Jones was quick to question what McGuire would tell fans who asked for a refund.
However, the TV favourite dodged the question: "Tony, you’ve got to listen to me mate. We're in it together."
"We look after our members, they’re part of our family. If you came to me and said I need a loan at the moment, do you think I would help you … of course I would."
The Who Wants To Be A Millionaire host then lost it, and hit back at Jones for "winding him up".
"You’re not listening to me Tony, you’re trying to get a headline, this is what we don’t need at the moment. No mate, I am telling you," McGuire said.
Jones responded: "I’m not trying to get a headline Eddie, I’m trying to get an answer. If a member comes to you and wants their money back, will you give their money back?"
Which was when the awkward exchange took a turn for the worse.
"Tony I just said to you. If you’ve got financial hardships, speak to your club we’re there to help you we always do," McGuire hit back.
"We do this year in, year out with people who have financial hardships. What I’m saying to you though Tony, is this is more than a transaction."
When it came to the crunch, Jones said McGuire didn't understand that a lot of members have lost money and jobs this season.
McGuire, who has been at the helm of Collingwood since 1998, then accused Jones of trying to make a fool out of him.
"And they’ll be looked after, Tony," he said.
"Do not make this into people taking money out of peoples pockets and don’t wind me up with a smarta*** last line.
"This is desperate stakes and don’t try make a headline or make a fool out of me. When people need help they will get it."