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No, it's not our money anymore

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wayneL

VIVA LA LIBERTAD, CARAJO!
Joined
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Have a listen to this. If "they" don't like what you want to spend your money on, they'll lock your account.

Add this to the list of tyrannies, including being de-banked if they don't like your politics.

‘It’s my money’ - Explosive audio of customer confronting bank

A customer has come forward, sharing explosive audio of his conversations with his bank, which made the process more difficult than necessary when he tried to withdraw money. Hear more highlights from Ben Fordham Live in the playlist below and give us a follow on Apple Podcasts: IMAGE / GETTY
www.2gb.com
 
Hmmm.

OK, I'll believe him, but I wouldn't put it past Garbage Broadcasting to set such things up.
 
Recently i had to make a travel claim, I waited a few weeks to check and it was ok'd, I confirmed my banking details and after a couple of weeks the insurance company said the details were incorrect.
I went to my bank with a copy of the details I had sent the insurance company, the bank checked the details and said it was spot on, so I re submitted the details very carefully to ensure they were accurate and legible.
A few weeks later I followed up and was told the details weren't correct, so I gave them a bank account affiliated to their company,hey presto money straight in no problems.
 
SirRumpole said:
Hmmm.

OK, I'll believe him, but I wouldn't put it past Garbage Broadcasting to set such things up.
Click to expand...
I am hearing similar stories on the grapevine, and not just regarding crypto. Try taking a "not so" large amounts of cash out, even with notification.

Do it Horace, try transferring some of your millions to Coinbase.
 
wayneL said:
I am hearing similar stories on the grapevine, and not just regarding crypto. Try taking a "not so" large amounts of cash out, even with notification.

Do it Horace, try transferring some of your millions to Coinbase.
Click to expand...
Wasn't there legislation saying you can't fake out more than $20k at a time?
 
SirRumpole said:
Wasn't there legislation saying you can't fake out more than $20k at a time?
Click to expand...
Don't know really.

But why not? What if you want to settle on a house without financing, or almost any new car, or 5oz of gold, or 100 CBA shares?


edit: 200 CBA shares
 
I think @wayneL that you should request from @Joe Blow this post be transferred to another thread such as Cryptocurrency or Banking as I do not believe it will get the conversation it deserves on General Chat. This is quite serious. "Tim" the chap in question lost $1000's due to WBC not allowing him access to his funds.

gg
 
wayneL said:
But why not? What if you want to settle on a house without financing, or almost any new car, or 5oz of gold, or 100 CBA shares?
Click to expand...
I've bought a house with "cash" in the past.

In practice though that means a bank cheque not actual physical cash.

The system wasn't as well set up as I expected it to be. In short obtained a bank cheque from my bank, took it straight to another bank 50m away and deposited it. That was the practical way to do it.
 
Yeah me too, bought the Ponderosa with "cash", no problems whatsoever.

But looking at possibly buying a pile of bricks overseas ATM. Could it be a problem then? Or what if I want to buy someone's hitherto unknowingly clapped out $4itheap of a ute for $30,000, and the dodgy meth-head will only take folding cash.

Should a bank prevent me from doing that?
 
Yes please @Joe Blow
 
I think the thread should stay intact and the other other forum that seems relevant is Business, Investment and Economics so I have moved it there.
 
Thanks @wayneL

I'd encourage everyone to listen to the audio. Tim the customer sounds like a reasonable bloke. He wanted to invest in crypto using $80,000 of his own money. WBC would not let him. They froze his accounts. Had he been able to make the trade he envisaged he would have made $6,500, not a bad return in 5 days. As well as that he could not pay bills, see his account. I believe Tim. He says WBC is not the only bank that would have done this.

gg
 
I question whether this is solely an action on the bank's part?

Or does some law compel them to do it? Or alternatively does a law indirectly lead them to do it as an in practice means of complying with some other requirement?
 
Smurf1976 said:
I question whether this is solely an action on the bank's part?

Or does some law compel them to do it? Or alternatively does a law indirectly lead them to do it as an in practice means of complying with some other requirement?
Click to expand...
It seems to be international, so I suspect BIS is behind it with national governments complying... but I don't know at this point.
 
Smurf1976 said:
I question whether this is solely an action on the bank's part?

Or does some law compel them to do it? Or alternatively does a law indirectly lead them to do it as an in practice means of complying with some other requirement?
Click to expand...
There have been multiple ripoffs of gullible people via crypto scams so to be fair to the bank they may have been trying to protect Tim. Listening to the audio though Tim sounded like a reasonable and cluey person. He got caught up in the banks' clumsy attempts to protect clients.

All down to poor governance. I feel for the guy Tim was dealing with as he'll probably get the blame. Maybe he could have dealt with it differently. Maybe he was "following orders".

Not a good situation for Tim. Being locked out of your banking for 5 days is no joke. My sympathies in essence are totally with Tim the customer.

gg
 

If the bank ever asks me what I want to withdraw my money for, I'm telling them beer and prostitutes. I have expensive taste. I'll say it maintaining direct eye contact. I suggest everyone say the exact same thing.
 
SirRumpole said:
Hmmm.

OK, I'll believe him, but I wouldn't put it past Garbage Broadcasting to set such things up.
Click to expand...
I just checked, it s not their ABC, you must be confused...rol
Even moving the investment just received back from an Australian money lender into a new investment into same company was not possible with CBA after hours (, literally) on the phone, i would believe anyone my upset neighbour included telling me how they can not access their money.
I am reducing..well crashing my CBA relationship for that reason.
 
Yeap same thing here once and not feeling that good walking with that cheque in a cbd....what if runover, mugged, sinkhole.. probably extremely low odds but i have purchased lottery ticket with lower winning chances and lower potential gains
CBA has wire transfer , that can kind of replace that and i used this in my last big transfer.
Because it is named "wire", it is deemed more real than an electronic fund transfer...for a fee
I visualised the $1 coins sliding on the wire
 
Smurf1976 said:
I question whether this is solely an action on the bank's part?

Or does some law compel them to do it? Or alternatively does a law indirectly lead them to do it as an in practice means of complying with some other requirement?
Click to expand...
From personal experience,most banks..actually, all mine refuse or limit the transfer money to crypto trading platforms
10k max was the initial limit, then none.
If you are a customer in any of the big 4, you have probably actually received a notice of the changes in the last years.
I did remember as i was affected.
Trading platform i use, Australian and Australian based, has plenty of deposit options availables, and the banks are a bit slow to update their blacklist it seems: i managed to get some financing thru
But what is important in this debate is this:
As a result , i now do not bring back any money from crypto, it either stays in the exchange..extra risk..or is moved to hard wallet..
So this nanny state is increasing my risks and odds of losing it all.
Vote for freedom at the next election...
 
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