The $10,000 Cash Rule Every Australian Retiree Should Know (AUSTRAC)

Comments · 169

• CA

  @cassandrabond2315 · 3 months ago

  There is absolutely no reason at all why the banks should know what I am using my money for.

  127

• AL

  @AllJos-w2m · 3 months ago

  Have you ever tried to ring your bank branch, almost impossible

  58

• MA

  @markhalse865 · 3 months ago

  A customer of one of the big 4 banks tried to withdraw $10,000 cash.The bank questioned the customer, why, to spend on what etc, ( it was for a legal, but cash, business transaction )causing distress to the customer.The bank decided to freeze the account of the customer-it said it thought the customer may be an intended scam victim ,but there was no evidence of or basis for that conclusion . The only money the customer had was in the frozen account-the only source of income was Centrelink. Customer impact?= no money to pay bills or medication and buy food for two weeks.Customer elderly,living alone, health issues & no family support and now no money.This caused extreme distress for the customer.To say customers have nothing to fear is clearly not correct

  67

• TP

  @Tpry · 3 months ago

  And why should the bank know what I am using my own cash withdrawal for?<br><br>If I want to keep my spending private, the bank has no right to ask how, &nbsp; what, or where, - &nbsp;I am going to use my own money. <br><br>The bank has no right to ask , and they should not ask the customer what it&apos;s for.. <br><br><br>The bank can warn over the counter by saying&quot; be careful that you are not scammed online or otherwise.&quot;

  79

• HO

  @honoretroy1525 · 2 months ago

  My brother-in-law was saved from paying $21.000.00 to a scam company by the bank asking what was it for?

  12

• GO

  @goodkarmais · 3 months ago

  They telling you it&apos;s 10&apos;000 but actually they&apos;re reporting at 8&apos;000 is what they&apos;re not telling you. ‼️

  22

• BO

  @bobjuniel8683 · 3 months ago (edited)

  The problem is, Banks want to ban cash, as this ultimately can give banks and governments total control over our money. An algorithm can monitor, approve or deny every transaction. It can supervise and totally control every transaction.<br>The government did not pass the $10,000 cash transaction limit, but the public are not clearly informed that it did not pass, and banks, private enterprise are actually able to impose an action in practice that the government declined in law. I would argue that introducing and enforcing a proposed law that was declined and not passed is an illegal practice and customers should be able to sue the banks or other institutions. It is similar to removing ATM machines and charging withdrawal fees while limiting withdrawals from the few ATM machines. I have experienced banks without tellers for cash withdrawals, a $200 limit on each cash withdrawals from their ATMs and an $8 ATM bank fee for each withdrawal. That is a loss of 4% of my cash. I should be paid in cash &nbsp;every time, or the banks should be banned from taking any part of my income.<br>I note the YouTube warning about comment<br>Cash fees and restrictions are legalised theft.

  38

• GE

  @georgemarijanovich · 3 months ago

  Government passing the buck to acheave what was rejected in Senate.

  17

• 10

  @1000frolly · 3 months ago

  I transferred more than 10,000 to my son&apos;s account, which was at the same bank.<br>They asked me all kinds of questions, like how long have I known this person,<br>what does he want the money for etc.<br>I guess I must look old and stupid.

  13

• PA

  @paulphotios3920 · 3 months ago

  This has been around since 1990. Some parts have changed but it is nothing new.

  17

• RO

  @RogerSutton-ik9fj · 3 months ago

  You probably need to notify your bank branch in advance that you want $10k plus in cash so they actually have enough on hand to satisfy you.

  20

• AN

  @AntonioDaniele-m4s · 3 months ago

  Thank you for the information you have provided . <br>I wish you the very best in your personal life . Antonio .

  3