Terrible Customer Service
Getting a simple investment home loan with a LVR of 50% is just a arduous task. Constant emails, signing of forms, re-signing of forms, more emails, cancellations, further emails etc. I simply lost interest.
Disgraceful! Blocked my account with zero notice!
After seven months, with no prior notice, my savings account was blocked! After not being able to pay my hairdresser, I rang Macquarie and was instructed, due to regulatory changes, to post a certified copy of my signature before my account would be unblocked, taking approximately 4 - 5 business days. In the meantime having no access to my funds and unable to pay my hairdresser I demanded my funds be released and was escalated to another team member. I was kindly informed the only thing I could do was to close my account and transfer the funds to another bank. Thankfully I had an open account with another bank and so with no further advice closed my savings account and transferred the funds into the other bank!
Possible fraud or scam when you apply for an Account online
I applied for a Transactions account online the night prior to receiving a "welcome" email. This was my first account with Macquarie Bank. The email contained my new account details including ID, bsb and account number. It also had links to the online banking and instruction on how to set it up, so I tried setting up the online banking with my given ID and phone number but received a message stating the account was locked...this was even before I set anything up.
This seemed odd so I called their customer service number and after about 4 trans...fers I was told that my account had been closed and the only explanation they could provide was that it was a "business decision". They said "Sorry it wasn't an individual decision, but a business decision" This was regurgitated to me every time I asked a question about the account and how I can find more information. I understand that a business CAN refuse service to an individual if something is not in compliance with company policy, but in this case there weren't any breaches or issues. I've never been their customer and my credit isn't bad. The application for a transaction account was accepted...then closed within a few hours before any activity was performed to the account. Since I was never given any notification that they decided to close my account, this can very well be a fraudulent attempt by Macquarie to hold your funds. They provided you with a bsb and an account number with a message stating "..deposit into your accounts so that you can start using them.." If I had transferred my funds to that account then I would have lost it... at least until they make a "business decision" to release it: and with any large institutions...they will simply pass on the obligation to another department and back ...for a while...just like how they transferred me back and forth on the phone. I was tempted by their no fees and slightly higher interest rates, but it seems they are quite discriminatory and incompetent in their business processes. I guess I was fortunate that I found out they closed my account before I made any transactions... Not that you should care about some random individual's recommendations online, but this bank isn't for you!
Savings Account disappears
I have a Transaction account and 2 savings accounts with Macquarie Bank Australia - one is for savings and one is for paying living expenses (monthly bills etc). The expenses account has around $25K in it. Logged on to pay bills last evening and the account had disappeared off my accounts listing on internet banking so unable to pay bills. Called the Macquarie Bank contact line, person who answered the call couldn't help so tried to put me through to their 'escalations team'. No-one available to take my call. Told me it would be fixed and they ...would call me 'first thing in the morning', and gave me a call ID for the issue raised. 'First thing in the morning' came and went, no account back on dashboard. Called them back. Told me they couldn't fix it but they will 'raise a ticket' about it and 'should be fixed in 2 to 3 days'. Asked to have this escalated so I could pay bills, put on hold, told me there was "no-one in the 'escalations team' to take my call". Told me they would 'try' to get me access in the day 'but can't promise'. Asked for funds to be transferred out of the account I can't access into one I can access on the account dashboard. 'I can't do that sir, I need a signed withdrawal'. Me: 'but it's an electronic account, I don't have any withdrawal forms', them: 'sorry sir, I then can't transfer your funds'. Still no access a day later. So I'll 'try to pay my credit card with them on time, but no promise, because THEY have all of my funds for paying bills'. I'm shutting my accounts with Macquarie, banking should never be this hard. Avoid Macquarie Bank.
Been with them for 4 years. Bad service the whole time. Inaccurate reporting, no follow up after reviews, mistakes in recommendations and names of my investments when it finally did turn up. Terminated my account and was told I would have my money over a week ago and still waiting.
Over 5 years.
Not at all.
Spoke with the finance team, rude, condescending, speaking over the top of customers, an absolute disgrace.
You would think during the pandemic the team would have better training around listing, empathy and coming up with solutions.
Easy and Quick to Establish
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.
Solid app and features
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
This bank was excellent to me. I loved being their client.
Macquarie bank was always excellent to me.
I was with Macquarie bank for some years, many years ago.
* They were always polite, respectful, helpful towards me.
* I received excellent customer service from this bank.
* The interest rates for some of their accounts are not the best, but better than many of other banks.
Great bank with excellent customer service!
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.
Terrible - closed my account without communicating it
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.
Cant open savings account
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!
It's still early days but I'm very impressed so far...
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!
Excellent, Professional, Helpful!
I moved over to Macquarie about a month ago (from ANZ). I applied online both my checking and savings were opened instantly, the application process was smooth. I opened another 2 savings accounts and decided I didn’t want them after they were opened, I emailed Macquarie at 6.30am, at 9am I got a reply and the action to close them was done already. Previously I had used ANZs email service, you’re lucky if they reply a week later. I have used their Twitter messaging aswell, the guy that seems to operate it is always polite and helpful.
The onl...ine banking is second to none, it’s a great improvement from ANZ. The spending categories is great, and tracking. I like being able to personalise the transaction, to my own categories, love adding attachments and notes.
Best alternative to the big 4 banks
I have been banking with Macquarie for around 3 years now after they launched their transaction accounts (my first thoughts were only rich people banked at Macquarie). Initially I used it as a savings account however I’ve made the switch over from Commonwealth for my everyday banking after I found Commonwealth to be charging fees for absolutely everything. Macquarie have zero fees whatsoever and you can use any ATM for free. Also you get a cool ’Platinum Debit’ MasterCard which has free added extras like extended warranty and insurances. I also...have to say their app is one of the best I’ve come across, probably only second to Commonwealth. You can create groups, track your spending my category, set budgets etc in the Macquarie app. Super useful ! I’ve only dealt with their customer service a few times when I had issues overseas and on that occasion they were super helpful and I was given the number and email of the rep which was looking after my case - something which I was pleasantly surprised about. One Downside - if you deposit cash, the only option is to go into their one branch in each capital city. They don’t yet support Bank@Post. Cheque’s can be mailed to them.
Don't bother! Zero customer service
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.
Terrible experience all round
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.
Don’t ever use Macquarie international money transfers
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.
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!
Macquarie Will not survive with current customer service
Macquarie promised a transparent and seamless mortgage application process. What followed was the complete opposite. Terrible service and continual denial of factual information.
Over 2 weeks application was moved through 3 persons all
Was offered conditional approval which was subsequently withdrawn despite providing 40% deposit and stable employment with over a dozen payed out previous mortgages.
Macquarie is a sham and should be reprimanded by the ACCC.
Don’t touch them.!
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