Don't bank on your savings being safe

<em>Illustration: Simon Letch</em>

Remember the Cyprus banking crisis in March when their cash-strapped government appropriated money from bank savings accounts? ''Thank goodness it can't happen here,'' we smugly told ourselves. But it can, and it has.

Last December, the federal government rushed legislation through Parliament that meant banks had to transfer depositors' money to the Australian Securities and Investments Commission from any accounts that were deemed ''inactive'' for three years, down from seven years previously.

Our own cash-strapped government expected to raise $109 million from these accounts in this financial year.

When I read about a Queensland pensioner who'd had $22,000 taken from his savings I thought I'd better check the account my superannuation fund has had since 2009 with BankWest in Perth.

This account was a Business TeleNet Saver account - an online savings account that earned a small but useful rate of interest while the funds stayed safely tucked away. Or so I thought.

When I logged in to check the balance, the account had disappeared and there was no sign of the $2200 I had deposited.

I rang the bank and was told my account had been inactive for three years and the money had been duly transferred to ASIC. Oh, and it would take up to six weeks to get it back.

I wonder about their definition of ''inactive''. It's an online account, right? So I log into the bank's website and check the balance at least once a year to prepare my fund's tax return. My last login was August 5, 2012. Why hadn't BankWest contacted me before lifting the money? ''We sent a letter to you and got no response.'' When I queried the address it turned out to be one that I'd asked to be changed in November 2010.

The bank also had my email and mobile number but somehow just couldn't manage to contact me.

At least the bank could send me the forms to file for a return of my funds. Fantastic! Three weeks after completing them I'm still waiting.

Opposition Leader Tony Abbott has said a Coalition government would move to overturn the law that has turned banks into robbers. This is one promise he can keep without getting anyone offside.

Sydney Morning Herald

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Comment by Danielle on June 23, 2013 at 9:07

Thnks for this comprehensive overview Rob.

......and introduce a world electronic currency with the "mark of the beast" in the forehead or right hand for all buying and selling prophesied in Revelation 13:16-18,....we were warned two thousand years ago, this is exactly what I believe will happen. The spider's web, as you put it, is almost complete. Recessions/depressions have always been manmade/manipulated. The aim is world control.

Comment by Rob C on June 23, 2013 at 8:39
Re your comment. Momentous times I know, and its difficult to know what to do, but in your friends case, she really needs to apply herself and be persistent and get that large dollop of money out of the bank as soon as she can into a nice freehold house. Even if house prices were to fall dramatically in a crisis, which they will, you still have a home, rather than leaving the lot in the bank for the dirty  hyenas to consume!
She has time on her side now, but it may not last much longer. A couple of days ago on the announcement that the Fed will not be continuing money printing and bond issues at the previous rate, the global financial markets have been going into a spin at present, including last night. They will probably settle down next week, but you never know!!!!
Also, my email to everyone below was only just a very short summary of the Act to try and wake people up. The fact is, if you read the entire document (most won't)  it is simply horrendous. For example, there are onerous requirements in it for companies, small traders and people with trusts. Most of the 'middle class' and more wealthy people here in New Zealand and Australia have a trust of some sort, and my word, are they going to be in for a shock! Its the old story, if you don't read you remain ignorant! You can guide a horse to the trough but you can't make him drink! I'm doing my best to try and save people from themselves.
 If you want a better insight into just what the main big banks right now here in N.Z. are secretly planning before the Act's introduction next weekend on June 30, 2013, just take a few minutes to read what Westpac Bank here (controlled not by its Australian parent, but by foreigners, JPMorgan, HSBC, CEDE & Co, Rothschilds/Rockefellers etc) for example, is planning: 
If you read this CAREFULLY, you will see that they HAVE NO OBLIGATION TO ALLOW YOU TO WITHDRAW YOUR MONEY if they feel you are breaking the law, have not fulfilled the security I.D. requirements satisfactorally, filled in the forms properly, or are just simply a suspected money launderer or are a suspected terrorist! Note that soon you will probably need an IRD #, photo-driver's licence or passport even to deposit or withdraw funds in trust accounts, make an overseas fund transfer over $1000 or even withdraw relatively small amounts of cash. Note also this will catch out all those who have "false bank accounts" under various personal or corporate names and benificiaries who are working for cash, small business operators who are depositing "cash" payments into child savings accounts and the like which is widespread. This Act is draconian and is going to change society completely. No longer will you be able to pay your plumber with cash to avoid VAT/GST! When cash soon goes, so does our freedom. Simple as that! And of course, that's the real reason they are doing what they're doing - dictatorial CONTROL!
And finally, do not criticize the bank teller's hair do or upset her - she may not give you your money - legally!
Have a nice weekend house-hunting.

and in New Zealand's case, through the "Implementation of the new Anti-Money Laundering and Countering Financing of Terrorism Act 2009," as soon as 30 June 2013.
On 30 April, 2013, the Reserve Bank of New Zealand closed submissions from financial institutions to prepare for the Bank's proposed Open Bank Resolution (OBR) Pre-positioning Requirements Policy to haircut (steal) all or some of the bank savings account depositors money during a major financial crisis to recapitalize the banks.  When the proposals were first put on the bank's website, I wrote a previous article about it, and subsequently it has been publicized or quoted from by others all around the world. Following this, one would have thought there would have been a widespread public outcry, but no. Because of simple ignorance, indifference and general apathy, relatively few people still know about it. So the bankers just plod on and on with their nefarious plans as if there is simply no opposition.
Now the next and last draconian policy step on their hit list before they fully abolish cheques and cash, and introduce a world electronic currency with the "mark of the beast" in the forehead or right hand for all buying and selling prophesied in Revelation 13:16-18, are the OECD international bankers' fascist/communist  "Anti-Money Laundering and Countering Financing of Terrorism" laws in each country. Based in Paris, the OEECD was formed in 1948 by Anglo/American bankers as the OEEC to help administer the Marshall Plan to rebuild and takeover the banking system of Europe. In 1961 it was reformed, and renamed the Organisation for European Co-operation and Development (OECD) to focus on controlling the finances of the whole world. Most of the more prosperous western countries are members.
Underneath the OECD, and based in the same building headquarters in Paris, is a powerful intergovernmental organization founded in 1989 by the G7 and international bankers called the Financial Action Task Force on Money  Laundering (FATF).  Most western countries, regional economic groups, the IMF and World Bank are members or associate members. This is where all the draconian global  " Anti-Money Laundering and Countering of Financial Terrorism" laws originate from. This includes the United States Bank Secrecy Act otherwise known as the Currency and Foreign Transactions Reporting Act now linked to provisions in title III of the USA PATRIOT ACT
In turn, the Financial Action Task Force on Money Laundering (FATF) and the OECD are partners of the communist United Nations Global Compact, which is the central coordinating agency of the six biggest UN agencies. In Syria at present, linked to the Anglo/American banks' plan to "colonize" all the independent Middle East countries to strengthen the flow of gas and oil, David Cameron and President Obama's aim is to remove the independent government of Syria by funding and arming its opponents (terrorists) to destabilize the legitimate government so that Anglo/American banks and companies can swoop into the country forging partnerships with Syrian private and public sector organizations under the UN GLOBAL COMPACT - and thereby "colonise" the country.
Identical provisions to the US Bank Secrecy Act (Currency and Foreign Transactions Reporting Act) were implemented into the Australian banking system through the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), which commenced on 12 December 2008. New  draconian obligations were added and introduced on 1 November 2011.
The equivalent act of the US Bank Secrecy Act and Australia's AML/CTF here in New Zealand is called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011.  Its more draconian regulations are to be introduced in a week's time!
  • The more "draconian" new Regulations of this Act are being introduced to New Zealand on 30 June 2013.  
  •  Now if you look at the Implementation of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 Regulations CONSULTATIVE DOCUMENT July 2012 on this pdf - you will see under sub-section 90.2.2 that they are cunningly planning to restrict cash withdrawals from banks to a maximum of $500 per week at some point. So what this will mean is that if you feel a banking crisis may be coming, long before it actually arrives, and beginning as early as 30 June 2013, the maximum amount of cash you will be able to withdraw from your friendly local bank may be no more than $500 per week!
  • This will then give the banks plenty of time to implement their "Open Bank Resolution Haircut" (theft) on part or all of bank savings depositor's life savings!
Already this has been happening in parts of USA. Back in March 20, 2013, BEFORE IT'S NEWS ran a great article explaining how it is being planned for in the United States. Google - "Bank Manager Verifies Cash Withdrawal Limits & Reduced Hours Coming To US Banks."
Then in Cyprus more recently cash withdrawals were limited to only 300 euros per day, and the crisis is still not over today but if anything it is getting worse!
Now these devious banking pirates have the blatant audacity to deceptively claim they are, in collusion with governments, having to implement these measures to "control money laundering and terrorism." What a joke! Most of these blood-sucking banks including the many of the 22 banks currently registered in New Zealand, are the biggest drug-dealing money laundering cartels in the world. Why not have a peek at   The Hong Kong and Shanghai Banking Corporation (HSBC) based in London and the biggest bank in the world, (registered with the Reserve Bank of New Zealand) was first established in China to launder all the opium/heroin drug  money for the British 'mafia' in exporting opium from India to China - and these devils, in collusion with our government have the cheek to tell us we need more regulations against depositors' banking freedom to "restrict terrorism!" What a joke.
Another huge British bank established around the same period as HSBC to launder opium drug money in China was The Chartered Bank of India, Australia and China established in London in 1851. In 1969 the bank merged with the Standard Bank of South Africa and changed its name to Standard Chartered Bank.Until recently, Standard Chartered Bank was responsible for laundering all of the opium and heroin drug money produced in Afghanistan that by the way, produces about 90 per cent of the entire global production - still! On 15 September 2012, Standard Chartered Bank transferred its operations in Afghanistan to Afghanistan International Bank (AIB).  In the 1870s, Emile Levita, a German Jew, was the director of the Chartered Bank of India, Australia and China, now Standard Chartered Bank. Who was he? The great-great grandfather of the current British Prime Minister, David Camero!!! Yes, that's right. That's why he's British Prime Minister stupid! Want to know more about these common fraudsters and racketeers? then take a peek at this one!
So the moral of this tragic story (and I must try and be polite for the ladies you understand) is that the real "money-launderers and terrorists" that most people naively will soon have to worry about are these international banking gentlemen themselves - not some nebulous hooded welfare beneficiary rushing around with a toy gun making P at home.
Now do you understand? From 30 June 2013, all New Zealand banks will legally be allowed to LIMIT ALL CASH BANK WITHDRAWALS TO $500 ONLY PER WEEK!!!!!! Do you know what this is soon going to mean for the "underground cash economy"? Yes I know,of course its global. But should we all be so quiet, accepting everything without so much as hardly a complaint? 
So how can we summarize what's happening? Let us just say that the spider's web is almost complete!
Amazing times I know.
Friendly depositors, naive Ladies and Gentlemen. You all have been warned.
Good night.
Comment by Danielle on June 23, 2013 at 7:44

PS.... I don't believe personally that in the longer term, stuffing the mattress will be a solution, or buying land. These characters don't want us having the power that comes with owning land. And money wise I believe they will have us all on digital money with cash gone. That way we are permanently on their grid; no under the table dealing or tax avoidance, and no account number, no buy.  No buy, no eat.  They've been planning it all too long to have missed that loophole. No comply, welcome to your new Fema accommodation. It's called Hobson's choice here.

Comment by Danielle on June 23, 2013 at 7:36

Hahaha ....these characters are so laughably obvious! 'De minimis' - note how they use mysterious words that folks don't understand. Invent new words even. I recall back in the 90s, the big 'restructuring' scam that got called elsewhere, 'structural readjustment'. Hoodwinking the people; like a game of musical chairs they put on big 'training days' - restructuring meant working smarter to the casual observer but really meant, when the music stops, there will be less jobs. Til the next restructure that is when there will be even less jobs. And less, and less ..... With banking, yes, it will be 'we're working on the problem' Friday, and 'oops we seem to have no money, sorry folks' on Monday.

Lying & stealing is what they do best.

Thanks for that info Alan; will be sending it out also

Comment by Alan Douglas MacRae on June 22, 2013 at 22:44

Reference from "Uncensored" magazine (Jonathan Eisen) post.  We are not immune from this skullduggery.  Partner Mischele (ex-banker and never wants to be part of the problem again !) used to work for ANZ Bank many moons ago finishing up with redundancy when banks became deregulated around 1992 and the Employment Contracts Act came in.


She has noticed the odd thing happening with this Bank.  They changed their computer system maybe a couple of months ago.  An agents authority she had for years with the bank "disappeared" recently -could be tied to the computer changeover and had to be re-established.  At the Pak n Save supermarket yesterday in Mill St, Hamilton there were signs attached to the petrol pumps apologising to ANZ customers that if they had less than $150 in their account the eftpos and gas would not work for them and that the bank was working at correcting the problem.  Does this leave you thinking....keep the minimum of $$ in all your accounts.  Time to "stuff in mattresses", buy land possibly.... all the "Social Creditor" (Democrats for Social Credit) party members know this stuff.



Comment by Danielle on June 22, 2013 at 21:06

Hmmm.... thanks for this Jodi. No surprizes I guess given Bill English has not ruled out any haircut options here.  Will need to warn the Aussie friends n rellies

Comment by Nym on June 22, 2013 at 19:30

What on earth. Good find, ppl. My daughter's old school banking account at the Commonwealth Bank was eaten in fees back in the 90s. Now her super has been dealt pretty much the same deal. Criminals is the right word.

Comment by rose on June 22, 2013 at 18:52

Nice thing to stumble upon. I feel for the pensioner that had their funds extracted also - bloody criminals.


Pensioner emerges from quintuple heart bypass surgery to find bank account emptied by Federal Government

Queensland pensioner emerged from heart surgery to find bank had emptied account and given it to Federal Government

This is quite a quote - A Treasury spokesman said the changes were made to reunite people with their lost money sooner.  Read the story at the Courier Mail.

A QUEENSLAND pensioner emerged from a quintuple heart bypass only to find his bank had emptied his account, handing more than $22,000 to the Federal Government.

Legislative changes rushed through Parliament late last year mean money can now be identified as "unclaimed" after an account has been inactive for more than three years, instead of seven years.

Banks have already begun searching for inactive accounts that fit the new definition and transferring the cash to the Australian Securities and Investments Commission, as required. ASIC then passes the money to the Commonwealth of Australia Consolidated Revenue Fund.

The Australian Bankers' Association has accused the Government of putting its "own financial circumstances" ahead of customers' needs, leaving them facing "months of delays trying to reclaim their own money".

ASIC says the money can be claimed "at any time by the rightful owner", but banks have pointed out the process can take as long as six weeks.

Toowong resident Adrian Duffy is now looking at a lengthy battle to have his savings restored.

The 75-year-old spent 21 days in hospital following quintuple heart bypass surgery and a second operation in April.

When he and his wife, 57-year-old Mary-Jane, went to check their Suncorp account, they discovered their balance had plummeted from $22,616 to zero. A note on the May 1 entry read: "Closing WDL Govt unclaimed monies."

Comment by Jodi on June 22, 2013 at 18:40

Author of Article above: Phil Keeffe

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