Is My Money Safe with Commbank?

Lxravisher on 04/08/2017 - 09:44

Hi fellow Ozi's

Not sure if there is another post discussing this but:

In lieu of the news of money laundering undertaken by criminals via the Commonwealth Bank.

I have become increasingly concerned about exactly how safe my money is held within the establishment.

It appears that over 54K breaches of money laundering have been identified with the total cost of fines purportedly exceeding a trillion dollars.

Not being well versed on the necessary laws that be, are there Government Statutes that protect our finances if these fines are obliged to be paid?
(Not of course barring any sort of leniency from the government)

Article: http://www.abc.net.au/news/2017-08-03/commonwealth-bank-latest-scandal-might-be-the-one-that-hurts/8772390

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Comments

  • Findo on 04/08/2017 - 09:49
    +8

    Aren't deposits guaranteed up to $250k by the government? I'm not worried about my deposits with the CBA, I'm worried about the share price - it might be a good time to top up my holdings, but it could be a falling knife.

    • ezzaf on 04/08/2017 - 10:43

      Yep: https://www.moneysmart.gov.au/managing-your-money/banking#gu…

      "The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. This means that this money is guaranteed if anything happens to the ADI."

      It's really that simple.

  • QW3RTY on 04/08/2017 - 09:51
    +1

    What exactly are you concerned about?

  • Associatedcypher67 @ Commonwealth Bank on 04/08/2017 - 09:52
    +3

    You really think the government will let Australia largest bank go bust, leaving millions of Australian bankrupt by imposing a trillion dollar fine, knowing full well they couldn't pay it even if they wanted too?

    • lnq on 04/08/2017 - 14:18

      No they can not, just need print more money to save the bank.

      • Associatedcypher67 @ Commonwealth Bank on 04/08/2017 - 14:37
        +1

        Considering no company in the world is worth 1 Trillion Dollar, they should just write the fine is infinity dollars

    • Baysew on 05/08/2017 - 10:32
      -1

      Let's hope the fine is a large one. It might tone down some of the arrogance of Australia's largest bank.

  • Lando on 04/08/2017 - 10:01
    +12

    The CEO will probably be sacked. Your minuscule amount of money is fine. Stop being a drama queen.

    Move to a foreign bank. This is 2017. Why are you still banking with the big 4 stooges in Australia's banking sector?

    • dogboy on 04/08/2017 - 11:10
      +2

      And the worst of the 4 at that…

    • jchowx on 04/08/2017 - 11:57

      What foreign banks do you bank with/recommend?

      • mick123 on 04/08/2017 - 13:02
        +20

        I'd go with United Bank of Nigeria.
        With their current promotion, deposit $100 and they will co-contibute with USD$8,000,000…

        Well at least that's what the email I got says

  • railspider on 04/08/2017 - 10:11
    +6

    Your money is safe with CommBank if you are a terrorist or a money launderer

  • CyberMurning on 04/08/2017 - 10:59
    +2

    your money is safe but not growing much.
    you better move them all to ubank ing and the rest that give better interest.
    see the other post above.
    avoid big 4 they just ripping customers off.

    • iDroid on 04/08/2017 - 11:17

      I agree as I'm a ubanker, but you do know that ubank is part of the "big 4". It's NAB.

  • Seraphin7 on 04/08/2017 - 11:20
    +1

    Yes. But if you are at all concerned, move to [insert other APRA regulated ADI here].

  • Euphemistic on 04/08/2017 - 11:41
    +4

    take it all out of the bank now or you'll never get it back.

    Then you have two options:
    Under the mattress (real value will decline due to inflation.
    Put it all on black - safe as houses.

    • railspider on 04/08/2017 - 12:15
      +8

      Could also invest it in an 80k car

    • jrt2020 on 04/08/2017 - 15:08
      -1

      enelops

  • Ocker on 04/08/2017 - 12:24
    -4

    I cannot believe that some people are so naive

    • xravisher on 06/08/2017 - 10:37

      It's easy to say that im naive, but I'm sure there are plenty of area's that you are "ignorant" or "naive" in yourself, intelligence is completely relative to each individual and I do not have the relevant knowledge in this area. Now I do :)

      I'm sure that it is also easy for you to say on your part that its common sense (and I don't deny for some that it might be), but in reality this thread has enlightened me through (OzBargainers) providing me links to the relevant government bodies and outlying the issue for me.

      OzB is not just a place for our fellow citizens to share great deals and bargains, but also a community where we help one another.

      The last thing we should want people to do is discourage them from asking questions (not that im saying you are) but inevitably it can lead to that.

  • srhardy on 05/08/2017 - 07:37
    +1

    your moneys safe. the gov agency are playing legal hardball but no way they will ever get $11,000 fine x 56,000 (every atm transaction)

    they have not proven the case, they have not got a determination, nor has a fine been set and argued if they were found guilty.

    reporting to the gov is bullshit anyway

    • kiitos on 05/08/2017 - 09:32

      reporting to the gov is bullshit anyway

      So the money laundering and potential terrorist financing is A-OK by you?

  • Aussie Smurfette on 05/08/2017 - 11:00
    +1

    Are you laundering money through the Commonwealth bank?

  • Zachary on 05/08/2017 - 14:58

    You can give it all to me if you don't trust the bank….

  • backpaqer on 06/08/2017 - 11:24

    I'd like to see an audit of every payment that has been reported to see how many terrorist connections can be made retrospectively.

  • tooblue on 06/08/2017 - 15:02

    NO! Money is never safe with any banks.

    If you record the serial number on the notes before deposit it to the bank. You will find the serial number is not the same when you withdraw it. That is NOT you money any more. To make it worse the banks always wash your money. I am not sure whether they use top-load or front-load, or what detergent they are using.

    I think that's why so many banks were caught laundering customers' money without their consent. To be honest if Mum washes my clothes without asking me I will be upset too.

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