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.
A lot of staff there but not many working
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.
RACQ online bank is a disaster
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
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.
- 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.
- 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.
Above and Beyond
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
Nothing but good things from RACQ Bank
I had a Westpac Home Loan for about 4 years when I changed to RACQ Bank in August 2019. The difference between Westpac and RACQ was amazing! I calculate the daily interest amount of my loan in a spreadsheet, and for 4 years I would see huge differences in my monthly interest total from Westpac. Although it would pretty much equal out at the end of the financial year, it REALLY bothered me how Westpac applied my home loan interest -- it must have benefitted them somehow, but did it benefit me? All the time I would see Westpac offer cheaper int...erest rates to new customers whereas my rate kept going up and up and up -- and legally, they don't even have to notify me until it changes my repayments! RACQ Bank is predictable and accurate with the monthly interest applied to my loan, which I really appreciate. My interest rate has only gone down. And I have been really impressed with the help given over the phone. In my 35 years, I have been with at least six other banks, so I'm not afraid to change when necessary, but I'm very happy to stick with RACQ Bank for the foreseeable future. I know every bank is for profit (and even not-for-profits doesn't necessarily mean they will be decent), but at least RACQ Bank has a background in helping people. I hope they never loose that.
Terrible customer service.
I have (had) been a member since QTCU days including previous loans with them. I applied for a personal loan in early October 2020... still now, in February 2021... I don’t have a response from them finalising the application - to the point of giving up two months ago and going with someone else who return calls and emails. My case is complex, and I appreciate that, but I’ve got a solid credit/loan history and have no problem managing finances so this isn’t ‘bad blood’. I responded to requests for info from them within 24 hours of all reques...ts... and then had to chase them 2-3 weeks later on every occasion, to see what the next step was. Bad advice, unclear requirements, Bad communication, bad procedures, tedious paperwork and ridiculous timeframes to assess information. It was a test to see if I move all my banking to them, but I’ll be staying very clear of them; they couldn’t coordinate basic correspondence to me... no way they are touching my money. I wish I’d read other reviews so I didn’t waste my time with them on this occasion.
Very Poor Service, Managers and Board Members Don't care
Well, how could an entity bugger up a good bank - Just ask RACQ. The Older QTCU & QTMB were much better but they don't exist any more - just ask RACQ.
Any time you need to phone them (and heaven help you because no one else will) expect at least 20 minutes before your call is answered. Over a period of time you will get to realize they have a selection of at least three messages they will pick for the day to announce a hollow apology for their their inexcusable response times... "system upgrades resulting in longer than usual call waiting time...
Loan process tedious, lacking in communication.
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.
Used to be good before Changing to RACQ
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.
I will be closing my account after 25yrs of service
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.
Dysfunctional, disorganized, and a mess
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.
Avoid at all costs
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.
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
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