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

The outside of the Supreme Court of New South Wales building is seen in Sydney, Australia, on Oct. 9, 2013. William West/AFP via Getty Images

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.