Banks in Australia are Attacking People's Crypto Earnings. Here's What You Can Do About it.
Basically the Big 4 AustralianBanks operate as a Cartel that Price Fixes and engages in Racketeering. There's nothing illegal about holding and trading Crypto - but Racketeering actually is illegal.
https://www.acic.gov.au/publications/intelligence-products/organised-crime-australia
Every day now we are hearing more and more evidence about the Australian Banking Cartel freezing the assets of Ordinary small Australian Investors dealing in Crypto.
Source: Altcoins News "Australian Banks Freezing Accounts Tied to Crypto-Activities". https://goo.gl/5SpHwt
Source: Finance Magnets "Australian Banks Allegedly Blocking Cryptocurrency Transactions, Freezing Accounts". https://goo.gl/eXUsv8
Source: Business Insider Australia "Australian Banks Freezing Accounts Tied to Crypto-Activities". https://goo.gl/zQhgkB
Source: Cryptovest "4 Australian Banks Allegedly Freeze Accounts over Crypto Activity". https://goo.gl/6AZNPo
This is going to hit a critical Mass. Australians are laid back in general but there's a point in time where if the Banks continue their Government sanctioned purge against ordinary Australian investors (Moms and Pops, Nurses, Tradies etc.) Then this is going to happen.
If You Want to Do Something About It Today before it gets to that stage then here is something practical, immediate and very damaging to the Banks that every single Australian can do - and it will probably take you less than an hour.
Every Australian should go out today and get a Credit Union or Building Society account and move all their funds. The only bloody nose the banks will understand is the one that they'll get when 2-3 million high net worth account holders move their money elsewhere.
Credit Unions in Australia have basically the same legal rights as Banks in Australia
Parliament of Australia - Parliamentary Business - Chapter 8 - Credit Unions, Building Societies and Community Banks.
https://goo.gl/VojH2Y
"In withdrawing from some country towns or downgrading their level or quality of service, the major banks have opened up the opportunity for other financial service providers to fill a void. Credit unions, building societies, and community banks are increasingly presented with the chance to provide banking services where banks have departed from a locality or where such services did not previously exist. This chapter looks at the potential for these various institutions to step forward and take the place of the major banks in offering over-the-counter banking services in country Australia."
Credit Unions, Building Societies and Community Banks can issue loans, credit and debit cards, cash etc. You can easily link them to your Bitcoin accounts such as Coinjar.
Credit Unions, unlike Banks, though are not Cartel owned.
Australian Bureau of Statistics - Diversity of Co-Operatives in Australia
https://goo.gl/vH5cvR
A chronology of Credit Unions in Australia (Historical Timeline of Credit Unions being recognised by the Australian Government
https://goo.gl/WBhGtM
Credit Unions, Building Societies and Community Banks are member and community owned, which in effect makes them the already existing decentralised high street banking alternative of choice.
So you don't need to wait until the Banks freeze your Crypto holding or until Verge / TokenPay, or Monaco or TenX cards become available, or wait 55 days for an EFPTOS card from the likes of Coinjar (though I do recommend getting all those cards, especially Verge & TokenPay when it comes), instead today, in less than a couple of days trading cycle you can set up an account at a Credit Union (Building Society) link that into your online account, and then have a perfectly legitimate facility for drawing cash out of Crypto whenever you need, all from legitimate physical High Street outlets in most Towns and Cities in Australia
And Without fear of Bank reprisal.
So What's it Going to Be Australia?
Is 2018 a year where we finally understand that we have the power to reverse the Banking Cartel's crooked influence over every aspect of our Economies, our Communities and our Lives.
If every Australian just simply walked over to a Credit Union next time they go shopping and spent ten minutes opening an account across the counter, then Banking in Australia would change overnight from being Centrally controlled and manipulated by the Cartel to being decentralised and fairly distributed and owned by our own Communities.
We don't even need Bitcoin or Crypto to make that change. Just a simple decision to put as many of your day to day Banking needs through the Credit Union system instead of the Banking System would make that change.
And there's no downside. You will still have secure Government backed accounts to save and hold cash, you will still have EFTPOS, Credit Cards and Other Debit Cards, you will still be able to get a loan for a house or a car or to build a swimming pool.
The only difference will be that you will be working for Team Us instead. Or are we going to wait until the Banks take all our assets and have us collecting bottles and jars to survive.
Further History and Official References on Credit Unions
Here are some links relating to to CU's and their equivalent rights to Banks in Australia. And also which show how they benefit and help develop communities.
Australian Bureau of Statistics - Diversity of Co-Operatives in Australia
https://goo.gl/vH5cvR
A chronology of Credit Unions in Australia (Historical Timeline of Credit Unions being recognised by the Australian Government
https://goo.gl/WBhGtM
What is a Credit Union?
https://www.wcu.com.au/about-us-what-is-a-credit-union.html
Can Credit Unions Survive in Australia?
Kevin Davis
http://press-files.anu.edu.au/downloads/press/p106111/pdf/article05.pdf
Credit Unions Christmas Pageant, South Australia.
http://www.cupageant.com.au/news/credit-unions-continue-pageant-sponsorship
Community First Credit Union listing Australian Prudential Regulation Authority (APRA) and Customer Owned Banking Code of Practice (COBOP)
https://www.communityfirst.com.au/support/important-information
Police Credit Union - Aus
https://www.policecu.com.au/
Credit Union Australia
"We’re Credit Union Australia, a member-owned provider of financial, health and insurance solutions. With over 440,000 members in communities across Australia, we’re the country’s largest credit union, and we’re proud to be an award winning one too.
https://www.cua.com.au/"
People's Choice Credit Union Australia
https://www.peopleschoicecu.com.au/about-us/regulatory-disclosures/
I set up an account with Summerland Credit Union in my area and they are awesome. https://summerland.com.au/
My Mother (in her eighties) had an account with Rockhampton Building Society for years and they were awesome too.
https://therock.com.au/
Credit Unions and Building Societies are all over Australia there are many great ones in every community.
If you have a recommendation for a good CU or Building Society that you've had a good experience with please leave a recommendation in the comments.
Thanks and wishing everyone a Happy and Prosperous 2018. And hopefully one with less Bankers in your life.
Loving the advice! I'm in it for the long haul, but we all need to survive, and I've been worried about withdrawing some earnings. Thanks again :)
No worries Dolladu, just going to read yours when I get back home. I don't know that much about this other than my experiences living in Australia having to deal with the banks. I'm just sick of them and I want to make Crypto earnings a big part of my income this year, so this is just sharing what I've learned. If it helps in any way that's great!
nice mate. Do you know how some of the online banks go with this? I'm currently with Loans.com.au for my mortgage and savings, though others like RAMS are backed by the likes of Westpac etc.
Once Ethos or Bankera have their own banking license, we can just skip out on government banks all together.
I'm not exactly sure what mortgage company policies are, but I'm really hoping the Verge/TokenPay system works out. I didn't know about Ethos or Bankera that's really good to know. I like the TokenPay strategy where they are in the process of buying an actual Bank in Vanuatu that's a licensed Bank. I thought it was a clever strategy. And Wraith is going to be a game changer, no matter what the FUD is saying now.
I was looking into this at the time that @Choogirl wrote that article about the Banks screwing her over and I spent a couple of days going to different banks and asking. https://steemkr.com/teamaustralia/@choogirl/first-i-got-f-cked-by-banks-because-of-bitcoin-now-i-ve-been-f-cked-by-visa
When I spoke to NAB about it a couple of months ago at that time they gave me a number to call for their trading department who's apparently in charge of those decisions and who when I rang were borderline hostile in that they were saying they could suspend anything they didn't think fit within their terms. Which is okay but it wasn't said in a re-assuring way. Coinjar currently gets around it by sending payments to Bank accounts as "Bill Buddy Ltd" and I don't think the Banks have quite flagged that yet.
At the moment my route for bringing Crypto back into dollars has been to pay it into Coinjar as BTC then deposit it back out to my Nab account. But it's only been a really small amount (approx $20) which wouldn't really be a flag to a Bank. So I've just set up my Coinjar account to link to my Summerland (Credit Union) account and I'm going to be doing some tests on that this week and then I'm going to stop using NAB and only use Summerland. In the last couple of weeks I've actually earned some decent money on the exchanges and I don't want to test my account at NAB getting frozen with higher amounts that actually mean something. My plan is in the next 2-3 months to have everything completely away from the Banks and into Credit Unions.
When I went around all the Banks last year I was asking them the question in Branch about whether it was okay to trade crypto and have an account and virtually no-one in the Branches knew anything about it, and half of the Tellers were like "Bit what?", whereas the girls at Summerland were really switched on and understood all about Bitcoin, Crypto, etc. The only really clued in guy I got at the Banks was the manager at CAB in Kingscliff who'd been transferred down from Brisbane, and he'd confirmed that he'd seen a few accounts shut down in Brisbane over it, he gave me a CAB number to call which I didn't end up calling. I could tell he thought the whole situation was wrong and I got the feeling he was telling me to be careful.
I got Bankera and earning 0.0000000001 Eth a week, ahha. I totally forgot about it until I got an email from them.
This is huge man.. really solid advice. We've got a number of homeloans with NAB and Bank of Melbourne... and I was considering linking NAB up to Coinbase but glad I never got round to it. I've got a few friends that have had their account closed by ANZ and CBA because they made Coinbase purchases. One dude was with CBA for 27 years... and had it closed and he was kicked out without even a conversation about it.
So brutal!
Great advice and this could be a hugely Googleable post in Australia over the next few years.
What I'm hoping is this just becomes an idea that people share because it's pretty easy to do. it's only marginally edgy or revolutionary yet if it gained critical mass it would be completely effective against the banks.
It only takes a percentage of Australians to make it work. The most motivated ones would be people who've dealt with Banks over mortgages, business loans etc.
Anyhow here's hoping. LOL. Would love to see the Banks brought to justice. That whole "too big to fail" con of 2018 was one of the biggest frauds in History. Iceland did the right thing in jailing their guilty bankers. I wish other countries had followed suit.
Conspiracy is always in the big business and bank group is one of them. they want all the costumers held in the neck.
This happening all over the world. thank you for your very informative post.
No worries Jie! We're all in the same boat against the banks everywhere.
Thanks you it's better not to transact with the bank.
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