Customer Service no existent - APPAULING
So disappointed! Never written a review but felt compelled to. I was told my credit limit increase was approved- I just needed to close other credit card. I did that then rang Macquarie to advised. Told I just needed a letter to prove other account closed. I sent through info. 9 working days later no response. So I ring and am told that I now have to supply more info - so I do. No response. I ring back again and am told I need to provide more info. I make a complaint- nothing done. 3 weeks after original paperwork supplied - I contact ...Complaints line again - and they advise me I need to provide payslip! Why I asked when my pay goes into a Macquarie account each week???? I again complain about being asked for more and more info each time I ring - JUST TELL ME In initial call what you need to make a decision! Complaints tell me they will follow up and email me what I need to supply. You guessed it - no email received.
Macquarie just make it easy
In 2016 a car loan broker recommended I lease my car through Macquarie (which had an excellent interest rate at the time). I'd just been screwed over by Commonwealth Bank (as a long and loyal customer) who declined my $50K pre-approved car loan (at a much higher interest rate - didn't even initially shop around!) - they didn't deem my savings 'authentic' (it took me 2 weeks of hassling them to actually even tell me the reason). Thankfully this pushed me to use a broker on the second time around, who had glowing things to say about Macquarie. I ...was impressed at the deal, they even offered me a lot more than CBA and more flexible options. I decided after the lack of loyalty from CommBank that I'd use the opportunity to also swap banks (which I had done a bunch of times before anyway, CBA was actually one of the longer banks I stuck with). I was also bitter they were feuding with Apple over Apple Pay and sick of their ignorance of it. The only real thing keeping me with them was their app (which was undeniably good). So I thought this time I'd pick a new bank based off their app. I had a look on the App Store and came across Macquarie (who to be honest I would never have even thought of as a consumer bank before - I always thought they were the bank for rich people, not plebs like me). Their app looked awesome though, so I researched deeper and found they had a free platinum transaction account, no ATM fees on any ATM (including international), great savings interest rates and Apple Pay (!!!!). I was sold! CommBank had none of these things! Since joining Macquarie I've opened my main platinum transaction account, a second normal transaction account (both have MasterCard Debit cards linked to them), a whole bunch of savings accounts, a trading account and I used them via my broker again for a loan on a new second car. Not once in 3 years have I had to contact them about anything (excluding talking to my broker who dealt with them for me on the car front). They have been amazing to bank with, everything works so easily, their app and website are both great, they are relatively up on technology (aside from taking a while to get Pay ID and still yet to support OSKO), they have a good selection of perks on their accounts - I literally don't pay fees for anything with them. This is up there with ING (which all my friends rave about). The only thing that has been an issue in the past with Macquarie is depositing cash into an account isn't easy. I still don't actually know how to do it. They aren't supported by AusPost (which was my initial assumption), but I rarely use cash anyway so its not been a huge issue for me. I just deposit the cash on my credit card (which isn't a Macquarie account). I'm super time poor, so not having to contact them about anything is a huge bonus for me. It speaks volumes when their processes, systems and things just work smoothly! I had a terrible encounter with ANZ on a balance transfer recently, which I just wrote a review on PR for, and it made me appreciate Macquarie so much, hence I'm balancing it by giving my thanks and praise to Macquarie for just being easy and awesome.
Appalling online and phone service!
I have been with Macquarie for 4 months,.OMG!!! Bad decision!! Open joint transaction accounts.. got email and cards, my wife gets email and cards. I can activate my cards but my wife can't and no one can help!
Opened new accounts online. Set up Internet banking. Transferred money into the account. 1 day later internet banking access locked. Called Macquarie to be told my accounts are closed with no explanation. The idiots still sent me a card. Avoid at all costs. Still waiting for them to return my money a week later.
- Verified customer
Accounts opened online, closed next day without notice or explanation!
Suddenly I just couldn't login.
I called them and they said they've closed everything, and refused to say why.
Funds sent to there hadn't arrived yet - they said they'll return my money.
I then searched and found other people saying the same thing here and on some other review sites.
I called my originating bank and asked if they had any idea about it - they said no all was well on their end - funds were sent - and no issues with me or any of my accounts.
I was not applying for any kind of credit, but in case that was somehow a factor, my credi...
worst bank of Australia
I opened account on line and the bank next day welcomed me with glowing emails, "Were excited to have you on board and hope you enjoy" and "you've made the smarter choice" Than less than two hours later Macquarie arbitrarily close the just open account, no explanation.
Decided to inquire why, only to be told that this was done from the business reasons no other explanation, no sorry for my wasted time. What a "Johnny-come-lately" inept Macquarie bank is. Scratched my head, thinking what sort of a bank do not like my money, do they drowning in...
The worst bank I have ever dealt with.
We have just been through the process of a construction loan with Macquarie and it has been the worst experience we have ever had with a bank. If you need to speak to someone on the phone you better have an hour or two to waste on hold, they don't ever reply to emails and trying to get them to pay draw down requests on time is impossible all have been delayed by several weeks. Do not use this bank under any circumstances there are so many better options out there and we will be refinancing the second our house is finished.
Closed my bank account a day after opening it
I opened a bank account with Macquarie because they have a great interest rate and as a student any saving counts. I was disappointed when this morning I tried to access the account and when I called because I was having trouble I was advised that my account had been closed with no explanation or reason whatsoever. I have never had this happen before and it makes no sense to me why they would close the account when no money was in the account. I'm very disappointed because I was hoping to maximise my interest.
No Samsung pay
Maquarie bank doesnt have Samsung pay. Very annoying. All my bank and loyalty cards are with Samsung. Very surprised not supported with maquarie. Hope this will be updated very soon!
AVOID AT ALL COSTS
Apart from Macquarie's online systems being glitchy and inconsistent (e.g. never got FY19 tax statements), the financial advisors are a complete scam. I've filed a motion with ACCC to be reimbursed. In 18 months, I was cycled through 4 advisors that all provided conflicting information and mismanaged my money. You'd be better off putting your money under a mattress. I will never use one of their products again.
Simply Hopeless! Over 2.5mths, no atm/debit card issued. App keeps crashing! Can’t withdraw money! Full of excuses!
Nitemare since day one! Poor and delayed Communication flow between depts and customers. Impossible to get help locally and internationally.
When you do, you end up repeating your issue to different people! Agents are in capable to provide assurance of support to solve your issues, you just end up going round in circles for WEEKS!
If you think Bankwest is shocking, well think again. It’s over 2.5 mths, I still have no atm//debit card to withdraw my money!!! No facility to deposit cash! No one replies to your emails!
Excuses and sorry is not a service!!!
How can any institution exist operating in this manner with digital banking license is à wonder of Australia industry’s banking and finance governance!
mortgage solutions branch
We got our construction loan with Macquarie 10 mounts ago. Other then couple of tiny delays everything goes very smoothly with this bank. People are especially very helpful and always ready to answer on your questions. We are about to get our keys from our new house. One big thank you to Beatrice from mortgage solutions!!! For two days in a row she put up with me being stressful and not knowing how the whole process of taking the last pay check invoice goes. I have never met such big professional, dealing with everything on the phone, escalat...ing the whole process as quick as an arrow. I am eternally grateful. Thank god for the people like her. I am hoping that in the future everything will go easy as it is so far. If anything, I know who to call if i have any issues. Beatrice!
Opened the account, revived the card and then they closed the account. Time wasters.
On 26 July 2019, I applied for and opened a Macquarie Transaction Account with a Macquarie Debit Card. I sought this card specifically for international travel. I received the card on 30 July 2019. On 31 July 2019 I tried to log in to Macquarie Bank which I couldn't as the account was locked. I rang the call center and on the 3rd person was told the account had been closed for business reasons. Seriously. I've waited a week for this card and they close it. Goodbye Macquarie and thanks for wasting my time.
internet transfer not showing up
Transferred funds never shown up in both my Macquarie account.
New customer and now have to try and get the money back from NAB.
customer service on the phone terrible.
I thought NAB was bad but Macquarie is worse.
CMA account takes 2 days to transfer
Wow in 2019 it takes 2 days to transfer from a linked Macquarie transaction account to a linked Macquarie CMA account? Don’t even get me started about the call centres & “share trading app”. Glad I’ve got my commonwealth accounts the other banks offerings are light years ahead.
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.
The reviewer stated that an incentive was offered for this review
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?
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
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!!!
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.
- ‹ Prev
- Next ›
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?
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?
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.
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.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.