Macquarie is professionally run, committed to wealth creation. It's easy to transfer thousands at the touch of one button. Most other banks need tokens and other kiddy like acts to facilitate action.
The only limitation with Macquarie Bank is that they don't have a physical building in Canberra. Otherwise, the only service works well and I am satisfied with the customer phone service. The bank also has the facilities that are use by our financial advisor, which works well. The fees are not high, nor are the interest rates, although they are marginally higher than our other bank. I would recommend Macquarie Bank to others.
Good bank in some areas. Very slow to clear funds. No debit cards on accounts. Security improving. Generally slow. Physical branches are virtually non-existent. The cash management account is superb from the point of being able to add lots of details on payment fields which really helps when tax time comes. Other banks fall down heavily here. It is built for the investor. Thanks Macquarie.
I've been with Macquarie Bank ever since they incorporated as The Australia Bank Ltd. That must be 50+ years. They have been more than I could expect from a bank. I feel very comfortable with my Cash Management Account. I earn interest on my every day funds an I've never paid a a single bank fee. I recommend Macquarie as high as the rankings go + one!
I have banked with Macquarie for over 20 years. In the last decade they have become more and more bureaucratic to the point that 'your security' and 'compliance' have become bywords for BAD customer service. My list of complaints is too long to itemise here, but I now get way better service from my high street ANZ branch. If it wasn't for the fact that we have to change over 40 direct deposits I would dump Macquarie in a flash. In 20 years they have gone from being one of the best to one of the worst.
I opened a bank account with Macquarie in December and then, quite out of the blue they called me and notified of closing my bank account, as if I was a money launderer - just like that! - the account had a very small amount of money though. Then they promosed that I would receive a letter explaining why it was closed. After making about 5 phone calls requesting such a letter, then finally sent one in 2 months!! after closing it. The letter just stated that they made a decision to close a bank account without any explanation. Stay away from this bank! I have been banking with many banks but have never ever experienced such a set-up and totally disrespectful attitude to clients...
I love that you don't pay to have an account and you can withdraw as much as you like without being charged. In the 20 years been banking with them no problems. Not like a certain ANZ bank....
Basically I opened a cash management account to receive money from overseas from my parents as Macquarie works with OZForex and their currency exchange rates are quite good. In a short while I was contacted to ask for a copy of my father's passport (Russian national) for security reasons. Which I did send. Next day she called me and said the bank decided to use its discretion - the right to cancel my account and the incoming overseas transfer was cancelled as well... The money was sent back. Without explaining any reasons for doing that. Totally Unbelievable! I've been with NAB and Bankwest for many years and I have never come across such attitude and unprecedented, unreasonably cruel treatment of clients as if they were involved in money laundering. Their compliance team has no idea how to do their job properly and how to distinguish between the law abiding clients and those involved in money laundering. Nevertheless, to date, there are no international laws or sanctions prohibiting financial transactions between Russia and Australia. I would NEVER recommend dealing with this bank.
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