Open banking

The Consumer Data Right (CDR) allows eligible customers to conveniently access their banking data and share it with accredited third parties. In the banking sector, this is also called Open Banking.

You can choose if you want to share your consumer data with accredited third parties, and which third parties you wish to share that data with. Please see below for instructions on how to do this.

You will not be charged a fee to disclose any required consumer data.

Please see the CDR website for more information about how CDR works.

What is consumer data?

We're required to make specific types of consumer data available under the CDR regime, including:

• Customer information such as your name and contact details (phone number, email address and residential address). If you're a business, this also includes information about your business such as your business name and ABN.
• Account details such as your account name, account number, account balance and any authorisations on the account (i.e. direct debits, scheduled payments and payee details).
• Transaction information such as the date of transactions, amount credited or debited and simple categorisation of the transaction (e.g. whether the transaction is a fee or interest).
• Product specific data such as the product type, price (including fees, charges and interest rates) and associated features and benefits (including discounts and bundles).

Only eligible CDR consumers are permitted to share consumer data. 

Individual/sole traders

A person is an eligible CDR consumer if they:

• are 18 years of age or older; and
• hold an eligible Macquarie Personal Banking Product that can be accessed via Macquarie Electronic Banking.

Joint accounts

Joint account holders with two or more individual account holders are eligible to share consumer data if:

•  each account holder is 18 years of age or older; and
• an eligible Macquarie Personal Banking Product is held that can be accessed via Macquarie Electronic Banking.

The default setting for joint accounts (where each joint account holder is an eligible CDR consumer) is that either account holder is eligible to consent to the disclosure of CDR data. This means that any joint account holder can initiate or stop the sharing of CDR data from a joint account without further approval from other account holders. 

Any joint account holder can also independently disable the account from data sharing altogether. Once an account is disabled:

• account holders will not be allowed to enter into any new data sharing arrangements;
• any existing data sharing arrangements will be paused; and
• the consent of all joint account holders will be required to re-enable data sharing.

If you’d like to change these default settings, you can manage your CDR disclosure preferences online either at Macquarie Online Banking or Macquarie Mobile Banking.

For Macquarie Mobile Banking app:

1. Select the account you would like to manage disclosure options for from the Accounts screen
2. From the ‘I want to…’ dropdown select ‘View account details’
3. In Account summary select the Manage tool next to CDR disclosure option
4. On the next screen select Change
5. If changing to the:
   • non-disclosure option (i.e. if you would like to independently disable the account from data sharing altogether), this action is now complete
   • pre-approval option (i.e. if you would like to re-enable the account for data sharing), all other joint account holders will need to log in and navigate to the same Account details screen and select Review next to CDR disclosure option. Once all account holders have approved this change to the pre-approval option, data sharing will be restarted for active data sharing arrangements on selected account.

For Macquarie Online Banking:

1. Select the account you would like to manage disclosure options for from the Accounts side menu
2. From the ‘I want to…’ dropdown select ‘View account details’
3. In Account summary select the Manage tool next to CDR disclosure option
4. On the next screen select Change
5. If changing to the:
   • non-disclosure option (i.e. if you would like to independently disable the account from data sharing altogether), this action is now complete
   • pre-approval option (i.e. if you would like to re-enable the account for data sharing), all other joint account holders will need to log in and navigate to the same Account details screen and select Review next to CDR disclosure option. Once all account holders have approved this change to the pre-approval option, data sharing will be restarted for active data sharing arrangements on selected account.

Business/entity customers

A business/ entity customer (e.g. a company, trust or partnership customer) is an eligible CDR consumer if:

• It’s an account holder for an eligible Macquarie Personal Banking Product; and
• It has at least one nominated representative appointed for the relevant account - see how to appoint a nominated representative section below.

Secondary users

An individual CDR consumer who is an account holder can nominate another person to be a secondary user. As a secondary user, that person can authorise data sharing from the individual CDR consumer’s account on their behalf.

Please refer to the How to appoint or revoke a CDR secondary user section for more information.

Eligible account holders can instruct us to share consumer data for the following products that are issued by Macquarie Bank:  

• Aussie Home Loans branded Home Loan and Offset/ Transaction Account(s)
• Bell Potter Cash Management Service Account
• Macquarie Basic Home Loan (loans with BSB starting with 182)
• Macquarie Black Credit Card
• Macquarie Business Savings Account
• Macquarie Car Loan
• Macquarie Cash Management Account (CMA)
• Macquarie CMA Accelerator
• Macquarie Line of Credit
• Macquarie Offset Home Loan (loans with BSB starting with 182)
• Macquarie Offset Account
• Macquarie Platinum Credit Card
• Macquarie Ratesaver Credit Card
• Macquarie Savings Account
• Macquarie Term Deposit
• Macquarie Transaction Account.

A list of current Macquarie Business Banking products that are eligible for consumer data sharing is available in the article Open Banking and the Consumer Data Right.

Exempt products

The Australian Competition and Consumer Commission (ACCC) has granted Macquarie Bank a permanent exemption for product portfolios we no longer publicly offer as per paragraph 2b of the Exemption. 

We also had a temporary exemption in place for products listed in paragraph 2a of the Exemption which are now supported through Business Banking.

If you’re eligible for consumer data sharing, you can contact us on live chat to assist if you would like to allow an accredited data recipient to access your consumer data.