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ME Bank redraw breaches ‘serious and systemic’ – Sydney Morning Herald

ME Bank has been named and shamed by an industry body over last year’s bungled changes to redraw accounts.

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ME Bank has been named and shamed by an industry body over last years bungled changes to redraw accounts, which amounted to serious breaches of the banking code of practice.
The Banking Code Compliance Committee (BCCC) which oversees the code, on Tuesday issued findings from its inquiry into ME Banks controversial changes to redraw facilities. These are products that let customers withdraw money they have put into their home loan above the minimum repayments.
ME Banks bungled changes to redraw facilities…

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