Macquarie Reviews 

I opened an account with Macquarie Bank around the beginning of February. I wanted to invest in Cryptocurrency and the website said they were Crypto friendly.
I did about 20 or so transactions without any problems. Bought over $150k over a few weeks. THEN for no reason whatsoever as I had no outstanding transactions and all previous transactions had been successfully completed my account was frozen. No phone call, no message. No email. I had to call them, and I am currently in Thailand. Well to cut a very long story short, after arguing and waiting on hold for over 2 hours last Friday they said my account would be closed and I had to fill in a form to get the money transferred to another Bank. I was promised the form would be emailed to me immediately by Aaron, supposedly a manager there. No email, so Monday I call, get the form emailed and send it straight back. Tuesday they send me an email saying they have received it and will process it immediately. Friday I receive an email asking for photo id. Sorry they say, we’ve been busy! Meanwhile I have no access to my money. What am I supposed to live on? Why didn’t they ask me for ID when they asked for the form? Oh they are two different departments and maybe one department didn’t know it was needed. Well after over an hour on the phone again today I spoke with Ann who was very kind, courteous and considerate. But NO managers had the balls to talk to me personally, Ann said they were all in Meetings, but she would get a Senior person to contact me urgently. Yeah right! Still no phone call. Still no money. All because the powers that be THINK I MIGHT lose MY money. Not theirs, MINE. I thought Australia was supposed to give a battler a go, but it appears that the high flyers on big salaries in Macquarie Bank don’t give a rats about a 71 year old pensioner. I DARED THEM to get a SENIOR MANAGER to call, but guess what? They’re all in a meeting!
Stay away from the Macquarie Mongrels!

A highly criminal bank that issues false ratings because they have short positions on companies. Very disgusting, these people, companies and jobs are destroying just out of greed.

they closed my online banking for no reason since 28th of january, still under review and i am unable to get a hold of my funds, they do not respond to my mails and the que on customer service line is unbearable. terrible just terrible.

I was reflecting on companies that I have found easy to deal with after not having this experience with another company. Macquarie stood out in my reflections. Every time I have called, my call has been answered promptly by someone who has the capability to help me. Recently I had to de-link and re-link the mortgage that my offset accounts were associated with. It took probably less than half an hour to do something that was a bit finicky and the customer care consultant was super helpful and explaining the various options to me. On top of this, Macquarie does offer some of the best variable rates around and their card products are super helpful (no overseas currency conversion fees, good conversion rates, free insurance on return flights from Australia and availability of generous rewards programs). They regularly update their app and online interface to make it more useful and user friendly - for example the introduction of the budgeting tool. One thing that I think could be improved is being able to set up direct debit for mortgages from the app - at the moment my understanding is that you have to send in a form to do this, which is quite old school. Otherwise I have found my dealings with Macquarie really easy and a pleasure.

Customer service / accessibility is very poor, and loyalty mean nothing to Macquarrie when it comes to variable rate reviews. Just a straight NO from their side. VERY -Very disappointing. I regret choosing Macquarrie bank, should have gone somewhere else.

I would give minus stars if I could! We have a variable rate mortgage with Maquarie Bank and we pay our monthly repayments every month without missing a beat. We also have a redraw attached to the loan. I recently noticed that Macquarie take the monthly payment, that we set up for direct debit from our linked Macquarie everyday account. As agreed to but they also take the funds out of our redraw at the same time and hold on to it fir at least a day! In this time we do not have access to OUR money that is meant to be avaialble in our redraw. I contacted Macquarie about this wanting to understand why they did this? I got the complete run aroubd from their "customer service" team. Through email correspondence they claim that they do this to ensure the money from our MACQUARIE EVERYDAY ACCOUNT clears! What the? Makes no sense and I dont think its right that they do this. I believe they are double dipping and using our money to make more money. I will be contacting the Ombudsman regarding this as its not right that just because we have money in our redraw that they get to take it and hold it (invest it) for a time that they deem. I will be changing banks soon. Stay away from them, they do not have any integrity.

I had a car loan. It started 15th December 2018 - 15th December 2023. I paid off the car loan. 5 years. This bank has stolen $504.16 out of my debit card. They do not give you statements, I paid too much for my car. I paid 10 % deposit on my car, which is $8950.00. They are crooks.

Called several times on same issue for resolution, bounced around, not clear on what was happening. This has happened twice, now closed my accounts, difficult to deal with

The WORST BANK to deal with ever.
Horrible customer service
Very rude and very unprofessional.
Don't know the heck what they are doing and no communication between teams in the company.
This bank will need to collapse soon and someone better needs to take over. Been corresponding with them for a client issue for over 2 months and STILL to no avail. Despite a ONE star rating this bank does nothing to rectify themselves. Is there no Authority responsible for such pathetic banks??????

I paid out my maquarie credit card some time ago in order to prevent ongoing interest charges. So the balance was zero, right? WRONG! A $99 charge had been applied (account fee apparently), I received no notification about this and the late payment fees began racking up. (STILL no notifications). After another $100 in fees had been applied, I finally got a message to contact them! To their credit I suppose, I managed to get them to waive the late fees after I payed the $99 acount fee, which I immediately did while I was on the phone to them. (I prefer to pay things quickly).
I thought everything was sweet now, problem resolved... not quite.
Approximate 2 weeks later recieved a letter in the mail informing me that the account had been closed effective immediately! No reasons offered, nothing!
VERY UNPROFESSIONAL MAQUARIE!!!
So beware folks.

At the end of my fixed term last April which I did really well out over that two years Macquarie immediately slugged me a variable rate of close to 6.75% (more than a car loan) at the time when the market rate was around 4.75% . The rate has since moved up but with my new lender Loans.com the rate is still well below what Macquarie was slugging me with. I have a perfect credit score and have never defaulted . Macquarie refused to budge on the rate. Its almost like they needed to recoup losses on the forecast of those fixed rates as I was paying 2.39% while the market slid up to 4.75 at the time. Dodgy and greedy Macquarie.. So much for customer loyalty. I'm slowly de-coupling from the bank as I had everything with them. Glad so as I'm finding better deals and options.

We are a Financial Planning business that have dealt with Macquarie Bank for over 20 years and used to find them to be efficient and timely to deal with. We have however noticed recently that this is no longer the case. Their excessive security and identification processes and the inept customer service have completely disillusioned our previous opinion of Macquarie Bank. Our issue started with an update to their transaction processes of no longer accepting signed paper copies for withdrawals from their Cash Managment accounts. We were then left with the difficulty of our non-computing elderly client having to come to terms with the overwhelming world of online transacting! The problem started with the issue of an old mobile number and email being recorded on their system so she would not be able to receive necessary 2 factor id confirmation code to complete her request. To cut a long story short, after multiple phone call and email attempts form the Advisers office, and the client to talk to one of their customer service team members and their promises that "the case had been escalated" and "to allow 2 business days" It took involving a Macquarie BDM, a Complaint letter from the client and complaint letter from the Advisers office for the mobile number to finally be updated. 10+ WEEKS later. The money belongs to the client not Macquarie!!!

In any case, this bank's practices is frustrating, and I sincerely hope that anyone who come across this review consider steering clear of them. Save yourself both time and unnecessary stress. I have never encountered such treatment from "Assurity Secure" they never interrogate me about how I intended to use my money. I'm relieved to be done with them. As for Macquarie bank, I hope they observe how Assurity Secure and the top top ten cryptocurrency firms are embraced by the public and significant traditional financial institutions in the future. If they continue their current approach, including the possibility of starting their own service, they might find themselves left behind. Success should be reserved for those who treat the public with respect, communicate about their stance on cryptocurrency, and show a willingness to adapt to the evolving financial landscape.

I’m guessing this locking thing is a thing with them and the call Center from overseas is bad I opened an account but after trying to get my account unlocked and going no where in hours I will be shutting this account just as quick as opening it

I have just read other Macquarie Bank reviews and I can understand why from my personal experience over the past one to two years. I have not witnessed any improvement.

I am a Macquarie Bank customer investing in term deposits for my SMSF and my mother's family trust. I have just spent a wasted hour and a half trying to set up a PERSONAL TD. This time I am being forced into opening a premium transaction account, which I do not require, as I should be able to just switch funds between an external linked account to fund a new TD and mature an existing TD. There should be a choice in this regard upon application and not have to ‘retro fit’ when you are already an existing customer.
I can live with having to use the Macquarie transaction account to fund a TD but if I wish the funds to go to an external bank account, I need to complete another process once a new TD is opened. The process as explained by Customer Service was garbled and confusing.

As I now understand it, the steps may include
1. After a TD is established, I would need to contact Macquarie Bank (Helpline or email)
2. Macquarie Bank creates a case
3. I would need to complete an account nomination form, which they can provide by email
4. I provide bank statements for the relevant external linked account
5. Email the completed account nomination form and bank statement to Macquarie Bank
It was unclear whether id and signature verification would also be required, notwithstanding I am already a customer and such information should already be on file.

My concern is around how complicated and confusing the process seems to be. Furthermore, in this environment of ever increasing and rampant cyber fraud, Macquarie Bank is negligent to be expecting its customers / potential customers to be emailing personally identifiable information (PII) including financial information over the internet. There should and must be a secure portal to upload such documents.

I passed through three customer service staff and was about to be transferred to the TD Team, when I said enough is enough. The whole experience was very frustrating. You get answers to questions you do not even ask. The Customer Service team is off shored, which means getting to the nub of your questions is difficult and time consuming. You just talk past each other.

I will not be investing in personal / individual TD products at Macquarie Bank. For my requirement, it’s simply too risky and too difficult. Total time spent on this matter (TD application plus review) was 2 ¼ hours.

It's been over 5 weeks of trying to take my own money out of their Wrap Solutions account.

The team continues to give me fake timelines of when I will have my money, but it never comes. Every time I call in, I'm in the phone for 60-75min+ and they tell me the money will be coming today. It never does.

However, it didn't take any time at all for them to accept my money.

I've filed a complaint with ASIC. Hopefully, they can help stop Macquarie from stealing my money.

What’s happened to their customer service? It was so good at the start of this year so we thought we’d invest now …. Definitely off shore customer service centre who are not very efficient (though polite). Applied 2 days ago to open an ac/ and not heard a squeak! Will probably invest our money elsewhere as help line certainty not what it use to be early 2023. Stupid as poor customer helpline will put investors off Macquarie !

They will look after new customers but don't care about existing ones.

After one week of transfering my super to macquarie i still have not seen it in my account. Endless calls to foreign call centres and going nowhere. Never again. Im going back to westpac