Macquarie Bank

IMPOSSIBLE TO SO BUSINESS. Just wasted an hour trying to deposit cash for services. Went to use my Macquarie card, and they are full cashless. Going to switch banks, this is nonsense.

I previously left a negative review about my experience with Macquarie Bank after having issues with a newly opened account. At the time, the situation caused me a lot of stress and frustration, and I felt the matter had not been handled properly. Since then, I want to be fair and update my review. After the matter was escalated, Macquarie… Read more

reviewed my concerns and worked with me to resolve the issue. The communication and support I received afterwards was much better than my initial experience.

I especially want to acknowledge Vanja, who handled the matter professionally and respectfully. She listened to my concerns, followed up with the relevant teams, arranged the necessary checks, and continued assisting until the issue was properly reviewed and resolved.

Although my initial experience was difficult, I appreciate the way the matter was ultimately handled. Based on the support I received afterwards, my view of Macquarie has changed for the better.

Thank you to Vanja! for her patience, understanding and assistance.

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… Read more

in on it about a week later, everything still there, I use it to make some transactions. About a 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.

Got sick of my other bank. Online reviews suggested Macquarie as the bank that customers moved to from my old one, was dubious. However, the customer support team are brilliant. They actually listen to what is said, they try their best and more often than not succeed, they DO NOT simply say "no" as a default response. It has taken a bit to get account open, but experience has been eased by the customer team. Show details

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.

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.

In December 2025 they closed accounts and they told me I couldn't have any more accounts with this bank without warning and they falsely accused me of doing something wrong when I never did also when I phoned them to ask them about it they were extremely rude and abusive to me so I would recommend staying away from this bank. Show details

Absolutely disgusting "service" from this bank. I successfully transferred a large amount of funds from my macquarie bank CMA into my external trading account. The next day I tried to transfer less than 10% of this amount using their digital transfer system. For some reason I was denied and then when I questioned the decision, I was "grilled" for… Read more

over an hour! I've complained to AFCA and that is still ongoing. Originally the ban was for three days - it's now been a month since I've been able to access my SMSF. I am a pensioner and want to access my own MONEY. The bank sent me a $250 woolies card because they "care"!. I even cancelled the transfer in question but nope, not good enough. If you want to fell what its like to live under NAZI rule, then bank with Macquarie.

A Macquarie agent blocked my account without giving me a reason why. I am still waiting to be able to access my account. This banks personnel lack the skills in customer relations. I have dealt with their customer relations before and they don't see you as their customer, they wield their power over you. So don't get involved with them. There… Read more

are much better banks out there with better customer service, agents who don't make assumptions. Do your research. Unfortunately, our system relies on banks, where, in short, it's about their profits. Not us!

Simple situation turned into nothing but hassle, screen broke on phone, got a new phone, couldn't log in due to authenticator, phoned so called customer service, answered heaps of questions then asked for driving licence and photo for verification. I uploaded this whilst on the call was told by the call centre they didn't know how long it would… Read more

take to be verified depends how busy they are, weeks later still no answer account stuck unable to access, ended up getting a new screen for the old phone and accessing my account. Withdrew all the funds and closed the account. Good job I didn't need the money in this period. Shambles of a bank wouldn't recommend to anyone.

Macquarie bank has provided a terrible customer service. I have spent hours on the phone trying to sort out various issues with them only to be put through to a variety of different departments to be finally told ring back on another number. I am still waiting now to try to resolve an issue with them and then will have no further contact with them.

We have been Banking with Macquarie Bank for 10 years. We were recommended them through our mortgage broker. In that time we have moved 4 times so have had to re-establish our house mortgage and general banking each time. As the years progressed customer service which was very luck lustre to begin with has diminished to a point of absurdity. It is… Read more

now just AI driven drivel. At first it was bad enough as there obviously was not enough training for customer service as it took multiple phone calls to rectify anything. But now its just adversarial to try and get anything done let alone on a weekend. I understand their business model and keeping costs down but its taken 2 or 3 simple problems that should have been easily fixed over a phone call to now cause us to close all our accounts and move our mortgage elsewhere. It was a Great Bank for simple banking needs once its set up and doesn't need altering but as soon as you have a problem, issue or need to change things you will be in trouble. Customer service is non existent. You are better off paying higher rates and fees elsewhere as long as you can get customer service. Do not use Macquarie bank ever.

if you have an old phone, before OS16 the Macquarie Authenticator app wont work, you cannot open your bank account, to delete this two stage access. complained to Macquarie and was hand balled by three Macquarie staff, "we will call you back later today" But still waiting. .................first complaint was 1st June 2026.....

Here we go again. My Macquarie Bank Authenticator sends a code to my mobile phone which used to work but now when I print the code it says invalid code and I cannot get into my account. I then receive a couple of personal ID questions that have never been registered like what is my oldest siblings middle name. Of course it doesn’t matter what I… Read more

answer because it’s wrong. Why ask it? This is ridiculous. I work in a call centre so the 9am to 5pm Macquarie business hours are very difficult for me to contact this organisation. Wish I never used this online incompetent bank. Every time there’s some kind of I.T. Or security issue it’s extremely difficult to get anywhere. Had enough.

They say their customer service isn't offshore but talking to them they don't know local vernacular and are either bots or clearly off shore and won't redirect you to relevant departments or when they say they'll put your through to their manager nothing happens. Really awful customer service. Show details

I recently settled a mortgage in late 2025, well 2 of them via a broker. Their settlement team said they required building insurance. I had provided landlord insurance which is not the same thing and I ended up being slugged with major costs thinking I was covered. I filed a complaint which they rejected and said it was ultimately my… Read more

responsibility. I thought their checks were rigorous and would protect me but they only care about themselves and my interest payments I will be moving away my mortgages and never doing business with them ever again. In addition to that the first time I called I spoke to a agent who mistook my frustration as aggression when I pointed out he appeared to not understand the problem and wanted to transfer me to some insurance team that had nothing to do with settlements. I thought Macquarie was better than that but I hope this can help others to be more careful.

Awful bank, the worst we have had mortgages with. I wish I read other reviews, as we had exactly the same experiences. If you apply for a loan with Macquarie, the loan is settled by so-called MSA (Mortgage Settlements Australia) - we have been charged $363 on each loan by MSA which was not explained to us prior (although this fee was listed in the… Read more

Loan Offer from the bank) - this fee payable to MSA is compulsory and it is in addition to other fees and charges bank charges for the loan establishment. Communication of those fees is non existent. We also very upset that we asked multiple times to review our current home loan rate, but every time this has been rejected - in fact you do not have access to a human to ask for interest rate reduction, the bank customer service representative has told us that this can ONLY be done through the online platform. We filled the forms on the platform to ask for review of our rate, and each time we received rejection (through the platform again, with no explanation of this decision by the bank). During 5 years we have been with Macquarie, we had interest rate reduced on our loans by WOW, guess how much for all these years - 0.15%. Do not recommend this bank, there are better rates in other banks

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