Australian Bank Discourages Cash Use: Poker Player Crispin Rovere's Experience
Crispin Rovere, an Australian poker player and author, paints a discouraging picture of the future of banking. After a clash with Westpac bank, he states that financial institutions are beginning to label their customers as criminals and demonize the use of cash.
His critical view of Westpac's operational integrity stems from what Rovere describes as a preposterous action taken by the bank. He couldn't believe it could happen.
In a post shared on various social media platforms such as Twitter, he called out the bank for freezing his accounts without warning. When he tried to know the reason, the bank's fraud department failed to provide an acceptable explanation. Rovere worries that the "dictatorial" mindset might spread across the entire financial sector.
Standoff Between Westpac and Rovere
Rovere detailed that he deposited winnings from a poker game into his Westpac account, highlighting that the amount was minimal and far below the $10K limit set by financial regulators for monitoring suspicious transactions.
In a tweet, Rovere shared his experience with Westpac.
Update on @Westpac situation. This is the explanation the bank gave for seizing the accounts after a cash deposit!
Thanks for your support! Together, we'll get to the bottom of this.
Later, when he tried to pay a hotel bill with his bank card, it wouldn't work. He then checked his balance only to find that he could not access his online accounts.
This prompted a call to Westpac to inquire about the issue. He learned then that the bank's fraud department had frozen his accounts due to a "suspicious" deposit.
In order to unfreeze his accounts, the bank's representative demanded that Rovere provide proof of the source of the funds. When Rovere tried to obtain the representative's name or have the department document their request, the individual refused.
The only explanation the bank provided for freezing the account was because the deposit was made in a different state from where Rovere initially opened his account. Westpac appears to disapprove of its verified customers having the freedom to make deposits in any bank branch.
Rovere opted not to disclose the information Westpac requested, as the amount was "more than modest" and far below the suspicious transaction threshold. Rather than complying, he used social media to share Westpac's "revolting and outrageous" behavior with the public.
In his post, he pointed out that Westpac has placed itself as a judge, labeling its customers as guilty before they could prove their innocence. He said that the use of cash is now considered "shady" and may soon be "illegal."
Rovere cautioned, "Soon, even valuing the concept of personal privacy will be considered rebellious."
Not the Only One
Westpac was likely just trying to protect its assets, even if it didn't follow standard procedures. In 2020, AUSTRAC fined the bank AU$1.3 billion (US$872.17 million) for violating anti-money laundering laws, and it might still feel vulnerable.
Rovere's post led to a torrent of comments from others who experienced similar issues with Westpac. One person said she could not withdraw funds from a legal cryptocurrency exchange. Another accused the bank of theft.
Another response described a situation where the poster and his family tried to deposit change they had collected through the year. They were asked to show the source of the funds, and their business account was frozen. They didn't reveal the amount, but it was unlikely that it neared $10K.
A fourth post raised a significant question that could spell trouble for most governments: "Is this a push for electronic, controllable currency only?"
Happily, Rovere's accounts were unfrozen the same day, allowing him to return to normalcy.
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Source: www.casino.org
