ME Bank reverses redraw move
ME Bank has reversed its home loan redraw limits decision.
The industry funds-backed bank said that in response to customer feedback it had decided to change back home loan redraw limits for any customers who want it.
“The bank recently made changes to some older, legacy home loan products which resulted in around 4% customers having their redraw limit reduced,” it said. “The bank acknowledges that this was poorly communicated and has upset customers. “
Announcing the move, ME Bank chief executive, Jamie McPhee said that some customers had told the bank they wanted their redraw limits changed back and that is what the bank was doing to do.
“We have set up a dedicated hotline for any customer who would like their redraw limits changed back or, if they prefer, they can request it online. We are deeply sorry; we were trying to do of the right thing but we went about it the wrong way,” he said.
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