Macquarie Bank

I am writing this to warn others: do not be fooled by Macquarie Bank’s polished digital facade. While their onboarding process is seamless and they… Read more

project an image of competence, my actual experience as a customer has been a nightmare.

1. Catastrophic Customer Service & Availability: After performing a few larger (and perfectly legitimate) transactions, my account was suddenly frozen "for security reasons." While I appreciate fraud prevention, the recovery process was an absolute disgrace. I spent six hours on hold. When I finally reached someone, the representative told me she wasn't responsible for this department. It took until 10:00 PM that night to finally reach a staff member in the call center who was actually able to unlock my account. A simple identity verification should not be a full-day ordeal.

2. Unreliable Logistics: In this day and age, waiting four weeks for a replacement bank card is unacceptable. For a bank that claims to be "digital-first," their physical infrastructure is sluggish and outdated.

3. Questionable Business Ethics: Beyond the poor service, I find their involvement in the "C#m-Ex" tax scandals deeply concerning. Financing deals that effectively facilitated tax evasion is a moral "no-go" for me. If you value ethical banking standards, this is not the institution for you.

Final Verdict: Macquarie is quick to sign you up, but the moment you encounter a technical hurdle or need genuine human support, they leave you stranded. Also, their apology was lousy and did not even include any compensation. HANDS OFF!!!

Macquarie Bank First to pass on a rate hike but will never pass a rate reduction along. Despite pointing out the gradual change between new loan… Read more

rates and my existing basic variable home loan, their response is always, "but that rate is for new loans only".

Current home loan rate: 5.94% pa Advertised equivalent rate: 5.59% pa

If you have an issue with your loan or banking products, be prepared to strap in and be transferred around and around with no outcome.

I've never had this response from any other bank.

I'm currently looking for a new loan.

Platinum in arrogance, tin in customer service. No rating for intellect. I have no words for the lunacy below. I opened a Macquarie Platinum… Read more

Transaction Account 20 days ago. I am still waiting for my card to arrive. I tried the online chat a number of times - it says this is the quickest way. I haven't had an answer to my queries either time I tried. A reassuring message comes up when you start the chat that not to worry, do other things, you won't lose the chat. Well I wasn't doing that but the chat responders sure were. So then I called. Eventually I got through to someone. He asked me what date I opened the account. That was the day my card was sent, he said. Miraculous. I opened my account in the evening. Twenty four hour service is there? Regardless, it hasn't arrived. I live in the city. My fence/letterbox is on the footpath border. I request nothing to be sent to my residential address due to the theft rate. I have a post office box for mailing. I have had it for more than 30 years. But no, not Macquarie Bank. To quote "your card was issued to your residential address at the time of account opening on (date provided). As part of our security procedures, the initial debit card linked to a Macquarie Platinum Transaction Account is sent to the residential address. The standard delivery timeframe is 5 to 10 business days via regular post.

If you have not received your card within this period, you may order a replacement to your mailing address by following the instructions in our Help Centre article.

Yep, for security procedures Macquarie Banks sends their cards to a residential address, even when advised that it is not a secure option, and that there is a post office box available for secure delivery. And now that it has gone missing, in the hands of who knows, with my details handed over to them courtesy of the card, Macquarie Bank now feels secure, and I can go on line and find out how to request a replacement card to be sent to my post office box.

Wow.

One last comment - a question this time. We are overwhelmed with warnings about theft, ID theft, fraud, ETC. Why the hell isn't Macquarie Bank (and every other bank) sending cards via registered mail?