Via Adele Ferguson on the weekend:
The boutique bank owned by the industry superannuation sector has blindsided its customers by removing cash from accounts linked to home loans during a pandemic that has increased financial uncertainty.
Members Equity Bank, which is owned by 26 major super funds linked to big unions and markets itself as one of the country’s most trusted lenders, stunned customers on Monday when it, without permission, removed funds from redraw facilities to pay down home loans.
