope this clears things up for you. Have a great day! - The team @ ME

ME bank = WW3 Bank of Queensland = WW3

I have found QUDOS bank to be quite good.

We are with ME, BOQ, Macquarie and also Judo…Judo beats them all hands down, in service as well as TD rates.

Hi Petr, thanks for taking the time to send through this review! I'm really sorry for the experience that you've had with ME over the past year and that you've had to open an account elsewhere due to the features you're after not currently being offered. Whilst I'm afraid that we don't have a release date to provide for when we'll have these features right at the moment, I can let you know that we've been making significant progress towards OSKO and PayID and we're hoping that we'll have some more news to share in the very near future about these features, so once we do, hopefully we'll see you back with ME in the future! - Nick

Yeah and everyone else has had OSKO for the last year or more.... The wheels of ME Bank grind so slowly, they grind not at all.

Hey there Sarah, across all banks there is a general transfer timeframe of 3 business days. This means if you make a transfer after 4pm or on a weekend this most likely won't process until the next business day and then will reach the account within 3 business days. More often than not these days, even with the normal transfers, funds are transferring within 24-48 hours so hopefully the funds will transfer quicker than expected. As for OSKO/PayID, we are working on this, so although, most participating banks can transfer to ME using this method, we're just finalising the process to send OSKO/PayID transfers. This shouldn't be too far off so keep your eyes peeled to our website. Hope this helps! - Christine

Hey there! So sorry for the late reply -- I hope you've managed to sort this one out! In any case, standard bank transfers between an account with another bank and one you have with ME can take up to 3 business days depending on when the transfer is made - it can take a little longer when transfers are made late in the day, on weekends and public holidays. Rest assured, if you double checked the payee details and they were all correct, then the funds should likely have arrived at their destination without issue - especially as it has now been more than 3 business days since your question.

If not, then please don't hesitate to give ME a call on 13 15 63 so we can take a secure look at your accounts and talk you through the process for potentially 'recalling' these funds, or tracing their whereabouts.

I hope that helps! Please don't hesitate to reach out if you have any more questions. -- Thanks, Lana

Hey Rona, more often than not these days funds are transferring much quicker however, for transfers between banks there is a timeframe of up to 3 business days. As you've transferred funds after 4pm, this generally won't process until the next business day. As for the funds clearing, this will be up to when UBank's processes run. I hope this helps Rona. Have a great day! - Christine

Hi Amitava, thank you for your query about depositing cheques to ME! As a digital bank we like to encourage our customers to try to use electronic transfers where possible. Electronic transfers can process within 3 days max, it's quick and efficient and best of all the funds are secure. With cheques, they can take 10 days to clear and you need to ensure the funds are available in the account (cheque issuers account) the date the cheque is deposited not when the cheque is written. If you can request for the cheque issuers to transfer funds electronically and cancel the cheques, otherwise, if you can please give ME a call on 13 15 63 so that we can assist you with the cheques. I hope this helps Amitava, all the best! - Christine

Hey there, that's a good question! Due to the way we interact with Australia Post in order to accept cheque deposits, it is true that this can take 10 business days to clear into an account. As this timeframe is quite strict, it is not something we are currently able to decrease in length -- even for a 'cost'. For more info, check out the following page of our website: external link 

Moving forward, if someone is making a payment into your account and you need the funds a little sooner than that time frame, you may like to organize a deposit using 'EFT'. Just share your account name, BSB and account number so that you can be paid electronically. If done correctly, this can take up to a maximum of three business days to clear, but usually will arrive much sooner.

In any case, you've certainly given ME some food for thought here. If you have the time, we'd love to hear your concerns about cheque deposits with ME in detail, through the following feedback form on our website: external link 

I hope that clears some things up for you -- Lana

Thankyou for your reply. I’m not sure what Australia Post has to do with a cheque deposit. ? I am referring to a cheque directly delivered to ME Head Office in Melbourne and it still takes 10 days.

No worries! In most cases we only accept cheque deposits through Australia Post, so I had assumed that was how you had done so - apologies! In any case, you may like to keep this in mind as a method of depositing cheques with ME (if you don't already know), as generally it will take a little less time than through posting directly to our Head Office (7 business days rather than 10). The website page I linked above will offer more insight.

Unfortunately, regardless of the method, cheque deposits with ME are a strict process that our team are unable to alter the timeframe for currently. For this reason, you may still like to consider the alternative 'EFT' option mentioned in my previous reply. Rest assured, we'd love nothing more than to hear any feedback you have about this process, so please consider filling out that feedback form if you're able to. -- Thanks again, Lana

Afternoon I find the cheque deposit process totally frustrating. I have spoken the ME customer service 4 times and rack time I am given a different answer. Perhaps some in house training is required to ensure everyone is singing from the same sheet. One person told me cheques are processed on a Tuesday and Thursday another told me they are processed daily another told me that they are short staffed and a new girl had started with ME and didn’t process any checks Tuesday just passed and further cheques would not be processed until 28/3/2023. My cheque was sent certified mail and receipted as received by ME on 21/3/2023. Why do I have to wait another 7 days for the cheque to be processed then a further 10 working days for the cheque to clear. This is not good enough. I have requested a manager to call me to discuss and to this time have not received a return call. Not at all Happy with ME and I am a very long term customer. Regards Andrew

Hello again! I completely agree with you there; communication is so important! If you've been given conflicting information by ME, then I have no doubt that would cause some frustration. I'm very sorry to hear that. If you've been promised a call from ME by a manager, then rest assured they should be in touch within 1 or 2 business days.

Still, it sounds like you've got some really good ideas about our cheque deposit process. If you have the time and are able to give them to ME in detail, then I again would really like you to consider filling in the following feedback form on our website: external link 

Not only will your words help ME understand where we can improve our products and services moving forward, but a dedicated complaints team will be in touch with you in 2 days to have a deeper discussion about any concerns you may have, as well as help to resolve any ongoing issues.

In any case, I'm sorry again that we aren't able to take a look into matters here over Product Review, where we don't have secure access to your accounts or details. -- Thank you, Lana

Hey Trent, I'm really sorry for the delay in getting back to you about this! I can confirm that ME allows up to 3 business days for funds to come through from a different bank. We do however normally see funds come through a lot quicker than this, generally within the next business day, so hopefully you've now received this money in your account! - Nick

Hi Youi, I'm afraid that we wouldn't be able to confirm exactly what time your funds would come through but I can confirm that transfers do usually come through the next day. We do allow up to 3 business days at the very longest for transfers to come through in some cases though. - Nick

I had issues that could only be resolved in an actual bank branch, in Victoria that means having to go to the city or attempting to rectify the matter over the phone. When I initially joined 20 odd years ago most issues were fixed with a phone call. But of late I have had issues which took away hours of my time sitting on a phone. I just opened a Commonwealth Bank Account just for the service and availability of branches.

Thanks Greg I will be looking into other banks today to sign upto for my business it's a shame really, I'll keep the account active tho I may still use it as a saver account for my kids but definitely won't be for business, it's a bit disappointing really

Hi Jasmine, we're sorry for the experience you've had with ME! We really want to be able to capture this feedback so if you could please send feedback through our feedback form here at the following link on our website: external link  this will certainly assist us in knowing where we went wrong and what we need to do to improve this process. We did experience some technical issues which caused some delays recently with the Centrelink payments coming through, this was unfortunately bad timing for you when this happened. We can accept PayID/OSKO payments from participating banks (except OSKO only banks) We're currently working on PayID/OSKO payments which means we will have the option to transfer funds instantly out of your ME accounts, this should be rolled out early next year. Again, I do apologise for the troubles. - Christine

Hi Kiel, thanks for getting in touch with ME. ME are unable to trace any funds coming towards us. Please get in touch with the person/company you are expecting the funds from to make sure they have been sent. Take care - Kady

Don’t get in touch it’s cos me pays everyone as late as possible especially Centrelink payments

Hi Nate, I'm sorry to hear that your Centrelink payments are coming through later than with your previous account. I can confirm that when payments are made to ME, we do allow up to 1 - 3 business days for the payment to come through and we don't have a way to speed this up at the moment I'm afraid. In saying this, we are working on incorporating the New Payments Platform and OSKO into our systems, which will allow near-instant payments to come through to ME. We've still got a bit of work to do before this is ready but once released, you should start to see payments coming through almost instantly! - Nick

Hi there! Thanks for reaching out. Once we receive confirmation of the incoming cheque from Australia Post or if we've received it directly, we'll go through a few different checks on our end and then head to a local branch we use here in Melbourne to deposit the cheque. Generally when depositing cheques into your account with ME, it can up to 10 days to clear roughly. I hope this info helps, but if there is anything else we can try help with here, please let ME know in a reply or by giving ME a call on 13 15 63 anytime between 8am and 8pm Monday to Friday or 9am to 5pm on a Saturday. Alternatively, you can also send a secure message within Internet Banking. Thanks again, - Andy

Under Australian Law a Probate Cheque must be held for 10 days regardless of which bank it has been deposited into. The initial interest if any goes to the bank and you have not claim to it.

Of course the interest goes to the bank. The banking lobby would have made sure of that.

We don't get the interest - It gets backdated to the date the cheque was first presented and paid into the appropriate account at the end of the month - Izzy

Hi there, you've come through to ME Bank, we have no affiliation with ING. Please get in touch with them or Centrelink directly to query your payment. Take care - Kady

Hi Melissa - Sorry about the delayed reply, I've only just seen this now! Transfers in between external banks and ME take 1-3 business days. Cheers - Izzy