Cashless society

[divs4ever]

We are sharing similar stories here, so:
Can anyone recommend any Australian bank which DOES NOT do these bull****

well i use Heritage , but then i don't take out large amounts of cash ( since i bought this farm )

MQG proved to be a bunch of A-holes , but i knew that before i bought their shares in 2011 ( extremely glad i don't bank there or use their trading platform in hindsight )

 

[farmerge]

Now they make people feel like criminals for having cash. While the real criminals use the cashless system.

https://www.news.com.au/finance/business/banking/disgusting-commbank-threatens-to-close-account-unless-customer-explains-why-he-has-cash-at-home/news-story/5bc4c4c06a4908d51c297f845b68a109?amp

Just perhaps te CBA has hit on the wrong person here. Not just a minnow is LC and no doubt has a bit more clout to take on CBA than the guy in the street!!!!

 

[Craton]

Now they make people feel like criminals for having cash. While the real criminals use the cashless system.

https://www.news.com.au/finance/business/banking/disgusting-commbank-threatens-to-close-account-unless-customer-explains-why-he-has-cash-at-home/news-story/5bc4c4c06a4908d51c297f845b68a109?amp

Talk about not doing due diligence before the harrassment.

I'm assuming it's our federal govt. getting tough on the crims via Austrac without, as per normal, thinking this through just a tad more. You know, so innocent "targets" aren't targeted and given the nth degree without just cause.

Good on you Louis Christopher for posting and making this public.

 

[Garpal Gumnut]

Not me. My bank gave me the third degree when depositing a measly $8000 into my business account. they wanted to see my drivers licence, and asked why I was banking cash.

I'm starting to think that I'd be better off with a safe and not worry about the bank. No earned interest, but I could start paying all my bills with cash. I have a few retired customers that do that, they take all their pension out and pay all their bills with cash.

gg

 

[wayneL]

Yay, cashless!

Monday I made a very legitimate purchase at a very legitimate Auto electrical business on my card.

Tuesday, needing fuel and a dodgy service station pie to stave off fainting from hunger, my card was declined. Tried to phone the bank and their card service facility was down.

Fortunately I always carry cash and took till this morning to get it sorted, apparently because I bought a battery, it was flagged as a potential fraud. WTF?

Can you imagine if I didn't have cash?

Getting a bit sick of all this crap.

 

[Dona Ferentes]

Yay, cashless!...

Fortunately I always carry cash and took till this morning to get it sorted, apparently because I bought a battery, it was flagged as a potential fraud. WTF?

Can you imagine if I didn't have cash?

Now I'm reverting more and more to cash, especially when the 'merchant fee' addition is disclosed, the monthly statement total is reducing, sometimes to sub $1000.

Will the algo get distressed when I need to do some purchase other than core ones - being supermarket, grog, petrol, the few monthly DDs?

 

[Garpal Gumnut]

Indeed, I had to get a part from Nissan for a beloved old motor and it cost $3000 or thereabouts.

$30 or so gone down the drain, I wasn't thinking when I paid with Visa.

gg

 

[farmerge]

Similar story this morning.
Our synergy bill was due to be direct debited on May 30, because of the Govt subsidies recently received, no bill to pay.
Our original bank trading account has ceased to exist and there-inlays a problem that I had forgotten about.
The direct debit couldn't happen, so after an hour on the phone setting up the new direct debit I asked can this current bill be paid from this account now.
NO it has to be a credit/debit card payment because it is overdue.
Fair enough, but why can't I just pay from the new trading account? because it has to be by card.
0.77 per cent on top. Not that the amount is much.

 

[farmerge]

After that latest hic-cup I will now have to go through and check that who we pay by direct debit will not be coming back to bite me on the ar*se

 

[divs4ever]

After that latest hic-cup I will now have to go through and check that who we pay by direct debit will not be coming back to bite me on the ar*se

i have ALWAYS avoided direct debit , the hassles i have seen others have ( when the debits don't stop , don't pay on time etc etc etc )

convenient and easy .. not once you have to ring customer support

extra hint ALWAYS be near a working phone charger when ringing customer support

 

[Garpal Gumnut]

Does anyone know that should one decide to go cash purely and just stay in cash how much one can withdraw each day, week or month before the finance nazis and authorities come after one. Or the banks report you. Not that I'd ever do that.

So could one take out $1000 or $10,000 in cash every day or every week or every month for example.

Asking for a friend.

gg

 

[Dona Ferentes]

Does anyone know that should one decide to go cash purely and just stay in cash how much one can withdraw each day, week or month before the finance nazis and authorities come after one. Or the banks report you. Not that I'd ever do that.

So could one take out $1000 or $10,000 in cash every day or every week or every month for example.

Asking for a friend.

gg

I think the machines have a $800 a day limit. ... but that info is a few years old, and for my bank

 

[Garpal Gumnut]

Thanks @Dona Ferentes . I'm doing a duckduck on it and found this from 2011. Seemingly AUSTRAC need to be notified of withdrawls of $10,000 or more. I can understand why because of drug crime, people being scammed and being gamblers. I'll keep on searching.

https://www.hsbc.com.au/content/dam/hsbc/au/docs/pdf/aba-fact-sheet.pdf

gg

 

[Garpal Gumnut]

After wading through some gumph on Commbank recognising the traditional owners of land I found this ...

https://www.commbank.com.au/support.cards.keycard-withdrawal-limits.html

gg

 

[Dona Ferentes]

Thanks @Dona Ferentes . I'm doing a duckduck on it and found this from 2011. Seemingly AUSTRAC need to be notified of withdrawls of $10,000 or more. I can understand why because of drug crime, people being scammed and being gamblers.

they know about the gold. We do.

 

[Bellcose]

Indeed, I had to get a part from Nissan for a beloved old motor and it cost $3000 or thereabouts.

$30 or so gone down the drain, I wasn't thinking when I paid with Visa.

gg

Sometimes it can be avoided. I have a debit card which is Visa. It can be used as contactless and that can involve the surcharge. However, if I physically use the card and select EFTPOS savings rather than credit, there is no surcharge. Used it this morning and avoided the 1.4% additional cost.

 

[Bellcose]

Seemingly AUSTRAC need to be notified of withdrawls of $10,000 or more. I can understand why because of drug crime, people being scammed and being gamblers. I'll keep on searching.

Yeah. There is also the "Know Your Customer" requirement which has been placed on financial organisations. I believe it is the cause of a number of customers receiving what is viewed as intrusive questions.

"You must check a customer’s identity by collecting and verifying information before providing any designated services to them. You must identify both individual customers (people) and non-individual customers (such as companies, associations or trusts).
After checking a customer’s identity you must be satisfied that:

• an individual customer is who they claim to be
• a customer who is not an individual is a real entity (a business or organisation that actually exists) and you know the details of its beneficial owners.

KYC and being familiar with your customers’ typical financial transactions makes you aware of any unusual or suspicious activity and reduces the risk of your business or organisation being exploited for money laundering or terrorism financing purposes."

https://www.austrac.gov.au/business/core-guidance/customer-identification-and-verification/customer-identification-know-your-customer-kyc

 

[farmerge]

i have ALWAYS avoided direct debit , the hassles i have seen others have ( when the debits don't stop , don't pay on time etc etc etc )

convenient and easy .. not once you have to ring customer support

extra hint ALWAYS be near a working phone charger when ringing customer support

We never had an issue with direct debit. Its only because our original bank was bought out by CBA. This when the hic-up has occurred.
CBA may have two hands but not sure if they are both left or both right, definitely neither a left or right.

 

[divs4ever]

Does anyone know that should one decide to go cash purely and just stay in cash how much one can withdraw each day, week or month before the finance nazis and authorities come after one. Or the banks report you. Not that I'd ever do that.

So could one take out $1000 or $10,000 in cash every day or every week or every month for example.

Asking for a friend.

gg

on a regular basis ?

hmmm ( say daily ) depending on your bank even $1000 might earns some questions

$10,000 automatically gets flagged ( even a 'one-off' ) and most banks these days want advance warning on $10,000 cash withdrawals , so some arrangement with your bank would probably be needed even if doing $10,000 weekly

( not impossible but they do love their fee charges for electronic transactions )

seems they worry about drug trafficking , but not about corruption of officials

 

[farmerge]

on a regular basis ?

hmmm ( say daily ) depending on your bank even $1000 might earns some questions

$10,000 automatically gets flagged ( even a 'one-off' ) and most banks these days want advance warning on $10,000 cash withdrawals , so some arrangement with your bank would probably be needed even if doing $10,000 weekly

( not impossible but they do love their fee charges for electronic transactions )

seems they worry about drug trafficking , but not about corruption of officials

Not too sure but once 10k is mentioned as a withdrawal the bells will start ringing.
We have withdrawn smaller amounts but not on a regular basis with no questions asked.