Founded in 1898, the ME Bank is an Australian direct bank based in Melbourne, Victoria. The bank has no branches in Sydney, Brisbane, Adelaide, Perth, Hobart, Canberra, or Darwin. In July 2021, it merged with Bank of Queensland and is now called Bank of Queensland. The company’s name will not change in the near future. Here are the main things you should know about the former ME. The new bank will be headquartered in Brisbane and will remain a direct bank.
Among the recent charges filed against ME Bank are a number of consumer protection breaches. According to the CDPP, this involved allegedly false statements in letters to customers. The bank has since ceased trading and has contacted affected customers. However, it has not yet replied to questions regarding its possible acquisition. The bank has not responded to queries regarding the issue. The company is currently contacting customers affected by the redraw reduction. This could take a while, as the bank still needs to gather more information about the situation.
The ME Bank’s restructuring of redraw limits has been controversial. Despite being a direct bank, the company no longer maintains any branches in Australia. In July 2021, the bank became a subsidiary of Bank of Queensland. Founded in 1994, the bank began as Super Member Home Loans before transforming itself into Members Equity Bank. In July 2001, it received a banking licence from APRA and became an authorised deposit-taking institution.
ME Bank – What You Need to Know About the Former ME Bank
The bank’s decision to restrict redraws without announcing them was deemed “serious” by the Banking Code Compliance Committee. The court cited the “systemic” nature of the breaches, and ruled that the bank’s actions were in line with the statutory timeframe. The bank will appeal the judgment will be upheld in November. It will be difficult for the ME banks to recover from this judgment, but the court is confident that it can do so in the future.
The Bank of Queensland is a national bank. Its shareholders include 26 industry super funds and has a long history of good service. In July, it acquired ME Bank and the two companies worked together to resolve the issue. It has a reputation as a reputable and well-established financial institution. In addition, the Bank of QLD has a long history of providing loans to the banking industry. This demonstrates how important it is for the regulated financial sector to support its own growth.
ME Bank’s decision to restrict redraw facilities is an attempt to prevent the bank from enticing customers. The redraw facility allowed borrowers to draw extra money from their home loan at a later date, and it was a common feature of most home loans in the past. But now, it is being investigated by the Federal Court, and it faces criminal charges over false representations in letters and failed to provide written notice of changes to annual interest rates and repayment amounts.
ME Bank has a history of poor communication and is now resolving the issues. While a small-scale bank is unlikely to have large profits, it will continue to operate at a cost-effective level. In the meantime, it offers banking products such as savings accounts and credit cards. Some of its customers have already signed non-disclosure agreements and have been told to sell their shares. Moreover, the bank has placed itself on a restricted list of the ASIC, which is designed to stop insider trading.
In addition to the benefits of the merger, the acquisition of ME Bank does not significantly affect the financial metrics of the combined company. On a pro forma basis, the merger does not significantly impact the company’s financial metrics, but the increased reliance on wholesale funding is likely to weaken in 2021. While the transaction is unlikely to affect the overall performance of the new entity, the integration should help BOQ achieve synergies and improve the profitability of the bank in the medium-term.
In addition to its online presence, ME Bank is also accessible by phone. The website also has mobile applications and other features that make it easier to use. The app also offers a variety of payment options. The mobile version of the application is available on the app.ME Mobile Banking supports the payments through PayPal. The service is a great choice for those who have a mobile phone. A home loan with ME is not only easy to obtain, but it is flexible.