Westpac Customer Slams Bank for Blocking Withdrawal

• A Westpac client reported that the bank declined to permit the transfer.
• READ MORE: Alleged heartless con artists reportedly deceive grandma into losing $130,000

A furious Westpac client asserts that the bank locked his accounts and prevented a transaction when he attempted to utilize his savings for investing in cryptocurrency.

Radio host Ben Fordham chatted with 'Tim' during the Breakfast Show on 2GB on Wednesday morning.

Tim informed Fordham that he had put $80,000 into Westpac As he intended to utilize the funds for purchasing Bitcoin .

He believed he had moved $50,000 to CoinSpot —Australia’s leading cryptocurrency trading site—and intended to evaluate the market over the weekend with plans to decide his investment strategy come Monday.

Nevertheless, Tim got a text message from Westpac notifying him that the transfer had been halted.

Westpac suggested that Tim should reach out to their risk management team, who were 'investigating' the issue.

After attempting it three times, Tim waited for approximately an hour before speaking with a team member whom he characterized as a 'rude and obstructionist individual'.

The irritated client documented their telephone exchange, asserting that the employee seemed unwilling to approve the transfer.

A representative from Westpac informed Tim that upon becoming a client, he had consented to adhere to the bank’s terms and conditions.

"You handle the finances; you have my funds. I demand that you return my money," Tim insisted.

The staff member replied: We won’t be able to process this payment unless you are open and truthful with us.

Tim encouraged the staff member to pose the necessary questions since he had five kids at home in the living room awaiting for him to conclude the conversation and start cooking dinner.

A representative from Westpac stated: I'm eager to move on to my subsequent questions, yet I remain deeply worried that you're unable to provide a straightforward response.

'The thing is, you continually return to the idea of investing in Bitcoin; however, everything hinges on how things play out over the weekend.'

"I'm heading out to purchase some Bitcoin. What's next?" Tim interrupted.

Unsatisfied with the reply, the staff member responded: "Now you’re simply providing this answer just for the sake of answering."

'I am really making an effort to assist you to the best of my abilities.'

'It seems to me that up until now, you've been cautiously avoiding direct responses and just telling me what you believe I want to hear to expedite this process.'

Tim reiterated that he intended to invest in Bitcoin on Monday, however, he was awaiting to check if the price surged over the weekend. If that happened, he would move the funds back to Westpac.

He acknowledged that it was a 'grey answer,' however, he expressed his intention to invest in cryptocurrencies, requesting that the staff member document this in their notes.

'Up until now, what you've told me doesn’t really add up,' stated the Westpac employee.

Tim informed Fordham that he believed the staff member did not intend to permit the transfer or allow him to utilize his own funds freely.

After their telephone discussion, Tim asserted that Westpac locked his account and prevented his online access, which left him without funds for nearly seven days.

"I was unable to maneuver it or view other statements or even pay my bills," Tim explained.

I subsequently dedicated two hours at the local Westpac branch, where the courteous staff member listened to the recording I played for them, and they were quite astonished.

'In the end, I recovered my funds and transferred them to another bank where I have had a more positive experience.'

Tim mentioned that the Bitcoin he intended to invest in actually appreciated in value, which resulted in him losing thousands of dollars because Westpac declined to process his transaction.

He mentioned that his experience also underscored the excessive regulation imposed by banks, especially in Australia.

A representative from Westpac informed Daily Mail Australia that this procedure was designed to stop frauds, including instances where individuals are directed by others to initiate payments and investments.

"One of our primary focuses is combating scams, and we are continuously investing heavily in measures to prevent them. These efforts may involve halting transactions and requesting additional information," stated the Westpac representative.

Although this might necessitate additional efforts from certain customers, it could prevent significant damages for those potentially affected by fraud.

We recognize that investment scams remain the primary cause of significant financial losses in such fraudulent activities, with numerous instances involving individuals transferring funds to cryptocurrency exchanges. Therefore, we implement additional safeguards to protect our customers' assets.