RACQ Banking

Reena from RACQ Banking Fraud Department was amazing. Someone overseas tried to scam my mother on Facebook Marketplace and we were lucky enough to have Reena answer our call. She was so caring and patient and took time to help my mother out of a troubling situation. She worked through everything with us until the problem was resolved and explained… Read more

every step of the way. Reena is exactly who you want to take your call if you are ever in a similar situation. Thank you for helping my mother yesterday. Your approach and understanding was very much appreciated.

We can’t recommend Katie O’Reilly at RACQ Banking highly enough. From the very beginning, she was supportive, knowledgeable, and reassuring throughout a very stressful process. Katie kept us informed at every step and was always approachable and quick to respond, which gave us so much confidence. We genuinely felt supported the whole way through and are extremely grateful for her help. Show details

Helpful and easy to use – I don't understand what everyone's complaining about. We have been with RACQ for our homeloan for 4years. Changed from a big bank as they wouldn't match their interest rate. Relatively easy process and when we recently borrowed extra it was all done online. 1 point of contact- our local lending manager. They make it clear that there are no RACQ… Read more

ATM'S however you can use other banks for free and also do things through the post office. I also find the app easy to use and understand. I'd reccomend them for sure.

Great experience taking out a car loan – 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… Read more

(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!

Exceptional customer service during home loan process – 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. Show details

I was a member of Queensland Teachers Credit Union, now RACQ Bank, for 27 years and am in no way treated like a ‘Gold’ Member. My father has been with RACQ considerably longer than me. In the previous 12 months, the following has occurred: In Store: I made the effort to travel 15 minutes in store to withdraw a large sum of money. I was kept… Read more

waiting over 35 minutes for service for a simple withdrawal as two agents were working on computers, and then couldn’t work out how to process the withdrawal, and a third just greeted customers. Upon complaint and a request for compensation for my wasted time, I was met with excuses. Phone issue: I called five times to sort out an email address change issue. RACQ had not fixed the issue and continued to send emails to the previous email address. I continued to waste my time calling to get the issue fixed. Phone issue: I called to find out about a card replacement as my old card was expiring. I was told the wrong information the number of times I rang and made repeated trips to my PO Box to check for this card that I was told was being sent by a specified date. It wasn’t another phone call later, when the card had not arrived by the date I was told, that a service agent told me I had been given the wrong information, and it was not going to be sent until January. I had wasted time and petrol with trips to my PO Box. Road Service: My father paid his RACQ road service at the Post Office and had a receipt as proof. He went in store to sort out an account and took his road service receipt as proof of identify and was told that his road service had not been paid, there was no record of it on the RACQ system. The bank staff took a copy of his payment as evidence and I, who was with my father at the time, confirmed three times with the person who served him, that this issue needed to be sorted out in case of a breakdown and that my father be called back to be told the issue was resolved for his peace of mind. No call was ever received. I, on my father’s behalf, had to follow this up, and was told it was a technical issue that RACQ was having with a change over of systems and that he would have been covered if he had needed road service. Did I believe them? Absolutely NOT! If RACQ road service would not have a record of payment of their system, there is no way they would send out assistance! Insurance: My father received his home/contents insurance renewal. We called to confirm over the phone this renewal and checked the details and confirmed that his renewal payment would be debited from his account. We also confirmed that if there was an issue with payment, he would be contacted. A week or so after the payment was supposed to be taken, we called RACQ to find that no payment had been taken from his account and that he wasn’t covered by insurance because the service agent spoken to originally had not done what should have been done. The second service agent had the nerve to say that my father would not have been covered in the event of a claim, even though it was clearly the fault of RACQ! This complaint to RACQ has yet to be submitted but absolutely will be. Luckily, there is a record of all these interactions for the Ombudsman.

Roadside is great. Insurance is great. Banking is terrible. Currently been standing here waiting 40 minutes to do a $1000 withdrawal. No tellers serving AT ALL. Thinking they should never have gotten into banking if they can’t service their customers. Show details

How useless was the woman i just spoke to. Rude and i verified all of my details and she says that I've failed the id check. I am fuming. Changing banks right now. Useless and rude cow.

To RACQ BANK North lakes. I cannot recommend a better bank. Thank you to the staff for there continued support and respect. They have always been kind and compassionate and I consider them as friends. A special thank you to Peter Wallis the manager. I had an existing home loan with another company but Peter helped me change the loan to the RACQ… Read more

bank. With lower interest rates ect. Thanks to him I now own a home I never thought I could.Life is more comfortable now thanks to RACQ BANK.

I have had several negative customer service experiences over the phone. They never seem to be able to resolve any problems. They provide me no benefits I could not got I couldn't get elsewhere and there is absolutely no benefits to teachers as customers. I have been with them for 35 years and the only reason I haven't closed my accounts is… Read more

because once a blue moon I sign up for RACQ road side assist, though frankly even this tenous excuse is unlikely to last. I would not recommend banking with them.

Absolute worst banking experience I've ever had. Their app is borderline non functional. I was with this bank since before they were RACQ, back when they were Queensland Teachers Mutual Bank. And let me tell you, trying to bank with RACQ is like trying to squeeze blood out of a stone. If you want ANYTHING you have to call someone. Cancel your… Read more

PayId? Yeah you have to call someone to talk to them about that. And it'll take 3 days. I've been with this bank in one form or another for nearly 10 years. I can tell you right now that the best thing I did with RACQ was stop transacting with them. Money would very frequently take days to change accounts, even small amounts. Money would leave the account then get tied up for 3 days plus. Made it very hard to transact with people. Maximum instant payments out of $1000 via PayId, no Osko. Everything was made difficult in the app. Closing the account was actually so difficult that I just haven't closed it. I gave up trying. It just sits there with 0 dollars in it, no card, no PayId, just a dormant account that does nothing. RACQ is good for a lot of things. Banking is not one of those things. I genuinely could not rate these guys lower. Best thing I did was leave. At least the customer service was above average. I've since moved to Up. Best thing I ever did.

NEVER NEVER EVER bank with this institution. Been with bank for 3 weeks. No longer with bank. Inexperienced staff, incorrect information, Incompetent…… All we wanted to do was invest some money in a term deposit. Lost earnings with money floating around waiting for account to be opened. Maybe wait 10 years and hope they get their act together. Show details

I am extremely upset about RACQ banking services. I had a difficulty loading funds on to a cash passport card. The cash passport people told me it was a problem with the bank. Phoned bank - the first person couldn’t help and so was transferred to the next in line. I was 39th in the line so opted to have a pho call back. Approx 30 minutes later the… Read more

phone call came and I had to give again my member number, name address, date of birth and the last purchase I had made. I don’t have internet banking and wasn’t sure and apparently the first person I talked to was supposed to send an email to the second person to say I had been verified. Who knew. I certainly didn’t know to ask the first person to do this. I have been with this bank since it was teachers credit union so for May years. I am now on hold so that someone else can verify who I am. The bank used to be just down the road - not it is at eight mile plain otherwise I would go in and talk to them. I am so disappointed in this bank and the extremely poor customer service it now has.

Bonus Saver - only good thing about this bank is the interest rate. Trouble is - it's so inflexible; - calculates interest on balances at the second-last day of the month, but if you withdraw on the last day of the month, you lose the bonus rate for the whole past month !! - they only work 5 days a week; … Read more

you do a transfer Friday 7pm, it drops out of your account immediately, but they don't actually do the transfer till the Monday !! - they don't have any fast payment like Osko, only PayID (max $1k) - maximum payment to an outside institution $10k, non-negotiable - try to close your account by lodging the completed Request to Close Account Form, , next day you get a phone call from some nice bloke speaking heavily-accented, barely-understandible english giving you the run-a-round .... I gave up, and went back to withdrawing the standard $10k each day till the account is drained. Overall, these blokes are out of their depth in this day and age, and the terms of a $100k account means that, after 9 months of deposit, the 5.25% offered is only actually worth about 5.01% when you want to close the account ..... don't get involved ! PS ... Because it took me 10 days to get my $97k out of this Account instead of the one day that it should have taken,and the Bonus Interest rate of 5% was extinguished by the withdrawals to a rate of just 0.01%, the loss of interest to me was in excess of $70 Ridiculous !!! -

Terrible App – Recurring issues with log in and accessing funds on the app. Sack your IT dept and get some qualified people, we shouldn’t call to tell you the same issues every month Please get it right!

THE WORST BANK I HAVE DEALT WITH IN OVER 60 YEARS OF BANKING – The poorest service I have ever had. They assume everybody else is a criminal or scammer and then when they cancel the card, they also cancel the direct debits so it leaves you hamstrung. If they called this bank anything it would. They have sloppy processes, they loose part of EPOAs then they question my validity EVERY time I call. Now they have… Read more

had a ? illegal transaction and cancel, not just the card, but they have frozen the direct debits. Like why would you freeze direct debits for home insurance? I have given this bank so many chances. Now the credit department is an third party external and have no recognition of my EPOA. I am guessing they hire a third party to save money and increase profits? Too bad they didn't put that money into training staff better and into providing a good product and a quality service.

Take to long to do anything – Still not a good bank. Hold your money for ages . Absolutely shocking bank. Do not recommend. I have wanted to change banks for so long . But keep saying next week . We'll this time I will be closing . 30 plus years too long . Should have done years ago.

Iv had bad experiences with a racq – I WOULD NEVER TELL ANYONE ABOUT RACQ BANKING THEY ARE TERRIBLE THEY DONT UNDERSTAND PPL AND HEAR PPL OUT in these financial circumstances and the cost of living they really rude I have some arrears on my loan and they are never happy with the amount that you put on the loan they always expect more out of you I've had the worst experience and I… Read more

feel so uncomfortable having my banking with RACQ ones I have paid my loan off I will be closing my account and never recommend them to anybody they have so much improve and they need to get better with people are struggling they don't seem to understand that!

Never bank with RACQ – I have been with this bank for 30 years, since it was Qld Teachers. Once it became RACQ it hit an all time low. I agree with the previous reviews about terrible service, mobile and internet banking and shocking customer service. Even worse are their records - the one basic job that they are expected to get right. I had them double debiting me… Read more

for months. Needless to say my balance went down rapidly. When contacted, they didn't understand how it happened or how to fix it!!!! As a result, I couldn't meet a mortgage repayment. I contacted them and was passed through to their "hardship" section. If I hadn't been disadvantaged enough by their account keeping chaos, once I was listed as a "hardship" case I was in their clutches unable to borrow from other banks or even get a credit card For 18 months I was subjected to regular condescending phone calls where every bit of my private life was pried into. Their harassment continued and they even phoned me in hospital after a major heart attack. When I explained where I was and why, I got "be that as it may ...". Agreements made were changed on their whim, and the lies... I have closed my accounts, but thEN received a letter saying that they were keeping my (cleared) mortgage title. I tried to contact them to have my title released but I no longer meet their security ID. "You didn't advise us of your change of address". I changed my address after I had closed my accounts. Please heed the warnings of all those who have posted a review. NEVER ENGAGE WITH THE RACQ BANK.

Why does this bank exist? – Wish I could rate them 0! Endlessly locked out of own accounts, unable to raise or lower limits on my own account unless you call their representatives. Have to get email or text confirmation EVERY time you transfer money to someone, even if they have been saved and previously transferred to. Bank transfers aren't instant- sometimes taking two or… Read more

three days to hit recipients account even when they have been transferred to previously. Bank transfers can't be processed on weekends, so if you need money you literally can't receive it. Other banks are INSTANT. Bad for personal accounts, even worse if you try to use it for a business account. Switching banks tomorrow as I have had enough of calling to unlock my account (which randomly shuts me out more often than I can sign in!!!). Absolutely TERRIBLE bank!

Zero stars - useless – Absolutely useless. Wish zero stars was an option. Endlessly locked out of my account, got it unlocked just before heading overseas for 2 weeks. Haven’t had a valid physical card since it changed from QTMB and could not access my own money while overseas which was a terrible experience. Called when I got back to Sydney Airport to unblock and ask… Read more

why I couldn’t access my money and was assured by the first consultant that I could immediately transfer my funds (via PayID) which I’ve done many times before - still could not access and locked out again. Next consultant still could not understand the situation and told me I should use the physical card that I DO NOT HAVE. I will be going into the branch in person to close my account tomorrow as I’m done with such poor customer service and the stress of not being able to access my own funds.

Poor service – After being with different incarnations of this bank for over 40 years, it is now time to call it quits. QTCU offered personalized service and was very customer focussed - not RACQ. Staff training is lacking, but self-confidence is not. Show details

RACQ bank fund transfer processing time – Extremely poor fund transfer processing time. It takes more than a day to transfer funds to other accounts with no transfer on weekend. Whereas other bank provides transfer in couple if seconds. You can rely on RACQ for emergency funds. Show details

There needs to be an option for half a star – Have been with this bank for a few years, and every interaction has been painful from the beginning. They stuffed up the mortgage documents at the start which caused unnecessary stress and nearly a lost contract. They had my email address details incorrect for years (spelt my name wrong in the email address, how, it's all over every form?!). When… Read more

I discovered this and tried to rectify they refused to verify my ID to access the account as they had an incorrect residential address. The banking app itself is shockingly behind the times; very limited functionality compared to other banks and often down for maintenance. To top it all off, I just tried to close my remaining bank account and they refuse to close without me providing details of another bank. Other banks don't require this, and I don't trust RACQ with that information due to their constant incompetence. Avoid this useless bank!

Discrimination against the aged? – My elderly mother tried to open an account online. She had various forms of ID, including government photo ID card, but no longer holds current driver’s licence or passport due to her age. So, was impossible for her to open an account. When contacted we were advised to ‘visit a branch’ but this isn’t possible due to locations and her mobility. … Read more

Surely, the online ‘option’ (ONLY driver’s licence or passport) constitutes a discrimination against the aged. Hours of time also wasted. Very, very unsatisfactory.

No matter what mortgage interest rates they offer, do not go with RACQ Bank – We just moved our mortgage to RACQ Bank. The customer service is appalling. It seems like all the staff have no idea about their product and are not interested in helping out. Just to give everyone an idea: There was a problem with opening an additional savings account on the internet. I kept getting an error message. I sent a message through my… Read more

app and got this lame answer to go to internet banking via accounts and cards, or call or visit a branch to open an additional account. This was just passing the buck. I asked in a branch that their mortgage department asked us to open additional savings accounts. I was told you already have a joint account and to call the mortgage office and explain that I already have an account. I can’t believe this, nobody is willing to help. Anyway, the story is too long to explain in detail. Then I had a look online to find RACQ Bank reviews and was not surprised that it was only 1.6 out of 5. I made a huge mistake to swap to RACQ Bank and want to make sure nobody else makes the same mistake. Customer service is non existent. They need more staff to avoid huge queues in their few branches they have and they need to train their staff on their products and on great customer service instead of passing the problem to other departments.

no internet service for the last 24 hours – Tried to get internet service from my bank and was informed the web connection is old and needs to be refreshed. Tried refreshing the web page but not working. Tried going to their web site to get online help but without a functioning web page I couldn't login. Tried to delete the original web page but again need to login. Tried to contact phone… Read more

operator for assistance and got placed on hold every time I called . I used to get reasonable service from this bank for the last 20 years but since they changed the name to RACQ Bank the service has gradually gotten worse to the point where now it doesn't work at all . I'm writing this review in the hope that someone at the bank is monitoring the reviews and perhaps may contact me as I can't contact them.

Treated like a criminal – If I could give negative 100 stars I would. Walked out of the bank crying after 2 weeks of providing so much information these people they could steal my entity (income statements for the last 8 years, passport, birth certificate, bank statements for 90days every account, payslips, drivers license). Some obviously standard across all banks but was… Read more

asked to then come into the bank (I thought this was just to double checked the info they had) and then they made me redo the entire process of bank statements in front of them as well as show them my bank cards. At this point I walked out. I have never provided a bank so much personal information and felt like my privacy was invaded and yet if I didn’t provide it they were implying I had hidden debt or that I wasn’t a real person. The bank tellers seem to have so little exposure and assumed I’m some sort of criminal because I have good savings, good earning job and no debt. I felt like someone had stabbed me in the chest from the stress of being treated like crap. I have worked extremely hard to be where I am and have sacrificed time with family and friends to be where I am in life. They assumed things like I had lived with my parents etc to have saved what I have (no judgement to anyone who has). These people know far too much of my personal life, extremely invasive.

Home loan interest rate is through the roof! – For the first time customer, Don't be fooled by the low interest rate they're offering because once you're signed in you will regret it. They take advantage of you and bring interest rate up really quick you won't have time to breath!

SO BADLY CHANGED FOR THE WORST – The RACQ Bank used to be the Queensland Teachers Credit Union and that Credit Union was fantastic. Once the RACQ took it over a few years ago, it has been terrible. The tellers now are stand-offish and they treat you as a commodity, not as people they got to know. Every time I go to get money out it takes ages. When it was the Credit Union… Read more

that never happened.

Last time I went they would not give me the money until they photocopied a number of my personal cards like Driver's and medicare and I forget what else. My friends at the standard banks tell me that has not happened to them. I find it very invasive. It is not whatI would expect and i can't see any reason for it. When I asked I was told the Qld Govt makes them do it.

I was with the Credit Union for over 50 years and going from excellent to bad is not nice. The RACQ should stick to what it was excellent at and that roads, drivers and cars.

Recently I had cause to speak to a lady by phone to sort out a problem with my credit card. She was excellent and was able to sort out the problem with care and goodwill. That part of the bank obviously is good.

Do not get a car loan with them unless you are happy to wait forever – I am a doctor with an excellent credit rating and income. I shopped around for the car loan I thought would be best for me and decided to go with RACQ. I was told on the phone the funds would be available in 3-5 business days. It has now been two weeks, and their team is so slow that they have not even assessed my application, which has led to… Read more

issues with the dealer holding my new car. Has made what would be an exciting experience of purchasing a new car, an awful stressful one. 0/10 do not recommend.

Continually locked out of my account – Despite using the correct login and password I am forever being locked out of my account resulting in a interminable wait on hold on the phone to have the account unlocked. Now again the account is locked on Friday after hours meaning I have no access to my account over the weekend. After 30 yrs + of banking with Racq & its predecessors I am about to give up & change to a user friendly bank.

RACQ Banking APP – The APP is in serious need of an overhaul. It is so slow and limited. Other banks leave this app for dead. It is the most frustrating thing to deal with for everyday banking use. I will be taking my working account back to my original bank to save myself the stress of using this app. Its a real shame as I have everything with RACQ and the branches… Read more

so far have been fantastic. But everything is done online these days. Catch up RACQ and update your APP it is terrible.

Useless bank – I put in a dispute about purchasing items online which then I did not receive back in July 2022 spent nearly 6 months chasing RACQ bank for updates and responses to my evidence provided to support my case. Only today half way through January 2023 has RACQ come back saying this isn’t our problem so see ya later. Closed my accounts on the spot. They may be good at road side assistance but they should of never gone into banking Show details

A terrible disappointment – I have been with the bank in its various iterations for about 53 years. The focus of RACQ bank seems to be on roadside assistance and insurance with banking a poor last, as evidenced by the length of time it takes to get through to the bank by phone. Yesterday I closed all my accounts and no one asked, “why”, “what can we do to keep you as a… Read more

customer “, or mentioned the length of time I had been a customer. I have had some good service, but many staff do not seem familiar with banking procedures. The teller who dealt with our final withdrawal was borderline aggressive, did not make eye contact and lied when asked what was happening. Her customer approach was the worst I have encountered in a service industry. In fact, only two staff smiled and made any eye contact. Sadly, it reinforced our decision to move banks.