Jamie McPhee and ME backed away in the end, as they had to.
Saying it was “deeply sorry”, the bank has set up a dedicated hotline for customers who want their redraw rights reinstated. They lost those rights – without warning - in late April when ME changed its policy allowing customers who had made mortgage payments above the minimum to draw down on their debt.
Reversing in full the clamp down on redraw rights is more about the cost in reputation than any bottom line.
ME have had no real customer relations crises of this calibre and it was a small one.
Being ME’s perennial problem, the bank is too small and too unsuccessful and there are too many stakes in the bank up for sale in the open market.
The industry super bank? Cool while it lasted.