Macquarie Bank Force-Closed My Accounts Due to Crypto Sale

Schema on 02/02/2022 - 01:19

Hello All,

I've just woken up this morning to Macquarie Bank closing all 3 of my accounts including a joint account.
They've locked my account maybe 5 times over the last 3 months due to asking me more and more information about the source of funds, which i have given the same response every time, I had a bitcoin investment which yielded well, so I decided to sell - It was a substantial amount (7 figures)

"I am writing to you regarding the above accounts. Following a recent review, please be advised we will be closing the accounts effective 01/02/2022. To organise payment of the outstanding balance to another account, please complete and return the attached withdrawal form.

If there is any credit balance remaining on the account at this date then we will remit the balance to you by sending a bank cheque to your address, along with confirmation of your account closure.

If you require further information, please refer to Section 16 of the Macquarie transaction and savings accounts terms and conditions.

Yours sincerely

Client Services"

Has anyone else had their accounts closed due to selling crypto and receiving the funds into your account? - I'm hoping i don't have any more issues changing banks as the same funds will be going into yet another transaction account but with a different bank.

Sucks as now I have to fix up all my bills including rent to another account now, Does anyone have a recommendation of a crypto-friendly bank? Originally have been with Macquarie for 6+ years and went with them for the sale as I discussed it beforehand and they have investments in Bitcoin companies.

Thanks,
Schema

Financial

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Comments

  • screensaver on 02/02/2022 - 03:13
    +1

    have you read the t and c

    • Scrooge McDuck on 02/02/2022 - 23:16
      +3

      Terms and conditions:

      1. Do not be wealthy nor successful or we will suspect you of money laundering and financing terrorism.

      • markathome on 07/03/2022 - 15:54
        +1

        Hmm…those T&Cs are pretty iron clad.

        I take it you've also been burnt by them Scrooge? I mean your wealth is famous all over Ducktown.

        • Scrooge McDuck on 08/03/2022 - 04:13
          +1

          I can neither confirm nor deny that.

  • Hybroid on 02/02/2022 - 03:32
    +9

    • you breach, or we suspect you have breached, these terms and conditions

    • we know or reasonably suspect that your Account, Card, Card Details or PayID are being used for fraudulent or unlawful transactions

    • we reasonably believe that you are using your Account in a way that could damage the business operations or reputation of the Macquarie Group.

    https://www.macquarie.com.au/everyday-banking/transaction-sa…

    Seems most likely they see you as a business risk and don't want any part of it.

    The good news is you can now afford a financial advisor. Good luck.

  • garetz on 02/02/2022 - 03:55
    +6

    Banks are private entities that do what is in their best interests. If they don't want to have you as a customer for whatever reason they can do that.

    If they cannot adequately explain the source of the funds then they probably think its prudent to cut all ties.

    as soon as any bank starts to lock your account removing access to your funds you should of looked for a new bank asap.

  • rektrading on 02/02/2022 - 04:27

    The practice of be-banking bitcoin traders, CEX and other legitimate businesses are quite common and has been increasing all over the world. It's an unfair practice by gatekeepers and should be banned.

    Sex workers, adult shops and gun businesses say they are being denied banking services
    By business reporter Rhiana Whitson
    Posted Tue 12 Oct 2021 at 5:47 am Tuesday 12 Oct 2021 at 5:47 am, updated Wed 13 Oct 2021 at 4:08 pm
    https://www.abc.net.au/news/2021-10-12/debanking-sex-industr…

    https://www.austrac.gov.au/news-and-media/media-release/aust…

    https://www.aph.gov.au/Parliamentary_Business/Committees/Sen…

    The best thing for people that are affected by this is to complain to the regulatory body.
    http://www.afca.org.au/what-expect/current-complaints-with-f…

    People can also write to the minister in charge of the banks, federal senators and ministers to make them aware of how this practice is causing undue stress to people's businesses.

    I hope this helps.

    • RockyRaccoon on 02/02/2022 - 07:19
      +11

      It's an unfair practice by gatekeepers and should be banned

      ROFL.

      At the same time Banks are not providing services to old school energy companies, because of pressure to look green.

      What most dont realise is that all these "good intentions" can have a counterbalancing effect.

      Want freedom of expression, you can get nutters with crazy ideas

      Want to stop the nutters you also can stop new ideas.

      One mans terrorist is anothers freedom fighter.

      I hope this helps..

      • rektrading on 02/02/2022 - 07:41
        -1

        I've no idea what you're talking about but thanks for the reply.

  • rektrading on 02/02/2022 - 05:01
    +1

    Does anyone have a recommendation for a crypto-friendly bank?

    You should look into getting a CDC. You can Tx the coins directly to the platform and from there spend the coins without giving the legacy banks your business.

    Originally have been with Macquarie for 6+ years and went with them for the sale as I discussed it beforehand and they have investments in Bitcoin companies.

    The CBA has been gatekeeping users for years while they made plans to set up their own CEX.

    3 November 2021
    CBA to offer crypto services to customers
    CBA announces strategic partnerships with global crypto leaders Gemini and Chainalysis.
    https://www.commbank.com.au/articles/newsroom/2021/11/CBA-to…

  • capslock on 02/02/2022 - 07:27
    +4

    You will be fine going to another bank. They do not know you are a crypto trader unless there are articles about you on Google.

    Don't bother complaining about or fighting Macquarie. It will be a waste of time.

    • rektrading on 02/02/2022 - 07:54
      +1

      Making a formal complaint is not a waste of time.

      The best way to get legacy banks to change their de-banking practices is to put as many cases in front of senators and MP. They have the power to introduce and pass bills that can make de-banking less harmful to users.

      • capslock on 02/02/2022 - 08:47
        +1

        The only reason banks are closing accounts is because of government fines for money laundering.

        Your complaint should be directed at the government for imposing these fines.

        If the fines go away, banks will stop closing accounts.

  • AndyC1 on 02/02/2022 - 07:47
    +1

    Sounds like you may have triggered one of the following:
    a) money laundering alert (alert, is for an account where more than $10K comes from some stranger source etc)
    b) Too many alerts of transfers of more than $10K within X time period where the source account is on a bank black list.
    c) Bank has rules about crypto and you have been flagged for this and due to a) and/or b) in combination with this have then been auctioned for account closure.

    In the end change banks and move on as there is nothing you can do, apart from making official complaints to Mac and the Banking Ombudsmen. Have you done this?

  • Hardlyworkin on 02/02/2022 - 07:48
    +14

    You made 7 figures yet you turn to a bargain site for what to do?! Clearly you need to invest it in a high yield vehicle!

    • JIMB0 on 02/02/2022 - 08:46
      +19

      It's a humble brag flex post.

      • pharkurnell on 02/02/2022 - 10:21

        I thought I was the only one thinking this.

      • cashless on 02/02/2022 - 11:10
        +2

        Does anyone else find these "I'm a multi millionaire with a problem so I'll post on OzBargain just to wind people up" posts annoying?

        • rektrading on 02/02/2022 - 11:18
          -1

          You can find billionaires on YT making vids and Twitter posting memes.

          Multi millionaires posting on Ozb shows that they're living in the moment like everyone else.

    • cashless on 02/02/2022 - 11:22

      Maybe OP should upgrade their Isuzu?

      • brendanm on 02/02/2022 - 13:52
        +1

        Haha, you think that because someone has over $1m, they can't own an Isuzu?

  • Mokr on 02/02/2022 - 08:39

    Is it tied to a legimate exchange.

  • Settero on 02/02/2022 - 09:08

    I love how you state they have questioned the source of funds, are they coming from individuals? no bank is going to tolerate that risk especially from a personal account.

  • mbck on 02/02/2022 - 09:22

    That's weird I've been with Macquarie for 2 years. Sold a recent crypto (8 figures) and have no issues

    • tomleonhart on 02/02/2022 - 09:30
      +1

      Try 9 figures. Maybe they'll notice then :D

      • Donaldhump on 02/02/2022 - 10:03
        +3

        i have had my weekly pay of 10 figures put in every week for the last 79 years and they haven't cared.

        • vinnychase on 06/02/2022 - 23:39

          username checks out

  • capslock on 02/02/2022 - 09:31
    +5

    Waiting for someone to say they sold 9 figures worth of crypto.

  • JimB on 02/02/2022 - 09:57
    +4

    @capslock

    I sold some, 9 figures.

    I was worried when the Macquarie Private Bankers knocked on my door. They didn't close my account. They wanted me to take me to dinner

    • Richmond Tigers on 02/02/2022 - 11:01
      +1

      And still on ozbargain? You sir are a tightarse.

  • MrMarket on 02/02/2022 - 09:57

    money laundry alert, banks has been behind the curve ball but they been beefing up in this area of compliance lately
    if your source of funding can not be explained or your explanation isn't good enough you going to face the same issue with all banks

  • GG57 on 02/02/2022 - 10:00
    +1

    To me, it sounds likely that OP has not satisfactorily explained the source of funds to Macquarie (rather than them being anti-crypto).

    Moving to a new bank could easily result in the same outcome. I would arrange an face-to-face meeting, outline the likely transactions to/from crypto and get some assurance that they will accept these, before opening accounts.

    • rektrading on 02/02/2022 - 10:23
      +1

      Legacy banks will de-bank anyone that they see as a threat to their business.

      Banks accused of denying services to forex competitor Wise
      James Eyers Senior Reporter Jan 10, 2022 – 1.16pm

      The Australian country manager of Wise, Tristan Dakin, said it is one of many fintechs that “have been continually, blanket de-banked over the past decade” by large banks in Australia, as it competes with them in foreign exchange services.

      “Much of this has been masked with claims of anti-money laundering compliance, as opposed to AUSTRAC’s suggestion for case-by-case, risk-based assessments,” he said.

      Debanking is a trend of banks closing bank accounts for money transfer firms, digital currency exchanges and financial technology businesses.
      https://www.afr.com/companies/financial-services/banks-accus…

      Wise had a banking relationship with Macquarie, which ended when Macquarie decided to stop providing it with banking services.

      Macquarie is part of the problem.

      • burningrage on 02/02/2022 - 11:03
        +3

        Oh wow. Note that Wise (I use them regularly and they are good!) is forced to bank with International Bank operating in Australia.

        Wonder which bank might it be? Either way, shame on those big 4s plus Macquarie.

      • JIMB0 on 02/02/2022 - 11:29

        Why would you want fiat banking services? Wouldn't you just keep it all in crypto if it's so good.

        • rektrading on 02/02/2022 - 11:35

          You should ask OP.

      • GG57 on 02/02/2022 - 11:55

        Is that the reason for OP being de-banked?

  • Fredfloresjr on 02/02/2022 - 10:25
    +3

    Ok Marty, have you informed Wendy about this?

    • knasty on 02/02/2022 - 11:53
      +1

      Jonah's on it….

  • El-Rhi on 02/02/2022 - 10:28
    +5

    Whatever you do, make sure you leave some cash aside for Mr Frydenberg

    • techlead on 03/02/2022 - 09:59

      Yep, Frydenberg will always get his cut.

      I wonder wonder who the new treasurer will be after the election.

      • El-Rhi on 03/02/2022 - 13:10

        Good point, I’m thinking it may not be him

  • bobbified on 02/02/2022 - 15:00

    They've locked my account maybe 5 times over the last 3 months due to asking me more and more information about the source of funds

    They were obviously sick of continuously locking your account. Five times over the last three months should've been a good enough warning for you.
    They have obligations under the Anti Money Laundering laws and have determined that you're too risky and they'd rather not risk a multimillion dollar fine.

  • WreckTangle on 02/02/2022 - 19:59

    I stopped reading when you said about 7 figures. Couldn’t care less.

    • techlead on 03/02/2022 - 09:58
      +2

      Spoken like someone who doesn't have 7 figures lol

  • techlead on 03/02/2022 - 09:58

    There is no point fighting Macquarie on this, they have every right to offboard you.

    I use Macquarie as well, along with many other banks and have put through 7 figures of fiat from my crypto sale and trades over the years, I've never had any issues with them. They are definitely not anti-crypto, they have obligations under the Anti-money laundering Act to determine whether you are laundering money. Every time they asked me I just provided all the information they wanted in regards to the source of the funds, never had any issue and my accounts are still opened, same with other banks.

    You are offboarded because you most likely did not satisfactory explained the source of your funds.

    • rektrading on 03/02/2022 - 10:16
      -1

      It's pretty easy for legacy banks to see that the fiat money is coming from a CEX.

      Legacy banks can de-bank anyone they don't like. They're using AML as an excuse so it doesn't sound like they're full of 💩.

      HSBC de-banked users in 2021 for trading MSTR stonks. Barclay's did the same to users that traded #Bitcoin.

      They're losing business to technology and are doing whatever they can to stem the bleeding.

      • techlead on 03/02/2022 - 10:45

        Yea true. Maybe I'm just lucky.

        I haven't had any issues with debanking. This could be because I do not have a "main" bank, I'm a true ozbargainer, I've opened accounts because of the cash bonuses, so I've got a lot of transaction accounts and I spread out my fiat withdrawals from CEX. I've never had 7 figures in any one bank at any given time. I do this because of the bank guarantee as well, you are only covered up to $250k, so I don't want to put more than that at any single bank, although the likelihood of them collapsing is very small.

        I'm a bank's marketing department's nightmare haha, I'm not a sticky customer at all and I only use the best features of each bank account lol

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