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RACQ Banking

RACQ Banking

1.7 from 37 reviews · View Statistics

Reviews

1.7

37 reviews
  • Transparency
    2.1 (29)
  • Customer Service
    1.9 (32)
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Andrew

Andrew

  • 2 reviews
  • 1 like

Absolute duds

published

Strung me along for months on home loan application asking for more and more documents then not approving. Would have to email and call a few times before anyone would call me back
Total waste of time.

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Shaz

ShazSouth East Queensland, QLD

  • 16 reviews
  • 6 likes

A lot of staff there but not many working

published

I went there today to deposit a cheque. There was a queue of course as it was the day after Easter. Couldn't believe I had to wait half an hour to deposit a cheque. Most staff seemed to be doing nothing except for the 2 tellers who were flat out. I was asked to go away and come back later. I didn't feel comfortable doing that as the cheque was for a very large amount and I needed to deposit it. Seriously RACQ is just pretending to be a bank.

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Martin T.

Martin T.South East Queensland, QLD

RACQ online bank is a disaster

published

The whole user experience seems to be deliberately designed to trigger fees through lack of information

- Impossible to tell how far in advance your loan payments are almost deliberately to force triggering overdue fees
- Message/Email system does not have in an inbox/outbox, there is no audit trail and therefore could be questionable legally
- Massive fees list that dwarfs most other lenders, the whole user experience is fee based or designed to cause them
- The user interface has more real-estate devoted to their bank information than transaction data / the actual reason you are using the interface in the first place. Poor data scale/visibility.

Seems to have been designed by a bunch of amateurs

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Pete A

Pete ASouth East Queensland, QLD

  • 5 reviews
  • 3 likes

Great experience taking out a car loan

published

Recently took out a car loan for my new car through RACQ Bank and compared to traditional (Big 4) banks, they were really good! Would definitely recommend.

Pros:
- Some new tech and features were good to supply docs really easy.
- Customer service staff were friendly and responsive - they even called and emailed me proactively about the process (I know from a bank that’s odd!).
- Good rates for a car loan, normal application fees and no monthly fees or early payout fees.

Cons:
- Longer than expected processing times, was not an issue as I am OCD organised, but definitely could be better staffed to speed things up!

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Nick

NickTanah Merah

  • 2 reviews
  • 1 like

Exceptional customer service during home loan process

published

We have received exceptional customer service during the sale of an existing property and purchase of a new home. Our mobile lender supported us fully throughout the whole process. Her assistance during a normally stressful process was outstanding. We highly recommend using RACQ Bank when purchasing a home.

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Kathie

Kathie

  • 4 reviews
  • 4 likes

Above and Beyond

published

The recent customer service I experienced was above and beyond my expectations. I wanted to reduce home loan rate. Diane was amazing. I discussed all options on Monday competed paperwork on Wednesday and it was all update and changed over by Friday . Diane was so patient with all my questions. I am so happy with this bank

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Heidi S

Heidi SSouth East Queensland, QLD

  • 5 reviews
  • 1 like

Nothing but good things from RACQ Bank

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Terrible customer service.

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Very Poor Service, Managers and Board Members Don't care

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Loan process tedious, lacking in communication.

published

I am a long term customer of Roadside assist and insurance. Thought we would give the bank a go for a car loan. Application process long and tedious with an unreasonable amount of details required. Communication all over phone and email, not proactive in following up issues, customer service lacking. After loan service also sadly lacking. Would recommend a different bank. On the plus the staff I spoke to tried to be helpful within the limitations of their loan processes.

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Paulrex

PaulrexSouth East Queensland, QLD

  • 2 reviews
  • 1 like
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Used to be good before Changing to RACQ

published

Been with them since 1973 when they were Qld Teachers Credit Union then as the QTMB. They were always excellent to deal with. Since changing to RACQ service has gone to the dogs. Don’t bother trying to ring to discuss anything as they take ages to answer the phone. Recently I tried constantly over a 3 day period just to get through. I used to have their financial planning ... same story gone to the dogs. Moved my superannuation to another company. I’m considering moving my bank accounts as well due to the poor service that now pervades the bank. So sad to see this fine institution so badly organised now.

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Sam

SamGreater Melbourne (Metropolitan), VIC

  • 4 reviews
  • 2 likes

I will be closing my account after 25yrs of service

published

I have been with this bank for approximately 25yrs (when it was QTCU and then QTMB). The service and efficiency was always gold star quality when it was the QTCU/QTMB. Ever since the change over to RACQ, I have had delays in service and some confusion initially, when enquiring with my existing QTMB member number. I have experienced very slow transfers and had waited a month to have a new card arrive to replace an expired one (I had to call in to see where my new debit card was!) There has been a noticeable difference in service and efficiency since the merger with RACQ. It is for this reason that I will be closing my accounts and using a different bank in future. Such a shame after so many years of loyalty.

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Dysfunctional, disorganized, and a mess

published

I have been with this back since 2001, at which time it was QTMB and was operated well. RACQ has taken over in recent years. Each staff member operates by different guidelines, with no clear direction. Days to get a response and each response is different from the last. Interest rates are 1.09% higher then otherproviders.

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Kathryn

KathrynIpswich

  • 2 reviews
  • 1 like

Avoid at all costs

published

Non stop dramas and incompetence, too many to detail them all. Two examples: required me to mortgage 3 properties (>1 million value) for a $200,000 bridging loan. Almost lost the contract on the house I was selling, as on settlement day they refused to release the mortgage on the property as I still had a loan. Took multiple calls from my lawyer before they realised that their form I had completed weeks earlier gave authority (ie clear instructions) to use the sale funds to pay out the loan.
I was a member of the QTCU/QTMB (that RACQ bought out) for over 30 years. Such a shame and disappointment RACQ has destroyed what was a great customer focused financial institution.

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toldyaso

toldyaso

  • 4 reviews
  • 3 likes

Please, do not waste your time.

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Jamie D.

Jamie D.Darling Downs, QLD

Waste of time

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Rosanne D.

Rosanne D.South East Queensland, QLD

Slowest bank transfers...terrible in branch service

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Penelope

PenelopeSouth East Queensland, QLD

Home Loan - Re-approval, rejected at the last hour!

published

Story is too long, been mucking around with them for months, jumped through all their hoops, got pre-approval and then it got rejected after the build is in Council!!!! They shouldn't be in the home loans business. Heading to a real bank, all the numbers stack up, the bank we're going to is shocked they rejected it! Hopeless!!! I'd give them a negative number if I could!

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home loan disaster

published

If I could give zero i would. My story is so long and involved I can't type it all. Basically stay away, we were lied to and had 14 days till settlement and had to go elsewhere, thank God CBA came through in the 14 days, please please racq just stick to insurance and take a long hard look at yourselves for the loan process. What happened to us should never happen again to anyone

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Lee

Lee

  • 3 reviews

Good customer services

published

I have opened a transaction account with RACQ bank. I lived interstate, the identify process took abit longer than usual and after a few trials the system finally verified my identity but the customer service representative was very patient and he guided me me through the long
identify process.

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Questions & Answers

Robyn Bell

Robyn Bellasked

Do racq do personal loans I’m a member of racq

1 answer
Robyn Bell
Robyn Bell

Does racq Bank do personal loans

Get an answer from our members

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