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.
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.
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 recentl...y 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.
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.
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 ch...ecked 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 to...gether. 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.
- Verified customer
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
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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?
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.
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