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Macquarie Bank

Macquarie Bank

Online, Branches
1.4 from 170 reviews

See the Best Banks in 2019 as rated by Australians on ProductReview.com.au.

Reviews

(13)
(3)
(3)
(5)
(146)
  • Topic
    • General Transactions (16)
    • New Account (7)
    • Loan Application (6)
    • Credit Card Application (2)
    • ATM Experience (2)
    • Business Banking (1)
  • Incentivised Review Yes (4%) · No (96%)
  • Transparency
    1.5 (17)
  • Customer Service
    1.6 (20)

Customer Service no existent - APPAULING

published
Transparency
Customer Service
TopicCredit Card Application

Real House Husband

Real House HusbandSouth East Queensland, QLD

  • 2 reviews

Macquarie just make it easy

published
Transparency
Customer Service
TopicATM Experience, General Transactions, Loan Application and New Account

Appalling online and phone service!

published

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!

Transparency
Customer Service
TopicGeneral Transactions
James

JamesGreater Melbourne (Inner), VIC

  • 2 reviews

Accounts closed

published

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.

Transparency
Customer Service
TopicGeneral Transactions

Thomas

Thomasmelbourne

  • 3 reviews

Accounts opened online, closed next day without notice or explanation!

published
Transparency
Customer Service
TopicGeneral Transactions and New Account

mirek

mirekmelbourne

  • 2 reviews

worst bank of Australia

published
Transparency
Customer Service
TopicNew Account

Alex

Alex

  • 3 reviews
  • 2 likes

The worst bank I have ever dealt with.

published

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.

Transparency
Customer Service
TopicLoan Application and New Account

customer12345678

customer12345678South-Eastern Region, NSW

Closed my bank account a day after opening it

published

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.

Transparency
Customer Service

No Samsung pay

published

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

published

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.

Transparency
Customer Service

Hope

HopeSouth East Queensland, QLD

  • 4 reviews

Simply Hopeless! Over 2.5mths, no atm/debit card issued. App keeps crashing! Can’t withdraw money! Full of excuses!

published

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!

Transparency
Customer Service
TopicATM Experience, Credit Card Application, General Transactions, Loan Application and New Account

ann

annGreater Melbourne (Outer), VIC

mortgage solutions branch

published
Transparency
Customer Service
TopicGeneral Transactions and Loan Application

Brando333

Brando333Hunter Region, NSW

  • 2 reviews
  • 1 like

Opened the account, revived the card and then they closed the account. Time wasters.

published

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.

Transparency
TopicNew Account

Mitchell S.

Mitchell S.South East Queensland, QLD

internet transfer not showing up

published

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.

Transparency
Customer Service
TopicGeneral Transactions and New Account

CMA account takes 2 days to transfer

published

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.

Transparency
Customer Service
TopicGeneral Transactions and Loan Application
Krish

KrishAdelaide

Bank card review

published

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.

TopicGeneral Transactions

The reviewer stated that an incentive was offered for this review


Paulette Batty

Paulette BattySouth East Queensland, QLD

  • 6 reviews

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

published

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
TopicLoan Application
2 comments
Paulette Batty
Paulette Batty

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?

Paulette Batty
Paulette Batty

kausar

kausarMetropolitan Adelaide, SA

Terribly Shocking Interbank Account Transfers

published

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
TopicBusiness Banking and General Transactions

rightousness

rightousnessPerth, WA

  • 2 reviews
  • 1 like

Incorrect calculation of monthly payment and inefficient internal bank transfer

published

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
TopicGeneral Transactions

Gone fishing

Gone fishingIllawarra, NSW

  • 2 reviews
  • 1 like

Culture of Arrogance

published

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
TopicGeneral Transactions

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Questions & Answers

Natalie123

Natalie123asked

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
Reagan
Reagan

I need this answered aswell as it wasnt in contract of interest going up everyday. I bought for 14000 now they say i owe 18000

rick cammans
rick cammans

go to the financial ombudsman.


Brenda tan

Brenda tanasked

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
Byrno
Byrno

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.

Cranky Steve
Cranky Steve

Don't do it. They have been difficult to deal with in my experience.

anonymous
anonymous

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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