​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

 

[Tygie]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

I got a update email from my bank today with all the new things coming in - talk about bamboozling! Most i don't do so it won't affect me, but my money is my money and i wish they would butt out and just do their job and keep it safe without restrictions.

I don't do crypto as it sounds shady as hell to me not to mention it is unregulated so it seems like the wild west of money kinda thing.

 

[MaccaMan]

Strangely they can react to this, but money laundering it took a Royal Commission to do, and still it goes on imo. Speaking of which, whatever happened to those prosecutions, not even a raid or charge resulted. What of the OS transactions to Tax Havens and dodgy OS Banks, which 4Corners reported on recently. As we know, the Financial Industry is a law unto itself.

As is the ABC... Mainstream Media reporting 'the narrative' and not what's necessarily the truth...

 

[Linwar]

As is the ABC... Mainstream Media reporting 'the narrative' and not what's necessarily the truth...

The most pathetic job is to work for the Government, they are all ripping the system off, all the pollies have overseas accounts and accounts in trust funds for their kids. Once they are voted out, they should be made to have a pension.....just like mine. They are not Gods and they dont make good decisions so why the $500,000 a year pension. As well as being able to work without loss of pension.

 

[Kelpie]

Cryptocurrency is not money, it is a digitalized form of betting but giving you the thought, it is investing. It's just the same as putting money in poker machine, buying a lottery tick or buying cryptocurrency, they are all forms of betting. They have no substance and in the long run if your crypto makes you lose more then you own you could be in for an awful shock.

Let's be clear here once again I do not trade in Cryptocurrency in any ways or form but, what you are failing to mention here, is that it is their money NOT THE BANK. And if they want to punt it, gamble it in Crypto or putting it into the pocker machines, it is their choice and the Bank should not stop it in any ways or form.
Are we getting or heading to the way and to the stage where that Bank will run our lives and dictating how we are going to spend what is ours.?? THINK ABOUT IT.
Can't you realise that the Banks are making money with your money and that they are petrified that you go and get it out. It wasn't so long ago that people went to withdraw their funds from a Bank in the USA and the Bank went bankrupt because they didn't have the cash to pay them back.

WHY DO YOU THINK THAT BANKS HAVE SET A LIMIT ON WHAT YOU ARE ALLOWED TO WITHDRAW.?

 

[Kelpie]

My husband got scammed a coupe of months ago as soon as he realised it he cancelled his account but there was 5000.00 pending in the account the fraud squad got involved. In the end everything got cleared up and he has cancelled all of his accounts, but the $5000.00 is still there and is still pending it states here in $8000.00 but can only use $3000 and the bank cannot help him the peope in the branch have no idea what to do

The people at the Branch are only following what they have been told from above. They are the puppets on a string pulled by the ones at the top. If it is his money and he owes nothing to the Bank he should be allowed to withdraw it.
Bank Managers don't like customers leaving their Bank because it reflects badly on them.
If he still finds problems tell him to get in touch with AFCA (Australian Financial Complaints Authority), and lodge a formal complaint.
Here is the link or better still ring them.

Make a Complaint

Make a Complaint

www.afca.org.au

 

[Kelpie]

The most pathetic job is to work for the Government, they are all ripping the system off, all the pollies have overseas accounts and accounts in trust funds for their kids. Once they are voted out, they should be made to have a pension.....just like mine. They are not Gods and they dont make good decisions so why the $500,000 a year pension. As well as being able to work without loss of pension.

They are the ones making the rules hence why they make the rules to suit themselves. You and I are there just to support what they want.
I belive that they should have a two years payout when they leave and that's it. No more noses in the throughs, private secretaries, flying around the World for ever and ever, and pay taxes like the rest of us.

 

[Luckyus]

After coming out of hospital, and being confronted with all these changes. I went through them with the bank and and have noe forgooten what they told me do, so will have to ring them tomorrow and hea in he backgrund it's my turn for the nutter (Bloody Eejit)/.

 

[Kelpie]

After coming out of hospital, and being confronted with all these changes. I went through them with the bank and and have noe forgooten what they told me do, so will have to ring them tomorrow and hea in he backgrund it's my turn for the nutter (Bloody Eejit)/.

Wish you good luck but, stand your ground.
I had an episode with my bank the other day where they keep on increasing the interests on one of my business loan. I have other money invested with them that more than cover my loan and they are charging me 4% more than what they are giving me for my money.
I rang the Manager and he wasn't available so I left an urgent message for him to ring me. I then told hm that it isn't fair that he is lenidng me my own money and making a huge profit on it and he said he can't do anything about it. I told him that the previous account manager never allowed that to happen to me but he said that was previosuly.
So, I told him see what you can do about it in the next few days and get back to me. If not, I will close all my accounts incluing the wife, and move my money and accounts to another Bank and I left it to that. He replied that he wouldn't like it for me to move to another Bank and that he would be sorry to see it happening and I replied that the ball is totally in his Court.
NOW I WILL WAIT.

 

[Ezzy]

Whether this is my money or the bank's when this isn't physically held by me is unimportant to me. They are trying to stop me making what they know to be a bad decision either immediately or in the foreseeable future. I won't dabble in crypto currency because l do not know enough & are worried about losing money.

The move to stop a transfer appears to be good. The Commonwealth will limit the amount to $10,000. That is o.k. to any investor who can afford to possibly lose all that money. Perhaps the Commonwealth should follow the other banks to avoid possible future backlash & embarrassment.

Investment is always gamble. Think before you leap. Investors think W.I.I.F.M. (What's In It For Me).

 

[Kelpie]

Whether this is my money or the bank's when this isn't physically held by me is unimportant to me. They are trying to stop me making what they know to be a bad decision either immediately or in the foreseeable future. I won't dabble in crypto currency because l do not know enough & are worried about losing money.

The move to stop a transfer appears to be good. The Commonwealth will limit the amount to $10,000. That is o.k. to any investor who can afford to possibly lose all that money. Perhaps the Commonwealth should follow the other banks to avoid possible future backlash & embarrassment.

Investment is always gamble. Think before you leap. Investors think W.I.I.F.M. (What's In It For Me).

Yep I agree that investments are always a gamble but, more times than not, those investments if used properly turned into a hell of a lot of money which you wouldn't be able to achieve if you were to leave your money in the bank. You don't win it everytime but the majority of time you will.
I can speak from experinece here hence why at my age I do not rely in centrelink or anyone to keep me going.
In closing I don't listen to anyone giving me advice on how to invest my money let alone financial advisers. I do it all myself and if I loose I only have myslef to blame, and when I win I congratulate mysef. I have been caught badly with my Superannuation Fund Manager and I will never ever do it again.
There are plenty of opportunities out there at all times, the only thing to do is to do a proper research, weighs in the pros and cons and make the final decision, or let it go.

 

[Kelpie]

Yep I agree that investments are always a gamble but, more times than not, those investments if used properly turned into a hell of a lot of money which you wouldn't be able to achieve if you were to leave your money in the bank. You don't win it everytime but the majority of time you will.
I can speak from experinece here hence why at my age I do not rely in centrelink or anyone to keep me going.
In closing I don't listen to anyone giving me advice on how to invest my money let alone financial advisers. I do it all myself and if I loose I only have myslef to blame, and when I win I congratulate mysef. I have been caught badly with my Superannuation Fund Manager and I will never ever do it again.
There are plenty of opportunities out there at all times, the only thing to do is to do a proper research, weighs in the pros and cons and make the final decision, or let it go.

Most importantly, don't invest in something that you don't know anything about it, nor ever listen to someone telling you in what to invest when all this perosn is after, is your money to make money for his/herself.
To those peopke whenI am asked, I always tell them "IF IT IS SO GOOD, WHY DON'T YOU INVEST ALL OF YOUR MONEY INTO IT AND KEEPING IT ALL FOR YOURSELF"? You can guess what they will do next.

 

[NotNats]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

I have never used things like "cryptocurrency" or anything like that and never will. Yes, I might be missing out but less chance of losing everything.

 

[mylittletibbies]

I have never used things like "cryptocurrency" or anything like that and never will. Yes, I might be missing out but less chance of losing everything.

I do believe, if it is your money, then it is your choice what you do with it
What gets on my goat is the myriad of people, seen on TV bleeting about the investments they have made that gave gone bad, expecting the government to pick up the pieces for them, eg Westfield's
If you take stupid risk because of greed, like our previous poster who expects to get 25% in this current market, then you must have rocks in your head. But it is his money to loose, just don't expect someone to bail you out later

 

[jophda]

The cex I use are all licenced in Australia.

Not even Bernie Maddox could promise a guaranteed 25% annual return .
I think you may end up getting an unpleasant surprise .
Be very careful with your greed emotions that we all have and which unscrupulous scammers always use to lure people in .

 

[kerrikennel]

If you are going to make the banks responsible for paying for your loss to scams, then the banks are going to cover themselves as much as possible so they aren't paying. No one in their right mind is going to pay millions for their customers mistakes without trying to protect themselves!!

 

[Trudi]

I agree we need more protection against scams. But who and what defines risky crypto exchanges? The banks are treating money like its their own. I recently changed banks after my main one stopped my transferring my money to a cex to invest and earn 25% apy capital guaranteed. I spoke with new bank, explained the sites I used and why, and they made notes stating no issues unless abnormal transaction. 25% is a lot better than 4.5%!

A quick Google search came up with this: https://cex.io/ It's a bitcoin and cryptocurrency exchange.

As an investor, this is not the type of investment that attracts me and the promise of a 25% return is expremely suspicious!

 

[mylittletibbies]

A quick Google search came up with this: https://cex.io/ It's a bitcoin and cryptocurrency exchange.

As an investor, this is not the type of investment that attracts me and the promise of a 25% return is expremely suspicious!

There are always greedy people and they get ducked in. These so called investments play on that greed.

 

[mylittletibbies]

There are always greedy people and they get ducked in. These so called investments play on that greed.

Whoops typo "sucked in"

 

[Trudi]

IMHO, It is of no use whatsoever in trying to protect the Banks here. They are the ones who are pushing us to the digital economy, not the Customers, and they have created this environment where the scammers can get all your details and scam you.
That has been pushed and created by the Banks themselves for the simple reason to increase profits and the bottom line of the Executives running the show with huge bonuses while investors get fleeced more and more.
If a person want to invest and even lose his money by investing in Crypto (BY THE WAY I DO NOT INVEST IN CRYPTO AT ALL), that is his choice and it is his money that he is going to lose or multiply, not the Bank.
You have come up with a very poor excuse in trying to support the Banks when they do no qualify for it in any ways or form.
It is very obvious to me that Banks are trying anything possible to stop customers money being removed and shifted elsewhere where it will be out of their control.
I REPEAT WHAT I SAID IN A PREVIOUS POST...........HOW DO BANKS MAKE MONEY IF NOT FROM THEIR CUSTOMERS DEPOSITS.?

You obviously have a gripe with banks. There is nothing stopping you to withdraw whatever you have in yur bank account/s and keep your money under your mattress!

 

[kathrync888]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

Westpac have advised me of this and one crypto co. Cancelled my account for security reasons and won't say anything else. So had to find another good company to deal with. But my bank makes me get security no each time be4 I send.