ME Bank (Members Equity Bank Limited) - Changes to the redraw facility without advising affected customers

[mark_m]

@dieseldon61

government … and now helping the banks hide behind Covid19

You’re welcome to your opinion. APRA as noted stepped up to ME Bank which is what was needed. Consumers have certainly been quick to respond in their condemnation.

Rationally there are many demands on the banks at present. The deferral - extension of the time line for completing the actions recommended by the BRC does have support, including that of the consumer organisation Choice.

@dieseldon61

the banks only concern are profits and shareholders the big 4 still have credit card rates at 20% while interest rates

Can a bank exist without customers?
Even the RBS has customers.

The issue of the gap between general interest and credit card interest rates is not just a recent concern. Part of that discussion needs to include the CC global provider relationship. VISA, MasterCard, AMEX, etc. You’re not alone in asking how or why. There are several Choice Community topics which encourage that discussion.

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Credit Cards - High Interest Rates/Surcharges

When bank deposit interest rates were above 15 per cent credit card rates were 22 per cent. Bank deposit interest now are below 4 per cent why are credit card rates still above 20 Per cent. Most of the people who are forced into paying credit card interest are struggling to keep their head above water financially Why does the government not force banks to drop credit card interest rates ?

Exorbitant interest rates charged by lending institutions for debit on credit cards, and unsecured loans

I recently was involved in discussion with three line managers at a large multinational bank (Citibank ) regarding the outlandish interest rate/s that are levied against a line of credit,credit card that I have. I tried to make the respective officers understand of my personal thought on the institutions practice of charging what amounted to " loan shark " practices in respect to interest rates was immoral, and completely out of kilter with the basic ethos of the original mantra of banks; when o…