How we fix our mistakes

We’re dedicated to identifying and addressing mistakes to ensure we make things right for our clients in a consistent, timely, fair and transparent manner. This process is called customer remediation.

We’re also committed to learning and developing ways to prevent these mistakes from happening again. On this page, you’ll be able to find more information on what to expect if you’ve been impacted by a mistake we’ve made.

When we identify money owed to you, we’ll try to get in touch with you to process the refund.

If you’re entitled to a refund and hold an open eligible account (an active Macquarie account, or an active bank account provided to us that you hold with another financial institution), no information or action is required from you. We’ll pay the amount directly into the open eligible account. Where the total refund amount is greater than $5, we’ll generally send you an email or letter outlining the remediation outcome.

If you’re entitled to a refund of greater than $5 and we’re unable to identify an open eligible account, we may send you an email or letter with instructions on how you can claim the refund.

If you’re entitled to a refund of $5 or less and we’re unable to identify an open eligible account, we may alternatively lodge it as unclaimed money where appropriate or make a payment to a charity or not-for-profit organisation registered with the Australian Charities and Not-for-profits Commission (ACNC).

If we’ve made a few attempts to contact you but haven’t been able to reach you, and the funds cannot be returned, we may lodge it as unclaimed money where appropriate. Where the submission threshold for unclaimed money is not met under the relevant unclaimed money regime, we’ll make a payment to a charity or not-for-profit organisation registered with the Australian Charities and Not-for-profits Commission (ACNC).

If you later come forward to claim funds, you will remain eligible to claim the refund owed to you.

Depending on the types of account and refunds involved, there may be tax (including GST) implications for you. We recommend you seek advice from your accountant, tax advisor or registered tax agent to determine the appropriate tax treatment. In some cases, we might also give tax documents to you, such as GST adjustment notes, which you should keep on file. The Australian Taxation Office (ATO) provides general information on compensation from financial institutions.

If you have any questions or concerns about a remediation communication or payment you’ve received, you can get in touch with our team who are ready to help. Their contact details are on the relevant remediation communication we sent to you. Read more about how you can contact us.