ME Bank Fined $820,000 for Misleading Home Loan Customers

Published on January 20, 2024

Members Equity (ME) Bank has been fined $820,000 (US$540,000) for misleading its home loan customers on changes to minimum repayments. The institution, which was acquired by the Bank of Queensland in 2021, pleaded guilty to four charges in the Federal Court before being sentenced on Jan. 19.  The bank admitted that between December 2016 and February 2018 it failed to send letters to almost 500 customers whose loan repayment arrangements were due to expire. None of the affected customers suffered a financial loss but the court found they were deprived the opportunity to renegotiate their loans before the changes came into effect. The bank also sent 589 letters to customers between May and September 2018 that misstated their new minimum repayment after their fixed-rate or interest-only home loan period ended....

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