Move Bank WTF? Bank Freezing Funds Legal?

Korban Dallas on 09/05/2023 - 01:13
Last edited 09/05/2023 - 01:25

My account was opened 21/4/2023 and I have deposited a large sum of money which I don't have access to. I got a congratulatory email welcoming me. It's a joint account. It's accumulating interest. I was never told I needed to accept a call from the bank to finalise my account.

Kinda like busy during the daytime at work to accept calls. Called back and they are introductory message talks about the labour day public holiday that like past ages ago. Managed to get through but was cut off as I was talking to a rep.

They have spoken to my wife the other joint account holder on the phone.

The email letter 5/5/2023, which I appreciate given that if it was like a big bank would post it and would take like 2 weeks to reach me

Online Account Application
Thank you for your recent online application to open a MOVE Bank account.
The final step in the application process is a confirmation phone call from one of our staff

Unfortunately, our attempts to contact you have been unsuccessful using the contact details provided

To finalise your account application, please contact MOVE on 1300 362 216 during business hours
Monday to Friday 8.30am – 4.30pm AEST

Until we hear from you, your requested accounts and access facilities have been placed on hold

This will affect your ability to access any funds deposited to your account, so it is important that you contact us as soon as possible

We look forward to your call

Financial

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Comments

  • Hybroid on 09/05/2023 - 01:25
    +12

    Please note: once you've opened your account we will need to speak to you in person as a final verification. This is to ensure your details are not being used fraudulently.

    In bold quite clearly on their website.

    https://movebank.com.au/top-menu/join-us/

    • Korban Dallas on 09/05/2023 - 01:29
      -6

      Not sure how a phone call could fight fraud?

      If it's part of the process account should not be setup and funds frozen barring a phone call.

      I'm pissed my funds are frozen.

      • AustriaBargain on 09/05/2023 - 02:14
        +2

        If the number they called was someone with a thick Indian accent on a quiet phone line, and not the accent you'd expect a Korean Dallas to have on a strong local line, then that would help fight fraud. If the fraudsters put a fake number in and they called it and no one picked up, that would help fight fraud. Sure it's not hard to recruit an Aussie to answer a call and confirm details, but also it is kinda hard to do that for most fraudsters on the other side of the planet.

        • Korban Dallas on 09/05/2023 - 02:41
          -5

          Fair point.

          I was kinda thinking that scammers time is valuable and they would try to put all their ducks in a row to ensure the best chance of success.

          Indian scammer = indian customer

          Maybe banks should be doing stringent KYC, password and 2FA like crypto is doing these days

          • Broke-Ken on 09/05/2023 - 09:20
            +7

            @Korban Dallas:

            Maybe banks should be doing stringent KYC

            That's exactly what they are doing….

        • Nugs on 09/05/2023 - 10:26

          "Sure it's not hard to recruit an Aussie to answer a call and confirm details, but also it is kinda hard to do that for most fraudsters on the other side of the planet."
          New job opportunity :)
          .

      • Duckie2hh on 09/05/2023 - 09:23
        +2

        Its your own fault for not reading the terms and conditions.

  • bobbified on 09/05/2023 - 01:25
    +11

    Just absolutely unbelievable!! Call them up to complete your account activation and transfer the funds over to me for safe-keeping while you look for another bank with better service.

  • AustriaBargain on 09/05/2023 - 02:12
    +7

    You didn't read the email saying they would need to call you to finalise the account opening, you then ignored their calls because apparently you can't take a single minute out of your work day, and now you are pikachu face'd about the bank account opening not finalised? If your work has a policy about not taking phone calls I'm sure you could have told your shift manager you need to accept a brief call in business hours to open your bank account.

    • Korban Dallas on 09/05/2023 - 02:26

      CS were corresponding via email.

      This is the email I got when account created.

      Client Creation has been completed. Your Member number is xxxx . To login, please go to the website address https://www.movebank.com.au/congratulations and enter your Member number and Password.

      Please note: we'll also be in contact with you within the next 2 business days to complete your membership verification. In the meantime, please feel free to start using your accounts

      I am more interested / curious in the legalities of having funds frozen.

      I understand like a credit card / home loan having phone verification but a depositing account doesn't make as much sense to me. Freezing due to suspicious activity makes sense.

      • greatlamp on 10/05/2023 - 22:39

        It's not your money. It's their money. You loaned them money and they gave you an account with a balance of credit in exchange. That is why when banks go broke, you are a 'creditor'. No different to a tradesman with an unpaid invoice.

  • [Deactivated] on 09/05/2023 - 05:17
    +4

    There are all kinds of KYC rules in place. Governments are concerned about tax avoidance, money laundering etc. Completely legal to temporarily freeze funds. Just call them, and read the T&C next time.

    I have opened several accounts recently to get a free $50, and almost all of them wanted to finalize some form of verification, usually calling me, before I could withdraw anything. One even wanted me to go to the post office and fill out some form. Not worth the effort for $50, so I didn't bother with that one.

    • Stopback on 09/05/2023 - 08:00

      What ones?

      • [Deactivated] on 09/05/2023 - 13:48

        One of the most recent ones is that the US somehow convinced every bank to require every customer to declare their US tax residency status. PayPal never used to care what name you used, but recently they started to require ID.

        If you meant which banks were offering $50 for signing up with them, CBA, St. George, MyState, NPBS, and Me Bank. Some also had lower amounts for signing up, or were referrals. ING offered $100 at one point, as well as referrals.

  • EightImmortals on 09/05/2023 - 06:19

    "banksters", rhymes with?

    • Nugs on 09/05/2023 - 10:29
      1. say 'my dad's a banker'
      2. stretch mouth sideways by placing index fingers in each corner and pull
      3. say 'my dad's a banker'
      4. lol
        .
  • Muzeeb on 09/05/2023 - 07:27
    +8

    Another blame shifting post. Awesome.

  • brendanm on 09/05/2023 - 07:36

    That, like, sucks.

  • Hardlyworkin on 09/05/2023 - 07:43

    The struggle is real.

  • Lunarboogie on 09/05/2023 - 07:45
    +2

    Suck it up and move on. You haven’t complied with the t&cs. Next.

  • mrvaluepack on 09/05/2023 - 08:46
    -5

    I feel your pain Op. Financial/investment services and banks are changing their processes willy nilly and sometimes not informing customers of their "new" requirements. Then you get locked out of your own funds which causes great inconvenience. I have had missed opportunities that costed me 10's of thousand in profit because of these "security" issues.

    • DashCam AKA Rolts on 09/05/2023 - 09:12

      Financial/investment services and banks are changing their processes willy nilly and sometimes not informing customers of their "new" requirements.

      Nonsense. Read what ** Hybroid** said on the top comment!

  • Bargainitis on 09/05/2023 - 08:50
    +6

    lol seriously….

    you failed to complete a KYC step and now blame the bank?

    get a grip.

  • Duckie2hh on 09/05/2023 - 09:22
    +2

    LOL banks are damned if they take too much security step and damned if they don't take enough precautions.

    Next month OP is going to post a new thread, "help! I got scammed from a 'bank' SMS".

  • TheAviator on 09/05/2023 - 09:36
    +8

    I'm confused. Why can't you just call them and resolve this?

    • RockyRaccoon on 09/05/2023 - 10:03
      +3

      You might need to copyright this, as that may eventually lead to a new trend here, at Ozbargain. 😀

      • DashCam AKA Rolts on 09/05/2023 - 10:11

        Done!

        I'm confused. Why can't you just call them and resolve this?©

    • Rafski on 09/05/2023 - 10:56

      His too busy writing a great big post on OzBargains.

  • mbck on 09/05/2023 - 10:01

    Always someone else's fault.

    Just you know…movebank(s) lol

  • montorola on 09/05/2023 - 10:07

    Sounds like you need to re(move) yourself from (move)bank and (move)banks

    • SBOB on 09/05/2023 - 10:22

      what a move-ing idea….

    • andresampras on 09/05/2023 - 14:24

      yeah, that'll teach 'em for trying to offer some sort of account security!

      the extra time spent on finding another account, opening said account, transferring money over etc etc…..well worth it, rather than giving Move bank a phone call.

      I mean who even makes phone calls these days, ain't nobody got time fo dat. What an evil bank.

  • onetwothreefour on 09/05/2023 - 10:35
    +3

    To finalise your account application, please contact MOVE on 1300 362 216 during business hours
    Monday to Friday 8.30am – 4.30pm AEST

    What happened after you called them?

  • cuteseal on 09/05/2023 - 10:41
    +2

    OP, next time you need somewhere to stash a "large sum of money", just hit me up.
    I promise that I won't have to call you to verify your account.
    In fact, I promise you will never hear from me again… :P

  • payless69 on 09/05/2023 - 11:48

    Speaking of Banks: Anybody got the $50 bonus from IMB yet?

    • DoctorCalculon on 09/05/2023 - 19:19
      +1

      Nope. Also, got a similar phone call from them during a work meeting (which turned out to be IMB verifying I hadn't given them a bogus number).

    • [Deactivated] on 09/05/2023 - 19:51
      +1

      I got mine in one of the earlier offers last year. It took multiple emails to eventually get them to call me and verify my account. Then I did get my $50.

      • payless69 on 10/05/2023 - 09:36

        I guess their promotion backfired. So far every deposit I tried to make had been returned. App works and shows my $50 and interest.

  • Kail on 09/05/2023 - 13:17
    +3

    So you didn't let them verify your new bank account, and now you're mad it's unverified?

  • Switchblade88 on 09/05/2023 - 13:37
    +1

    I have deposited a large sum of money

    There's a big red flag from the bank. You've likely been pinged via AMLCTF in addition to not answering your phone.

    https://www.ag.gov.au/crime/anti-money-laundering-and-counte…

  • Typical16-bitEnjoyer on 09/05/2023 - 13:38
    +1

    There are no stupid questions, just stupid people.

  • wetsandwich on 09/05/2023 - 14:22
    +1

    Yes, our banking system is well regulated. You're basically acting like a scammer by not contacting them, so of course they're taking the legally required actions against you.

  • miwahni on 09/05/2023 - 21:33

    When exactly did you call them back and get the message about Labour Day "that like past ages ago"? Because it was Monday last week in Queensland, which is where Move is based. Anyway you can resolve this really easily, and gain access to your funds, by calling back during Qld business hours.

  • stwongy on 10/05/2023 - 04:17

    Normal tbh, its banking regulatory requirements. Especially if you transfer a large sum.
    Used to work in retail share trading and we would make outbound calls to joint account holder applications if there wasnt enough ID given or form was filled incorrectly. Also its somehow easier to perform fraud on joint accounts. Not sure of the mechanics behind it but theres that
    .

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