‘Disgusting’: CommBank threatens to close account unless customer explains why he has cash at home
The representative demanded to know “how have I built up my wealth”, “why have I made cash withdrawals”, “if I am holding cash at home, why” and “why did I make certain transactions to third parties”, he wrote.
“They got rather personal,” Mr Christopher told news.com.au.
“I was shocked they would ask me if I’m holding cash at home and why — I regard sharing that info as a security risk. How have I generated my wealth? That’s my business, unless they’ve got more than a slight suspicion I’m doing something illegal [in which case it should require] a court order.”
Mr Christopher said the email “came out of the blue”, following an earlier email sent on April 5 that he suspects went into his junk filter."
Is having cash considered a dirty thing now? It makes sense to spend cash to avoid surcharges, yet banks and authorities seem to think if we hold cash then it must be suspicious. I have had one of those KYC calls referred to in the article and it was absolute rubbish - calling me up without any warning and asking about transactions six months ago. How am I supposed to remember? How can they expect someone to give a meaningful answer?
News.com, your guaranteed daily source of outrage/ragebait journalism.