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Macquarie Bank

Macquarie Bank

Branches and Online
1.4 from 155 reviews

Bank card review

I have been with Macquarie Bank for one year now. They are reasonably good and reliable in their transactions. Customer service is good and no hick up so far except for overseas call centres.

Review TypeGeneral Transactions

Car loan manipulate from ANZ/Esanda to Macquarie without any notification

My car ANZ/Esanda loan was manipulated by increasing interest rates, then sold secretly to Macquarie. Complaining to AFCA was useless as the Ombudsman favoured the Bank. Is this not corruption?

Transparency
Customer Service
Review TypeLoan Application
2 comments
Car loan manipulate from ANZ/Esanda to Macquarie without any notification. Complaining to AFCA was useless as the Ombudsman favoured the Bank. Is this not corruption?AFCA funding lacks transparency: AIST BY KARREN VERGARA | THURSDAY, 26 JUL 2018  12:45PM The Australian Institute of Superannuation Trustees slammed the lack of transparency around how the Australian Financial Complaints Authority will operate and be funded. Some customers had bad experience and lost unfairly.

Terribly Shocking Interbank Account Transfers

A payment was processed from BPAY- transaction was visible that it has been done however the available amount remained zero for 3 days and finally was able to transfer to another bank- that again took 4 working days- Terribly slow service- not upto mark

Transparency
Customer Service
Review TypeBusiness Banking and General Transactions

Incorrect calculation of monthly payment and inefficient internal bank transfer

Being with the bank since Feb 2013. Interest increased fast. More problems with re-structured loans. Overnight Internal bank transfer!!! Wrong monthly payment calculation!!! Pls DO WATCH OUT your loan accounts!!!

Customer Service
Review TypeGeneral Transactions

Culture of Arrogance

I have had an SMSF account with Macquarie for 17 years. I am trying to open a deposit account to get a little more interest. I managed this with another bank in a 5 minute phone call, account opened, money transferred, job done. The Macquarie staff have been unfailingly polite, but the culture of management arrogance clearly shows through. The amount of paperwork needed is unbelievable, not helped by my being emailed an expired form which they have refused to accept. Advice...think twice, explore alternatives.

Customer Service
Review TypeGeneral Transactions

Dreadful EFTPOS & Customer Services

Had two (2) very embarrassing situations where the Macquarie EFTPOS service was offline (even they there were funds in the account) and I was left high and dry with no way to pay. I know it was only Macquarie Bank EFTPOS offline as other Macquarie customers had the same experience "Card Denied - Please contact issuer". I had a large amount of cash in the account - didn't work. I ended up using my old trusty Commonwealth Debit card. That card worked fine. I complained and closed all my Macquarie Bank accounts. Not even an apology or a reason why their EFTPOS services were offline on both occasions. Dreadful customer service. My wages used to go into my Macquarie account and when I closed the account they did not care at all. They don't give a damn. Avoid this online bank at all costs.

Review TypeGeneral Transactions

Call Centre is woeful

It is a shame when something that could be so good is significantly let down by very little attention to customer service. Macquarie have a great banking app with some innovative features. Their transaction account is good and provided you have no need to contact Macquarie you can be quite happy. The call centre though is offshore. Operators are heavily accented and quite frankly difficult to understand. There is a "script" that is followed for most things and any semblance of personalised service is impossible to detect. I called recently to close a Hilton Honors Credit Card which Macquarie had decided to remove from the product range with customers being transferred (automatically) to another card offering which to my mind was not so appealing. To say that the phone operator couldn't care less about an account being closed and a customer leaving is an understatement. Script followed with "anything else I can help you with today" at the end. You would think that a bank would have a retention department and they must just try a little to keep a customer. If you are looking for any type of customer service/experience steer clear of Macquarie. With all the money they make and known as the millionaires factory , they could support Australian jobs and support their customers more by having an Australian based call centre. Clearly the lower costs of it being offshore is more attractive to them.

Customer Service
Review TypeGeneral Transactions

Never Again

Unable to bank a large bank cheque after settlement of our unit. After weeks of back and forward, I ended up having to open an ANZ account to bank it. Then went to transfer it via the bank, and tah dah.... they dont accept transfers. After 9 weeks, we have finally got it sorted out. Next drama... getting the loan discharged. Two weeks and nearly $1000 in fees to get it done. Never again. These guys are shocking.

Customer Service
Review TypeGeneral Transactions

Terrible customer service and call centre is overseas

I highly regret applying for a black credit card with them, not only did it take 3 weeks to get an outcome but they also declined the level I wanted and advised I could apply for the next one down, Platinum which was terrible in comparison. As I had already applied I thought that was better than nothing but I escalated it to get the decision review as I exceeded all the minimum requirements so there was no logical reason as to why I could not get the card I applied for and yes I have a perfect credit rating which I doubted myself so I double checked to confirm it is still at the highest level. Even the escalation took a week to get an outcome which shows they obviously get a lot of complaints.

Once you get a credit card you don't usually have to call them so that is the only positive but getting the card is a nightmare and needless to say I would not even recommend them to my worst enemy, not that I have one but if I did I would strongly suggest they not apply with Macquarie Bank.

All that glitters? Investors beware!

20 Years ago McQuarie Bank invested $20 000.00 for me in one of a variety of schemes they offered. Initial investment charge of $600.00. My idea was by doing this I would benefit from their expertise and hoped they would out perform my efforts. They had my money for 10 years, after which I got a telephone call telling me the scheme I had chosen was discontinued and I Had less than $10 000.00 left. Tat was it. I have never been told how or where my money was invested and what went wrong. I figured MacQuarie failed and we are all in this together. Wrong! A pop up tells me CEO [name removed]'s salary was approx $19.7 mil pa. He has also just been paid a huge severance and Mac Quarie shares etc are doing really well, and me well, who cares? MacQuarie don't. If this happened to you please post a review on this site.


Car loan not approved even after good credit history

Applied for Car loan through Mitsubishi and they are Terrible. Worst bank ever. Don’t waste your time by applying for loan.


4 business days of transactions not 5

Terrible bank that does not let you cancel transactions that have not been processed. For example I made a payment to one of my frequent accounts at another bank (bankwest and I'd highly recommend them) on Saturday at 1am EST when my flight landed only to be told that on Mondays they process payments at 5pm EST which means it will not be in my everyday account by tomorrow. However if I were to make the payment if I made the payment by 5am Tuesday it would be in at the same time which applies to all other business days expect Monday. Other banks allow you to cancel payments if they had not yet been processed. Their system seem to only work for a 4 day business week not 5 like they. FYI I now can't purchase Xmas presents for my kids as I have been away for work the last couple months. Thanks


Great Staff and Great products

- 2 Years,
- Regardless if I get an Australian Agent or Philippine Agent they are very helpful. The Philioine agent that took my call had perfect english and she was fast and efficient.
- the customer experience is always top notch


Really good bank for normal banking

These guys are really good vs the big 4, maybe some of these reviews are for the others things they do. Home loans and normal banking stuff is awesome although use a broker as the sales guys at the bank didn't seem that know much

Two hours to draw a bank cheque!

Written authorisation was provided and sent to the bank prior to midday. Was told to attend the Sydney branch after 2:30 pm and it would be ready. More than two hours later and I am still waiting. Shocking customer service!!

Kept coming out saying it would not be long. Liars! Then promised it would be ready by 4:30. Still nothing.

OK experiences for personal Investment banking purposes

Originally had a Cash Management Trust (CMT) account with them primarily for the receiving of dividend payments and other Australian based Investment related transactions along with an NZD denominated Gilt Edge account (with favourable NZD-AUD exchange rates with next day availability for transferring between the two.)

In 2012, MacQuaries it seems had decided to almost entirely close down their retail banking operation in NZ and advised all New Zealand based clients that they were closing their accounts. The message I got was that they didn’t want to deal with NZ clients anymore as they never offered an alternative product except to effectively say (in my view) “We’re gone, goodbye”. Leaving New Zealand clients in the lurch.

Eventually managed to get mine transitioned over to a Cash Management Account (CMA) by visiting the MacQuarie Australia site to see what other Account they may have had and applying for the said account, but had to sign disclaimers acknowledging that the product was not promoted to me directly by MacQuarie and that I had discovered their product by my own volition.

For the purpose of Investment Banking, MacQuarie have been “Okay”, never had much of an issue on that front.

Have found their new site more difficult to navigate though. Functionality appears to have been lost where in the old site you could specify a date range and be able to have this exported to CSV, that or these functions have been buried in a less than intuitive place on the Web Interface.
(Differing tax year ending dates between New Zealand and Australia perhaps presents an extra complication.)


Great phone app, can use any atm at no cost and love Apple Pay & Google Pay

I have been with the bank for nearly a year and totally love the experience. I can switch between an iPhone or Android and still use Tap and pay, the mobile app is one of the best I have used. Also no transaction fees for international payments. The best part is I can withdraw from any ATM at no cost. The downside is they don't have many branches but I don't find the need for one.


Unqualified staff

Staff don't understand bank products and what a credit/debit balance is. Support team sends you around in circles even though your matter is urgent.


Most terrible staff and services

Just used the card to do cash advance and they blocked my card , though i confirmed them it was me who did the cash out ( no suspicious activity was on my card) but they still didnt took the block . And the worst custormer service representatives and all them are rude and not professional.


Macquarie bank - please stay away

Never ever go for this bank. Specially their credit card. They have processes just to harass the customer.

Regarding my Savings offset account:
I required 6 months statements for some visa processing
I spent hours and repeated calls to get bank statements for visa processing.
Firstly you can't go to the bank and get the statements, they said don't do that service at all- Forget it if you want the statements on the bank letter head for some official purposes- they don't do that.
when I tried to generate it online, the generated statement has the following disclaimer:

"This report is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL) for the date ranges you entered. This report is not a
statement and MBL is not responsible for any reliance on the information that appears in it."
So basically with the above disclaimer you can not use it for visa purposes.

Then I see quarterly online statement and decide to wait for another to make 6 months statements. when that doesn't get generated, when it was supposed to, I call them they transfer me and after transferring and dropping my calls multiple times, I am told that statements are half yearly for my account which is apparently default setting , means I have to wait for another 6 months. When I questioned it how the hell I can see one quarterly statement, they dont have an answer.
I was so annoyed and spent hours of fight to get statement to my own account. The stress I went through must have reduced one month of my lifetime.

Regarding the credit card:

They dont have joint account concept. They have something like primary and secondary. Thats ok, but felt the issues with it when I started using their card/ called the customer service for any issues.
My husband is primary and I am secondary card holder. Apparently they do not take my complaint from me- the secondary, when I saw they wrongly charged interest in the account they said said sorry only primary can contact and fix the issue!!!. When my husband away travelling and when he came back he called and said he gives the authority for me to operate the account they aid NO, they cant do that and referred to their stupid process said they simply can't do that.
Have you heard about the concept of giving authority? Post office does that legal firms do that, but no Macquarie bank does not do that.
Listen to this. My credit card bill was 5000. One of the product which which I bought for 1000$, did not work as expected and availed 100% money back for that product return. So Macquarie bank got the 1000$ return and I paid remaining 4000$ back.
So you think I don't owe anything to the bank right. You are wrong they changed me interest for 1000$ they got because they don't consider money back they received as payments towards credit card bill. they expected me to pay 5000$ in addition to 1000$ they received as money back.
When I questioned them, they said it is their process and term and conditions of their card usage.

So stay away from this scammed bank and their stupid processes. They are not there to help but to harass you.
Beware and stay away!!


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Questions & Answers

Has anyone ever had an explaination of how much interest they get charged on a car loan? I bought my car (used) for $14,000 and just got a statement saying I still owe $19,000! Surely you don't get paid thousands of dollars in interest charges?
2 answers
I need this answered aswell as it wasnt in contract of interest going up everyday. I bought for 14000 now they say i owe 18000go to the financial ombudsman.

Hi, I am looking to refinance through Macquire bank on my brokers recommendation. CBA quoted ridiculous rates when I approached them so did bank of Melbourne. Reviews on Macquire seem to be a bit frightening. Any good reviews out there? Help please, if we are going to be ok?
3 answers
Hi Brenda, I always try & separate emotion from actual, so as to give an unbiased opinion. I have spoken to my broker & he has admitted that his wife has had similar dismay with Macquarie and during the previous ten months had signed up only one other client with Macquarie services. For a bank that has no bricks & mortar and has reduced overheads as not offering other services, their fees and charges are very high, and consistently derive more more profit from its customers than the other banks. Hence you may find as I did, that you need to do the hard work and waste a lot of your time for the simple things that may take 5 minutes to do at your local bank. If you ask for something like a statement of some sort that is not accessible on online services, or a complaint, be prepared to wait 2-3 weeks and be given a case number, only to find that the answer was not satisfactory, and you start all over again. Beware of out of cycle rate rises, I had it twice in one month, and our Westpac repayments are now $300 a month less than Macquarie. I think the very fact that you are questioning Macquarie, rings alarm bells already. If you were my daughter looking towards a lender that won't require a costly refinance 12 months from now, a would be strongly advising her to look elsewhere. Good luck.Don't do it. They have been difficult to deal with in my experience.I'll be perfectly honest with you, If you are extremely wealthy like my dad you will get the best service in the world, the best rates and the best advice out there period, I highly recommend Macquarie if you can afford their premium wealth management service there is no better bank in the world and they will increase your net worth tenfold. I don't know how much it is for their service but I think you need a minimum of at least 5 million that you can invest in securities. If you are not in the top 0.05% of Australian income earners then I would recommend elsewhere, go to St George/Westpac is probably the best for ordinary earners. Macquarie is a relatively small bank compared with the big four, it is essentially an investment bank like J P Morgan, it isn't really a bank for ordinary tax payers that fall into the ordinary tax bracket, that's what most people complaining fail to understand about Macquarie and why they are silly for approaching Macquarie in the first place. Macquarie doesn't really care about your little home loan of 1,000,000, this is a multi-billion dollar company that rakes in billions in revenue each year mostly from professional investors, high net worth clients, successful businesses, and large company clients. To Macquarie a difference of $300 a month is not material and to many of their high net worth clients $100,000 here or there is nothing really to worry about. So when I hear people complaining that Macquarie is more expensive and charges rates that incur $300 a month more than other banks I just laugh, what do you expect it is an investment bank not a big four!! It is like going to David Jones and complaining that Target's products are cheaper. Sorry to sound snobbish but i'd rather give honest advice than be politically correct and i'm anonymous so i don't care. Their online banking is great though and anyone can use it, I recommend that, you will get great interest rates and their security is second to none. Go to St George for your home loan, i've heard they are great, and I have a bank account with them too and their always really helpful irrespective of how much you earn.