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Macquarie Bank

Macquarie Bank

Online, Branches
1.5 from 191 reviews

Reviews

1.5

191 reviews
5
(20)
4
(3)
3
(4)
2
(5)
1
(159)
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Susan

SusanSouthwest, VIC

Greedy, don’t trust them

published

Lent money to my ex using my property as security, didn’t bother to deal with me or check signatures or follow standard banking procedures. I lost my house and they refuse to compensate me for their gross negligence... and l don’t have the money to fight them

Transparency
Customer Service
TopicLoan Application
Rusty

RustySydney, NSW

Easy and Quick to Establish

published

I have recently been looking to transfer my savings to a bank that provides a higher interest rate than my current bank. Macquarie offered a competitive interest rate on their hassle free savings account (i.e no minimum monthly deposits & withdrawal limits, etc...) so i decided to apply for an account online.

The process was super quick and took less than 2 minutes to setup, i received my new account details via e-mail and i was then able to log-in via the Macquarie Bank website and iPhone app. I had never been a customer of any of Macquarie Bank products before however i am looking forward to a straightforward digital banking future with them.

Transparency
Customer Service
TopicGeneral Transactions and New Account
Dylan

Dylan

  • 4 reviews
  • 1 like

Solid app and features

published

Pleasantly surprised by the app. Ability to buy digital gift cards from the app and use in the spot is great. Saving rate is good. But that can change anytime

Transparency
Customer Service
TopicGeneral Transactions and New Account
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Miss Pat

Miss PatGreater Melbourne (Metropolitan), VIC

  • 3 reviews
  • 1 like

Appalling people skills

published

I jumped through many, many hoops in applying for mortgage refinance with this bank. Supplied them with everything and more. Hours and hours of work. I then withdrew my application after they questioned my 'lack of savings' in a most unprofessional manner, despite my excellent credit and mortgage repayment history. Yeah, sorry, I don't have thousands squirreled away in a bank account for my next overseas holiday, or as a 'buffer'. Everyday living costs a lot. Their staff appear to be sorely lacking in people skills. Thank you but no thank you. I'll take my money elsewhere.

Transparency
Customer Service
TopicLoan Application
Anonymous762

Anonymous762Victoria

  • 25 reviews
  • 5 likes

This bank was excellent to me. I loved being their client.

published
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Customer Service
Liam J

Liam JSydney Surrounds, NSW

  • 8 reviews
  • 2 likes

Great bank with excellent customer service!

published

This bank is so far the best I've had. The customer service team is helpful and answers the phone straight away. I also like the fee-free ATM usage, with the added protection of the platinum card.

Transparency
Customer Service
TopicATM Experience, General Transactions and New Account
D van der Mijl

D van der Mijl

  • 2 reviews
  • 1 like

Terrible - closed my account without communicating it

published

Just an awful experience.

Terrible time logging in, them getting information correct and being hand balled from one customer service rep to another.
Then after complaining they closed down my account for absolutely no reason only citing the following one from their T&C's.

16.3 You acknowledge that we retain the right not to provide products or services to anyone that we decide, in our sole discretion, that we do not wish to provide them to.

Do not bank with these muppets! The are so hard to deal with. Put your money somewhere safer.

Transparency
Customer Service
TopicNew Account
Vincent Fiorello

Vincent FiorelloGreater Melbourne (Inner), VIC

  • 5 reviews
  • 3 likes

Worst experience ever

published

Been with them for 5 years everytime I call, I keep hearing excuses there so quick to take your money, besides that no further contact, no paperwork or anything, it would be nice to check in and call your customers, for you all out there use another bank dont know why this company hasn't shut there doors, everytime i call i get nowhere just do your job properly or Im going to another bank.

I want my account closed too much stress they charge too much.

Transparency
Customer Service
TopicGeneral Transactions
Viswakanth Davuluri

Viswakanth Davuluri

  • 5 reviews
  • 2 likes

Worst banks to deal with

published

Customer service agents work ad robots. They dont think out of the box and provide options. I have closed our account in 6months. My friend has a similar experience and closed the account with this bank as well

Transparency
Customer Service
TopicGeneral Transactions
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Cant open savings account

published

This bank is ridiculously hard to deal with. I simply wanted to open a savings account online, any other bank does this easily, Macquarie wanted extra verification which means getting a certified copy of all of your documents and even then they wanted more. Impossible to ring and sort it out, tried 4 times and wasted 2 hours waiting.

Save your time and effort and just go elsewhere!

Transparency
Customer Service
TopicNew Account
Jim

JimPerth

  • 4 reviews
  • 2 likes

It's still early days but I'm very impressed so far...

published

I only joined Macquarie Bank late last month because their introductory rate for savings was the best in Australia (2.65%pa for the first 4 months). I was getting tired of ANZ dropping their rates so I decided to make the switch and haven't looked back since. The online application was smooth and without glitch. The accounts didn't have any hidden strings attached or ridiculous 'account servicing' fees. I don't use phone apps but the online banking has been flawless. Money transfers are also instant in my experience. I have not required customer assistance as of yet but in my experience, the best service is the one that doesn't present problems in the first place!

Transparency
TopicGeneral Transactions

One month to review loan application.

published

Our loan application was rejected by Macquarie based solely on location. Whilst disappointed, this was not our issue but the fact it took them almost a month to respond.
This should have been identified and responded to upon first review of the application, yet even with communications with our broker during this period, it was never raised by the bank.
Poor service and will never consider them for any future business. Based on our experience, don’t expect a timely application process and on reading a lot of the reviews here, it would seem like they have done us a favour.

Transparency
Customer Service
TopicLoan Application
Hunter

HunterSydney, NSW

  • 3 reviews
  • 1 like

Excellent, Professional, Helpful!

published
Scott G.

Scott G.

  • 2 reviews

Best alternative to the big 4 banks

published
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Customer Service
TopicATM Experience, General Transactions and New Account
Phillipmarc

PhillipmarcGreater Melbourne (Inner), VIC

  • 8 reviews
  • 7 likes

Don't bother! Zero customer service

published

Arranged a home loan with these guys and was sold a banking package for home loan, offset transaction account and credit card. Nice, shiny new app was really impressive and I was going to move my existing accounts to them. ZERO CUSTOMER SERVICE! They do not respond to queries or concerns, fail to act on their word. I will now pay my home loan from my existing account and I am not touching the Macquarie accounts. Useless. Zero stars.

Transparency
Customer Service
TopicCredit Card Application, General Transactions, Loan Application and New Account
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Very poor service and unprofessional

published
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Customer Service
TopicLoan Application

Terrible experience all round

published

I've been banking with them for four years, as a high income permanent employee. No debts, no defaults, geniune savings.
We got conditional approval, went to auction and bought a house. They then withdrew the approval and we almost risked default. What's worse is that even after years of depositing 100,000s of thousands into my accounts here, they somehow consider me "high risk". So offensive! I'm taking my business elsewhere.

Transparency
Customer Service
TopicGeneral Transactions and Loan Application
Joevert G.

Joevert G.Sydney, NSW

Born robber!!!

published

They dont even bother to renegotiate your current rate. Im paying 12.95% for my car and ask them if they can help me to refinance my car to get a better rate.

All they said is that my loan is non negotiable and the rate can not be recomputed.

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Customer Service
Wiseguy

WiseguyWestern Australia

  • 4 reviews
  • 1 like

Don’t ever use Macquarie international money transfers

published

I have been at least 10 years with Macquarie Bank. Using it for all our Superannuation banking . In this instance I am referring to International money transfers as directed on the Macquarie Bank website. Do not use them as they direct you to absolutely useless OFX (OzForex) for these transfers and they are unreliable and you will wait forever and hope to God you get your money.

Transparency
Customer Service
TopicGeneral Transactions
ABC67

ABC67Perth, WA

  • 20 reviews
  • 17 likes

What happened?

published

Have been with Macquarie Bank for a number of years, mainly because of the fees and charges of the 4 main banks and the fact they paid virtually no interest on funds, as well with Macquarie you could transaction seemlessly online. For many year it has been good, but lately(in the last 6 months) there appears a decline in service and unfortunately been letdown by macquarie staff and also fees charged. Overall the experience is still better than the banks, but there has been a noticeable decline, be aware with their CMA there is NO interest paid on accounts up to $5000, only interest paid on balances over $5000, at a current rate of 0.55%, at least, at this time, there are no banking fees!

Transparency
Customer Service
TopicBusiness Banking and General Transactions
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Questions & Answers

Customer24

Customer24asked

Macquarie Bank

Share Brokers: Bell Direct vs Macquarie
I would appreciate some sound experiential advice/information on which broker to go with. I am new to buying shares and am looking to invest for a steady income stream vs active trading?

2 answers
Susan
Susan

Avoid Macquarie Bank at all costs. They are only interested in making money for themselves not doing the right thing by there customers.

Customer24
Customer24

Thank you Susan : )

Natalie123

Natalie123asked

Macquarie Bank

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

Macquarie Bank

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?

4 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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