Please, do not waste your time.
Contacted them and got told someone would be in contact within 24 hours.
Waited 36 hours and rung them, just to get them to send me a basic form via email.
Once they sent the email i reponded with everything very quickly, they then took 3 weeks just to ring me and told me to wait more.
They said its 'christmas rush' but its very clearly lack of understanding, knowledge and customer service.
the lady i spoke to on the phone was EXTREMELY rude, patronising and even snarked at me when I explained to her that i am debt free with a stable incom...
Waste of time
First review I have ever written because this bank is that deplorable....I feel I have to.
Applied for car loan. Only went to them as they advertise 'someone will contact you within 1 x business day of application'.
After waiting 3 x days I contacted them. They promised a fast and easy process. After 2 weeks and after supplying all documents and providing everything they ask.....still no answer and no end in sight.
I have no debt, earn 140k per year and had ample cash to pay for vehicle but (for reasons of my own) wanted the car loan.
Slowest bank transfers...terrible in branch service
I was a QTMB member for 10 Yrs before it became RACQ. I have been very disappointed since RACQ took over. Each time I go to an RACQ branch to do a withdrawal, the staff, service and systems at RACQ seem grossly inadequate! The Springfield QLD branch appear stocked you want to bank as often on entering the branch, they are not logged into the system, the system crashes and you stand waiting for 15 mins to withdrawal cash while they ‘fluff’ around with technology. This has happened on more than 5 occasions to me and servals times to my parents. M...y internet transfers take more hours than 48 hours even if it’s a regular transfer. The internet banking site is complex. I also bank with Suncorp...great internet banking with OSKO, fast transfers, great mobile apps and very fast efficient in branch service! We have remortgaged with Suncorp and will be closing all accounts with RACQ!!
Home Loan - Re-approval, rejected at the last hour!
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!
home loan disaster
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
Good customer services
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
Don't waste your time. Use a broker
When I was looking for a home loan a friend of mine put me onto RACQ because of their great interest rates and service. I made several attempts to contact them with zero response. After 3 months I ended up using a broker to make things happen and ended up with CBA. My friend has moved his loans away from RACQ in the last 12 months. Don't waste your time with them.
Same issues as everyone else...
I have gone to RACQ because I just moved to Queensland and wanted to avoid the Big 4. I was going to go with Ubank but deviated when I saw it was owned by NAB.
I have applied for a construction loan for land and home package but have had no end of delays with the processing. I am a FIFO worker as well which does not help when one has to keep supplying documents. The builder is now waiting for the bank to finalise the construction side of the loan. The delays are ongoing whilst we wait for them to complete one 'final hurdle' after another.
I...found out the bank appears to have outsourced some loan work to a third party organisation to assist them with their work load... the problem is they are not up to speed with the conditions and deals the bank has between the various customers; i.e. We initially had on our documents, a fee free redraw facility on our loan; new documents issued by the assisting organisation now show a fee for redrawing. I complained to my 'personal' loan officer who assured me they had gotten it wrong and I would not be charged! Now yesterday we found out our 'personal' loan officer has decided to have a week off work with no apparent relief cover so we have yet another week sitting on our hands. It is costing us a fortune as although the loan application was free we will be renting much longer than we planned before our house gets built. Not happy at all. Will probably end up changing lenders after we move into the new home... whenever it gets built that is! It is a shme because we wanted to give our business to someone 'new and fresh' but they have dropped the ball quite badly... like the Victorian government... but thats another story for another day.
So bad I'm surprised this bank still exists
Had been with Queensland Teacher's Credit Union for 30 years before their merger. What a disaster it has been since the inception of the new 'Bank'. Began with not having access to my account and has gone downhill since then! Very few branches and confusing processes. I can't believe it's still operating.
Loan application process drawn out
I Have great credit rating, applied through them because great car loan rate, after 2.5 weeks we still had not had questions answered or an approval. Keep asking for documents which we sent along with application. Frustrated we applied somewhere else in two days had approval and managed to get the car we wanted. Will never recommend.
So I put in a loan application nearly two weeks ago. The consultant who was supposed to contact me called my mobile (called twice - then hung up) with no voice message or email. I have been trying to get into contact with my agent for two weeks.
When I finally did have a brief very condescending conversation where the consultant blamed me for not answering the call within two rings - and being very rude.m, he had said he will contact me back tomorrow after 3. Still no call back (4 days later).
I have given up on this loan and have alrea...dy gained finance else where. I am very disappointed in this bank. I love the insurance products but the bank needs serious training on customer service and a reboot in how they do things. I think the service was disgusting.
RACQ Bank are dysfunctional. No account keeping fees for their everyday account, but they make up for it with other charges (i.e. Interbank transfer charges and eftpos cash withdrawals, which are generally free elsewhere).
Mind you, Transferring between banks is a painfully slow process that can take up to a week. PayID and instantaneous transfers are not available. Access to funds is limited due to low daily limits and branch access. Larger withdrawals can be arranged, but on our last visit to collect a low moderate sum (with 2 days notice) i...
It's like banking in the 80's
We took out a mortgage with RACQ Bank to purchase our home without any real issues. I was attracted to the very low comparison rate and the move away from the Big 4 post royal commission.
Then when we tried to top up the loan to do substantial renovations, things went down hill.
RACQ Bank are in fact a significantly smaller bank, previously known as Queensland Teachers Mutual Bank, which hit the market with a big brand and incredibly low comparison rate. End result is their demand have far outstripped their capacity to service, and customers ...like myself are feeling it. Processes are slow (archaic), timeframes and promises are never met/kept. The service, overall from an organisational broad level (I.e. not that of the individual staff) is woeful. RACQ Bank need to employ hundreds of staff and train them in various areas, quickly, and streamline their processes. Otherwise I suspect many people, including myself, will be refinancing elsewhere.
Worst service ever.
Tried to re-finance my home loan at the Springfield bank. Provided all the forms, bank statements, proof of employment etc. Never heard back. Escalated it to yheir head office, who said they'd process the loan. Never heard back from them either. Waste of my time. Disgusting service.
Useless App and bank
The app is useless to navigate, hard to do anything.
They also will not allow useing a pin code on more than 1 device.
I use a tablet and phone for bank. Cannot use a pin on the tablet because of there stupid security rule.
Transfer money from racq to another bank takes forever.
Useless bank. Avoid it
Racq bank cairns central
Walked in on 13/18/19 attempting to deposit cash into my bank account. First impression walking into this branch - Noelle (customer service) no greeting or a smile coming from this soulless person she definitely made me felt unwelcome, I'm not sure whether it's the colour of my skin but, I was quite friendly with his person. She couldn't help with my inquiry and not even a good bye or have a nice day. If racq cannot provide basic customer service they wont be getting my money in the nearby future. Noelle requires much needed retraining on improving her customer service skills. No wonder a banking royal commission occurred in this country. Please dont bank with this branch.
Rate rises for existing customers
This bank has no loyalty to existing customers. Do not go fixed with them if you can avoid it, so you can leave when (not if, because they will) they pull their dodginess on you.
I joined RACQ Bank in June 2018 as they had a very good rate of 3.62%. This increased to 3.79% in May 2019 while they were advertising to new lenders at 3.69%. RBA rate cut happens in June 2019 and to their credit they pass on the full rate, so I get down to 3.53% while new lenders get 3.44%.
The loan set up process was also really difficult, you need to be on top of your game and know your calculations because their systems aren't as mature. I've had to question & correct details on my finance multiple times.
If my home loan wasn't locked to these clowns I'd have left long ago - AVOID!
The online banking & mobile app makes me dread doing simple things like bill paying and account balance checking - it's truly horrible to navigate and difficult locate information, needlessly cluttered with advertising for products (like PayID). Service ok but definitely worse since they absorbed QTMB - less customer focussed and personal, more about squeezing cash out of us and tweaking things to make the experience more like the banks we all despise. Rates are no better that all the rest, fees have been changed with confusing explanatory le...tters apperaing to notify us of alterations that we then have to call, to clarify. ATM access is average. A company specialising in the dying roadside assistance game (and of course the beloved insurance industry) bought out a small credit union that I used to love - I now long for the day my loans are paid out and I can escape ANYWHERE else. TLDR; avoid this bank.
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