ME Bank

 cancellations – how to easily cancel your subscription or service

ME Bank allows customers to cancel most services at any time, as long as accounts are in good standing.

• Transaction/Savings Accounts: Must have a $0 balance and no pending transactions. Direct debits should be updated or removed beforehand.
  
  
• Credit Cards: Only the primary cardholder can cancel. All payments and interest must be cleared first.
  
  
• Joint Accounts: Cannot be closed in-app; one account holder must contact ME by phone or in writing.
  
  
• Term Deposits: Early withdrawals require 31 days' notice. Rollover accounts offer a 7-day penalty-free exit window.
  
  
• Loans (Home/Personal): Must be paid off or formally discharged before closing.
  
  
• Linked Accounts: Direct debit setups must be transferred to another account before closing the original.
  
  

With ME Bank, there are no lock-in contracts. Just follow the right process and close at your discretion.

Follow these steps depending on the account or service type:

1. Prepare the Account
Transfer out funds, clear debts, and stop any automatic payments before you initiate cancellation.

2. Choose Your Cancellation Channel

• App: Close everyday accounts via the ME Go app.
  
  
• Online Banking: Close credit cards as the primary cardholder.
  
  
• Phone: Call 13 15 63 for any product type, especially joint or loan accounts.
  
  
• In Writing: Send a formal request (e.g. home loan discharge) to ME Bank via mail.
  
  

3. Follow Product-Specific Instructions

• Home Loans: Submit a Discharge Authority Form and allow up to 21 business days.
  
  
• Personal Loans: Request a payout figure, pay it off, and confirm closure.
  
  
• Term Deposits: Call to give notice (or cancel within 7-day grace period if recently renewed).
  
  

4. Confirm Closure
Request a final statement or written confirmation. Cut up cards, destroy cheque books, and monitor for any stray debits.

5. Get Help if Needed
Call ME’s support team to clarify any step or confirm successful cancellation.

Timing is key to avoid extra charges or hassle:

• Everyday Accounts: Closed instantly via app or call (pending transactions must clear first).
  
  
• Credit Cards: Cancel after a billing cycle and once balance is $0. Statements continue until fully paid.
  
  
• Home Loans: Discharge process can take up to 21 business days. Plan ahead for settlements.
  
  
• Term Deposits:
  
  
  • 31-day notice period for early closure (unless in 7-day post-renewal grace window).
    
    
  • No penalties if cancelled within this window.
    
    
• Direct Debits: Update payment details with merchants before closure to avoid dishonoured payments.
  

Set calendar reminders and leave time buffers around billing cycles, interest payments, and settlement dates.

ME Bank is transparent. There are no surprise cancellation fees for most products:

• Transaction/Savings Accounts: No closure fees. Ensure all regular fees are cleared.
  
  
• Credit Cards: Free to cancel. Clear any debt or interest first. Withdraw any positive balance.
  
  
• Home Loans:
  
  
  • $245 discharge fee + ~$105 per property title.
    
    
  • Break costs apply for fixed-rate loans (variable loans = no penalties).
    
    
  • Full payout required before closure.
    
    
• Personal Loans: No early repayment or cancellation fees (just clear the balance).
  
  
• Term Deposits: No flat fees, but expect an interest reduction if closed early. The penalty scales down as the term progresses.
  
  
• Miscellaneous: Bank may honour a late debit post-closure. Always double-check autopayments.
  
  

No junk fees, just plan the timing, especially with fixed loans or term deposits, to minimise loss.