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 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)… Read more

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 For a bank that claims to be "digital-first," their physical infrastructure is sluggish and outdated.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!!!

Disgusting technical support. Rang due to authenticator issues. 27.03.26 at 10:06am Agent took the call an did not speak. I could hear someone breathing and fiddling. I asked if someone was there multiple times and there was no response. After 7mins they hung up. Show details

I have been on Macquarie Bank's chatline from Thursday 19/3/2026 till today 24/3/2026, requesting them to change my variable rate mortgage loans into fixed rate mortgage loans. Waiting times on the phone are between 40 mins-2.5 hours. Macquarie Bank prefers you to use the chatline but their "specialist team" LOL can only chat between 9am-5pm. I… Read more

work 9am-5pm to pay for the currently extremely high interest rates. Yes, I have lunch but it is half an hour in a big open office space. Not enough time to call and I don't want to go online at the office showing my financial status to my colleagues and bosses. My request is so simple: I have typed out the bsb number, account numbers, type of loan, which property the loan is for, the period of the fixed rate and the fixed rate as per last Thursday when I first requested. I have explained this every day for SEVEN days now. Today's dumb answer from Mary Ellen W was: we cannot give you advice. I DID NOT ASK FOR ADVICE!!! Just do as I request. I am your customer. Your employer makes money off me and pays you to do a job. Not rocket science. It's like dealing with toddlers.....

Made a payment in USD. Pending amount charged was in excess of daily conversion rate. Now processed at approximately $50 more than spot rate. I must use Revolut in future. Macquarie Bank is a real disappointment for overseas transactions. Show details

Opened a Macquarie Bank Transaction and Savings account on 30th November 2025. It is now 2 weeks, still waiting for my transaction card. IT WAS A MISTAKE..SHOULDN'T HAVE DONE SO.

I worked in Banking all my working life. Westpac for almost 30 years. Then Elders Rural Bank (which became Rural Bank and then Bendigo Bank) for 15 years. So I have a well developed understanding of Banking and Customer Service. Upon retiring we needed a bank account that would pay a good 'at call' interest rate whilst providing accessibility… Read more

through card and internet etc.

Macquarie was the best option open to us. The online account opening was easy. It was completed quickly, and the account fully functional almost immediately. It has been about 8 years now and the experience has been really good.

I felt uncomfortable originally not showing loyalty to the organizations where I worked, but the reality was that neither offered a competitive product to meet our needs. Macquarie was the answer for us.

Very happy with our decision to open a relationship with Macquarie, and we have progressively moved more and more functionality through our Macquarie account. I can foresee a time in the not too distant future where this will be our only bank account.

On Thursday 20th November 2025 I noticed an account had been opened without my knowledge so I rang them straightaway and I told them what had happened and they locked the account immediately so nobody could use it while I was on the phone without keeping me waiting. Show details

No terms or conditions or penalties like the other greedy big 4 banks to earn monthly interest on your savings account. Also the refund you all atm fees that you are charged for within 24 hours. It is the little things like this that makes a massive difference that gives you hope that a bank can care and respect there customers. Let’s hope they stay that way. Show details

I asked MQ to give me a separate Macq ID for my smsf account on 10/3. On 23/3, I requested it again. This time incomplete success - their next step was online and did not work (5 times). Back to their phone line and the chat line. Phone line 5 and 10 minutes wait and no success. Chat is 20-30 minutes wait and no success. Does any one have any idea… Read more

how to get MQ to give any service. I have to do SMSF mandatory transactions and MQ has made sure that I cannot do them.

A nightmarish experience, due to the way and method Macquarie uses to perform checks. It was very easy to sign up for a Macquarie bank account using my ID. I was able to open my accounts, and so I transferred my savings to my new account. I checked in on it about a week later, everything still there, I use it to make some transactions. About a… Read more

week after that, I try to sign in to find a message saying "Your bank account has been locked, please call this number" etc.

Okay, that's fine, maybe the fact I was signing in on my phone was suspect enough to trigger a false positive. So I call the number, and the person answering seemed to be reading from a script which in summary was "We have made a business decision to close the account. No one individual has made this decision. We will not be reversing it." The person on the phone wasn't rude, but any questions I had I just was walked around in circles back to that statement. They would not disclose the reason the account was closed, or what happened to my money. Alright, it's clear I won't get any answers this way, so I ask how I would be able to get my money back. You know... my life savings that I put in there.

The response was appalling, I was told that there was no way to be given the money back. But I was advised that I could make a claim on my insurance. Yeah, sure, okay so an institute can just take your life savings with no punishment. I had to take a loan to pay for my rent for a short while...

Researching it, apparently Macquarie and all banks in Australia must perform a KYC check. ie. do background research into the customer to determine if they are a risk. Macquarie seems to use a delayed AI agent to do the assessment. It could take a while because it may be backlogged, either way once it determines you to be a risk your account is closed (not locked, closed) and your money is kept by Macquarie.

Now I'd be more understanding if I were a suspicious person, like if I were making many overseas transactions or gambling or buying cryptocurrency. But I've done none of that! To this day I still don't know why Macquarie closed my bank account, I'm a hard-working post-graduate trying to pay off my student debt, and since then I've been able to successfully apply for (and keep open) account from four other banks with no issue. The fact that Macquarie gives so much authority to this automated process despite the fact it can give false positives is horrible. It's not even a lock, not something that could be resolved by going through a support process.

I did eventually get my money back. I initially tried a support ticket asking for my money back, they only re-iterated what was said over the phone with no option given for getting the money back. I requested a charge-back from the bank I transferred the money into the Macquarie account from, but Macquarie did not respond to that for about a week. It's been a month since the account has been locked. When I made a complaint to the Australian Financial Complaints Authority (AFCA), then Macquarie were suddenly much more willing to communicate. I was told I could make a request for withdrawal, by sending them a physically filled out form and sending it by the post (which costs money).

My first request for withdrawal actually failed, as Macquarie (by the time they received it) had transferred a small portion of my money back because of the charge-back from my original bank (not the full amount). I asked in the support ticket for the remaining balance, I was told what it was, and then I made another physically filled out request for withdrawal which then succeeded. I honestly think I should have just let the AFCA force them to make the transfer even if the process was going to take longer.

The kicker, Macquarie specifies that "No one individual has made this decision" because ordinarily if a bank closes your account for with no credible reason to do so, you could bring the person who made that decision to court. But since it's no one individual, it complicates that process. I'm no lawyer, and without the AFCA I would be having to pay for a lawyer to get my money back... when I had all my money taken by Macquarie. It's a very scary thought.

Anyway, for the week or so I was permitted to use my Macquarie account it was great. As long as you're okay with no physical cash transfers, the process is quick and their banking app is easy to use. I really do wish I could use a Macquarie account, but oh well. This has taught me to diversify my money. If you're looking at opening a Macquarie account, do not transfer any money into it during the first month, and if you do transfer only put in a small amount you're willing to part with. The better recommendation is to use another bank.

My wife just opened an account and a few days later received her debit card in the mail. When trying to log into the app to activate the card, she put the log in pin incorrectly the first time and corrected it the second time. When in the app she tried proceeding with the card activation but her account was locked. She called the security team and… Read more

they refused to unlock her account and closed it and accussed her of fraud under section 4!! Wth?? I will never recommend Macquarie bank to anyone! And I was thinking of switching my mortgage with them? Hell no!. P.s I believe the person that was talking to my wife on the phone was racist, because my wife has a strong accent and the paranoid dooshbag most probably based his decision on his racist agenda...

Absolutely terrible bank to have any kind of dealing with. Very painful process from start to finish with problems of Macquarie doing still unsolved. Walk away if you can.

Painless opening of new online account, confirmed and ready for use within minutes. Next day login ID and money is locked. Emailed documents again, account unlocked for one day. Many phone calls later without anyone knowing what went wrong they ask for another ID check. Almost 2 weeks after opening account and depositing money it can be used.… Read more

Terrible first impression, the advertisements say open an account in minutes, neglecting to mention your money is not accessible while Macquarie Bank twiddles their thumbs.

⭐ 1 Star – Extremely Disappointing Customer Service I have been a customer of Macquarie Bank for around 10 years, and unfortunately my experience with their customer service has steadily declined. Macquarie’s marketing presents the bank as modern, efficient and customer-focused. However, the reality when you actually need help is very different.… Read more

The phone wait times can be extremely long, and it increasingly feels like customers are being pushed toward automated chat systems rather than being able to speak to a real person. While technology has its place, many of us still prefer direct human support when dealing with serious matters like bank accounts, home loans, or credit cards.

What has been most frustrating is that when errors occur on accounts and you call to resolve them, the process can involve repeated explanations, long delays, and little sense that feedback is genuinely being taken on board.

Even more disappointing is that when a customer expresses understandable frustration about ongoing issues, calls can simply be terminated rather than handled professionally. Customers should be able to express concern or dissatisfaction without being cut off, provided they are not abusive or threatening.

After a decade with Macquarie, I expected a much higher standard of service and accountability. Sadly, the experience has been the opposite.

If I’m being honest, if I were choosing a bank today, I would seriously consider staying with my existing bank or one of the larger institutions rather than moving to Macquarie.

Very disappointing.

Signed up with all ID and everything. Transferred about $70k into the account via Osko, saw it in the Macquarie account. Came back two hours later to check something and I'm 'locked out.' My money was then held hostage, taking six hours of phone time over the next 96 hours to regain access. The money was to pay for a life-saving operation, and the recipient's place in line was lost when we couldn't make the payment.

I have had a home loan with them for 14 years. My fixed rate period recently expired so I contacted them for my options, ideally wished to re-fix again. They told me because I have an older home loan product, they cannot offer fixed rates any longer. My options were to do an internal refinance to another loan product. Why I need to do a full… Read more

refinance when I already have a loan with them does not make sense. I have never defaulted on any payments. My credit score is excellent. The other option was to remain on a variable rate. The revert rate on my account is now 6.64%. I requested a rate review as I have been with them 14 years and my LVR is sitting at around 20%. Their online rates on their website at LVR under 60% state a rate around 5.54%. They refused to give me the online rate, or a rate discount. Aside from that, incredibly difficult to actually speak to anyone there. It's disgraceful how they don't seem to care about their existing customers. Poor effort! Will be looking to refinance as soon as I can...with a different lender.

Been a customer for 5 years now. They locked my account for no reason. Was on hold for almost 3 hours in total, with 3 people from the Philippines who kept trying to put me through to the right department. Horrible experience. Pls stay away from this bank. I will be moving all of my accounts away from this bank.

Just had the worst experience with Macquarie this evening. Trying to transfer $20k in two lots to our new bank and still on the phone with them 50 minutes later. An absolute horrible CX. You should be ashamed of yourselves. Thier security questions were an absolute joke and I was put on hold 6 times during this call. DISGUSTING Macquarie. Will never bank with you again if that is how you treat customers.

Don't bank with them. I open the saving account yesterday, no problem transferring the money in, but after I transfer $10 to my ubank account, they lock my account. Calling them won't unlock your account, they send me a link to do id verification. After the verification done, still won't unlock your account. Good luck getting to customer service, still waiting for them to call back