In the digital age, financial autonomy has been closely tied to the rise of digital banking and currencies.

However, for one Westpac customer, his seemingly straightforward transaction turned into a bewildering ordeal that left many account holders shaking their heads in disbelief.

In a recent broadcast of 2GB’s Breakfast Show, Ben Fordham spoke with a caller who shared his ordeal with one of Australia's leading banks.

A man named Tim wanted to transfer $50,000 from his Westpac account to CoinSpot, an Australian cryptocurrency exchange platform.

He planned to monitor the market over the weekend to make an informed investment decision by Monday.

However, his supposed routine banking procedure escalated into a situation that made his blood boil.

Westpac has several scam-prevention tools and tactics to protect customers from losing money. Image Credit: Westpac

Tim received a text message from Westpac, alerting him that his transfer had been blocked.

The bank advised him to contact their risk management team, who were 'looking into' the matter.

After three attempts and an hour-long wait, Tim finally spoke with a staff member, whom he described as a 'rude and obstructive gentleman'.

Frustrated, Tim recorded the phone conversation, where the Westpac employee seemed to have 'no intention of saying yes to the transfer'.

The staff member insisted that Tim had agreed to the bank's terms and conditions upon becoming a customer.

'You're the bank; you have my money. I want my money back,' Tim adamantly stood up for himself.

The conversation grew tense as the staff member pressed for more information.

'I want to get to my next questions, but I am still incredibly concerned that you are not able to give me a clear answer.

'You keep coming back to the fact that you're just going to invest in Bitcoin, but it depends on what happens over the weekend.'

Despite Tim's clear explanation that he intended to invest in Bitcoin, the staff member doubted his honesty.

Tim's patience wore thin as he juggled the responsibilities of a father of five, eager to finish the call and attend to his children.

Yet, the Westpac employee continued to probe, unsatisfied with Tim's responses.

The deadlock left Tim's bank account frozen for nearly a week.

'I couldn't move it around or see other statements or pay bills,' Tim shared.

Instead, Tim went to a local Westpac branch to find a solution.

'I then spent two hours at the Westpac branch where I live, where the gentleman there was lovely. I played the recording, and he could not believe it,' Tim shared.

'I eventually got the money back and sent it to a different bank that I've had a better time with'.

The Bitcoin he planned to invest in surged in value, and Tim missed out on potential earnings.

Tim's experience sparked a conversation about the regulatory reach of banks, where customers expect to have control over their own money.

In light of Tim's situation, A Westpac spokesperson responded to the incident.

'Stopping scams is one of our biggest priorities, and we are continuing to invest significantly in scam prevention measures. This can include holding payments and asking questions,' the Westpac spokesperson shared.

'While this may require some customers to go through extra steps, it can help to stop devastating losses for those who may be impacted by a scam.'

'We know investment scams continue to drive the largest losses when it comes to scams, and many cases involve customers sending money to crypto exchanges, so we take extra precautions to help keep customers' money safe,' the spokesperson concluded.

While the intention to safeguard customers from scams is commendable, Tim's case raised questions about the balance between security and customer autonomy.

Key Takeaways

• A Westpac shared his frustration after the bank froze his account and blocked a $50,000 transfer for a cryptocurrency investment.
• The customer talked about his ordeal on air with Ben Fordham and revealed his tense conversation with a 'rude and obstructive' Westpac staff member.
• The customer's online access got blocked, leaving him without access to his money and the ability to carry out transactions.
• A Westpac spokesperson stated that these measures were for preventing scams and protecting customer funds, even if they involved extra steps for customers.

Have you ever faced similar challenges with your bank when trying to manage your funds? How did you deal with it? Share your stories and experiences in the comments below.

 

[Millycat]

We were scammed last July, it was the most dreadful feeling, having no control and worrying the whole weekend due to not being able to do much about it.
Our bank was great, the security to go through, kept me on the phone for long a long period, so many questions to answer and instructions in sending every bit of information in what happened, to them.

I questioned everything, spent a lot of time sending emails, changing every password on every iPad, mobile phones etc. checking the bank accounts that no money had moved, over and over and then still being worried sick that I hadn’t done enough.
We were very fortunate that I reacted fairly quickly when I realised that , no it was not Apple that rang me, but the bastards that do this for a living, even when I hung up, they were ringing me back.

So sorry, but if this bloke had lost his money, we would be reading a different story and he would be bagging the banks for not having extra security or contacting him in relation to a large amount of money missing.
Can’t have it both ways and for that amount of money, should have gone to the bank in person with his documentation.

 

[Greg350]

If it was a scam and the Bank didn't say anything the Bank would have been the bad guys for not stopping the transaction. They can't win.

There are so many Bitcoin scams going around, the Bank was trying to the right thing by their customer. And of course we only hear one side of this story.

 

[Towing]

12 1/2 years ago I had a different incident with my bank. For strange reason when I tried to pay $70.00 for
perishable food my cards from 2 bank accounts rejected saying that I had insufficient funds. Fortunately I was able to borrow money from a friend. One account had a large amount in it by normal standards I was saving for something special. I had to go to the bank and get them to check their records to withdraw the money. I had a total of 3 meetings with them. They never could tell me why the problem occurred. I also pay a lot of regular accounts by Direct Debit out of my Bank Account. I found out that my Electricity, Gas, Phone and Internet Accounts had not been paid. Prior to that (50 years) I had never had an overdue account.

 

[Annna]

Damned if you do and damned if you don't.

The bank here was doing it's job protecting a customer's funds.

Bitcoin investment has been the subject of many scam stories. If such bank processes weren't in place, then many customers could become losers.

If the investment scheme was a scam, the story would likely read:

'Inactive Bank Takes no Action while Battler Father of 5 loses Life Savings!'

 

[Zemo]

He recorded the phone conversation. Is that legal if you don't tell the other party that you are recording?
And why did he specifically have to "invest" $50,000? Couldn't a smaller amount do the same job? Was he instructed to "invest" that amount only?
Sounds a bit like he was directed to a scam site to me.
I wouldn't touch any of the Bitcoin schemes with a 40-foot individual of Middle European descent.

 

[Macarj]

But why was the bank employee so rude I would also record him

 

[Lunagazer]

Buy some precious metals. Seriously!
Keep an amount at home & tell no one you have it. This action will do several things:
1. It’s a true store of value. It does not lose its worth & can in fact increase its worth.
2. It’s REAL money, & has been for Millennia. Both gold & silver are exchangeable for goods & services everywhere.
3. It’s a hedge against the global trend of governments to want to rule absolutely & remove our rights generally. The evidence is this tale we just read.
I listened to a disturbing proposal by the EU yesterday, concerning the 1.12 trillion euros that are in European banks as people’s savings. It was proposed that the savings could be TAKEN to bolster the military spending for protection of the people & that it could be easily justified based on their future safety.
If you have some Silver & gold at home…. Then you’re ok!

 

[gbaerken]

If it was a scam and the Bank didn't say anything the Bank would have been the bad guys for not stopping the transaction. They can't win.

There are so many Bitcoin scams going around, the Bank was trying to the right thing by their customer. And of course we only hear one side of this story.

Hang on, the Bank may have been right in intially blocking it and then asking what is what for, but in the long run it's his money and if they tried and he insisted then so be it. If he was scammed then it was his fault no one elses. Banks take too many liberties these day as if it were their money. I recently went to the bank and withdrew $1500, the cashier asked what it was for and I told her that I don't think that's any of her concern and said honor the request please. If she hadn't I would have closed the account and gone elsewhere.

 

[FrankS]

If he was stupid enough to want to invest in some bitcoin scam(?) he deserves all he got ! Some people are just too stupid to be let out without a responsible adult .

 

[Veggiepatch]

Buy some precious metals. Seriously!
Keep an amount at home & tell no one you have it. This action will do several things:
1. It’s a true store of value. It does not lose its worth & can in fact increase its worth.
2. It’s REAL money, & has been for Millennia. Both gold & silver are exchangeable for goods & services everywhere.
3. It’s a hedge against the global trend of governments to want to rule absolutely & remove our rights generally. The evidence is this tale we just read.
I listened to a disturbing proposal by the EU yesterday, concerning the 1.12 trillion euros that are in European banks as people’s savings. It was proposed that the savings could be TAKEN to bolster the military spending for protection of the people & that it could be easily justified based on their future safety.
If you have some Silver & gold at home…. Then you’re ok!

How do you buy a loaf of bread with a 100 gram ingot of silver?

 

[Lesley Colclough]

It’s always the same answer you get from the bank, we are looking after your best interest, but they don’t care if you can’t pay your bills or anything else. They just lock your account and hold your money from you. I had the same problem with them as well.

 

[mylittletibbies]

But why was the bank employee so would also record him

Maybe he wasn't some people take offence over nothing.
Sounds to me that this person was just trying to safeguard his money
I wonder if this person is actually exaggerating this story.
He obviously went to the bank later to close his a account
Did the bitcoin actually go up or is he inflating his story because he was pissed off about not being able to access his money.
If he had been scammed he would be the first one blaming the banks.

 

[cblayney]

If he lost the money he would be saying he was scammed and carrying on that Westpac should reimburse him.
He didn't get the money so Westpac are a pack of ars#$%%es.
They are a bank and will always be the bad guys

 

[Kelpie]

We were scammed last July, it was the most dreadful feeling, having no control and worrying the whole weekend due to not being able to do much about it.
Our bank was great, the security to go through, kept me on the phone for long a long period, so many questions to answer and instructions in sending every bit of information in what happened, to them.

I questioned everything, spent a lot of time sending emails, changing every password on every iPad, mobile phones etc. checking the bank accounts that no money had moved, over and over and then still being worried sick that I hadn’t done enough.
We were very fortunate that I reacted fairly quickly when I realised that , no it was not Apple that rang me, but the bastards that do this for a living, even when I hung up, they were ringing me back.

So sorry, but if this bloke had lost his money, we would be reading a different story and he would be bagging the banks for not having extra security or contacting him in relation to a large amount of money missing.
Can’t have it both ways and for that amount of money, should have gone to the bank in person with his documentation.

Wrong, this time wasn't someone transferring money form the Customer's account to another account. IT WAS THE CUSTOMER HIMSELF that was doing the transfer and it was the Customer who spoke to the banker at at the Fraud squad department at the time confirming the transfer and it was the Bank's duty to follow through the customer's instruction.
In case you don't know it, the Banks is making money by withholding the customers money by simply investing their money in the short money market and they wouldn't want to loose those interests do they.?
At the same time they push you into using credit cards so that they can charge you a little more and then the customer gets charged a fee again by some retailers while the Banks are still making money out of the poor customers money.
SHAME ON THEM AND SHAME ON OUR POLITICIANS FOR LACKING THE BALLS TO HOLD THEM TO ACCOUNT OR STANDING UP TO THEM.

 

[Millycat]

But why was the bank employee so rude I would also record him

Maybe the customer was becoming annoyed, there is always 2 sides to a story.
Many faceless people on the phone or social media, can become keyboard warriors, this itself is why it seems so many angry or negative comments are directed at many people.

 

[Zemo]

Maybe he wasn't some people take offence over nothing.
Sounds to me that this person was just trying to safeguard his money
I wonder if this person is actually exaggerating this story.
He obviously went to the bank later to close his a account
Did the bitcoin actually go up or is he inflating his story because he was pissed off about not being able to access his money.
If he had been scammed he would be the first one blaming the banks.

"Safeguard"? With Bitcoin? Think about it. It's gone up and down more times than Mickey Rooney.
According to the wonderfulworldwideweb, one bitcoin is worth 131 thousand bucks Australian today. You'd need a big, big pocket to cart the change from your usual $120-odd Woolies purchase around -- that's if they took the Bitcoin you proffered in the first place.

 

[maxesmum]

I understand why the bank initially blocked him but when he came in,identified himself and told them exactly what he wanted,that should have been an end to it. They would have been covered if it turned out to be a scam. He’d had fair warning. They should have released his money.

 

[BeverlyT]

I have had a similar experience with NAB. I wanted to send my friend AUD20000.00 for him visit me here. They decided that it was a scam and refused to release my money, even though I did not feel that it was a scam and if I was wrong then. I was prepared to forfeit the money.
He is still not here after 10 months and it has cost us nearly 200,00.00, much heart ache and been very detrimental to our health.
In the process I have lost everything.
In the end it is your money and you should be able to do what you want with it. If you are prepared to take the risk. I can understand that some people mright not recognise a scam, but if you absolve the bank of reliability then it is your decision

 

[gordon1940]

He recorded the phone conversation. Is that legal if you don't tell the other party that you are recording?
And why did he specifically have to "invest" $50,000? Couldn't a smaller amount do the same job? Was he instructed to "invest" that amount only?
Sounds a bit like he was directed to a scam site to me.
I wouldn't touch any of the Bitcoin schemes with a 40-foot individual of Middle European descent.

Bitcoin has NO Asset backing. It is the biggest Pyramid Scheme ever envisaged. Stay away.