'I want my money back': Aussie man shares distressing experience with this bank's customer service

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.


compressed-Westpac.jpeg
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.
 

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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.
It is illegal to record a conversation without the other person's consent. It really sounds like a scam to me, and there is no way I would even spend $1 to buy Bitcoin.1.
 
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Reactions: Wieso
In two minds,they didn’t handle it well on a personal level, but it sounds like they thought something was wrong. Don’t blame him moving
 
I am very thankful that Westpac keeps my money safe und stops scammers.
Many elderly people fall for scams - yea- like Bitcoin. And how often have we been told that people are expecting the bank to sort out things those coned customers got themselves into.
 
I had trouble with Suncorp bank Brisbane when I transferred my bank accounts Suncorp to Bendigo Bank they instructed me to fill out a form with identity- letter from Bendigo, who I was and which account the Super was to go into address etc which I did including drivers licence with number of licence including card number which is on the back of licence. I posted the documentation. They sent me an email 3-4 days later advising me the d/licence number was incorrect, sent them a photocopy of the licence and still came back as incorrect. They then requested further identification papers. A day went past and on the 2nd day my Super amount was in the Bendigo account. At this time I hadn't done the relevant papers, but all of a sudden the drivers was correct in the first place. Talk about frustration and trying to control your money.
 
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.
I would not invest in Bitcoin either. I have heard so much about the scams occurring in so-called Bitcoin schemes it just is not worth the trouble.
 
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Reactions: Kevin. A.
You can understand the bank was just trying to make sure their customer was being scammed. I comment Westpac Bank for their proactive approach trying to protect customers from being scammed. Bitcoin is a very volatile and liquid market and if you are not able to cope with the loss of your investment then don't put your money in any high-risk investment scheme. These schemes are high on talk but if the investment goes south, you are the one left empty handed. The bank staff were just trying to ensure this was not as scammer transferring a customer's money without their consent. Transferring $50,000 is a lot of money and it should raise alarm bell in the bank and ensure it is the customer making the transaction. I have heard of Bitcoin schemes where people have been lured into a false sense of security. Drawing down on money made in these investment schemes. The scammers entice the person to invest more and more money, sighting greater financial gains. The person watches their portfolio grow and grow then over night the account is no longer accessible, and the money is gone. Hard pill to swallow when all your hard-earned cash disappears before your eyes.
 
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l paid just over a $1000 through 'pay anyone' ANZ bank to a guy who had sprayed the front field to get rid of the weed Spanish Heath .He was not on my 'pay anyone' list but it came up as paid after l had added him. Then when l tried to access my bank they had blocked me. l rang the bank and and found out they had refused payment as they thought l was being conned. l spent over half an hour with a foreign woman going over and over that he had been recommended by the council only to be told l would have to go to the bank. lt would have just been the same if the bank had relocated to Hobart like NAB
 
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.
That is just about what I thought.
 
It is illegal to record a conversation without the other person's consent. It really sounds like a scam to me, and there is no way I would even spend $1 to buy Bitcoin.1.
Rotsa ruck with trying to "buy" a Bitcoin with a buck ...
 

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