Steven Cross
ME Bank has slammed the big banks for passing funding costs on to consumers through higher interest rates.
Earlier this week, the lender announced it would leave its standard variable rate on hold for the third consecutive month – keeping in line with the Reserve Bank’s April cash rate decision.
ME Bank chief executive Jamie McPhee said that consumers want security, and he won’t wait for the big four to deliver it first.
"We won't sit idly by and wait for our competitors to make a move when customers need certainty from their bank."
The lender has claimed that despite increased funding costs, the burden should not be passed onto consumers.
"While the major banks quickly increased rates and announced mass job redundancies and off-shoring to protect excessive profits, ME Bank did not. We've sought to keep the full burden off customers for as long as possible," said Mr McPhee.
