Australia's Banks are preparing to Bail-In retail bank deposits?

Discussion in 'Financial Planning' started by wylie, 13th Feb, 2020.

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  1. wylie

    wylie Moderator Staff Member

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    I've been sent this clip today and I'm wondering if this is a bit of a conspiracy theory, or if there is any risk for those of us with cash sitting in the bank at the moment.

    I don't normally worry about this stuff... what will be, will be - and there's not much little old me can do to change things out of my control, but we do have a chunk of cash sitting in offset and/or online accounts ready to do a major build.

    I've watched it, but find it difficult to work out if he is talking "everyone" or those who might be in financial stress (regarding the risk of the bank acting on its T&Cs).

     
    willair likes this.
  2. Trainee

    Trainee Well-Known Member

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    The alternative being....the mattress or gold bars?
     
  3. wylie

    wylie Moderator Staff Member

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    Shares?

    Edit: I'm not talking shares for our money sitting ready to build, but going forward.
     
  4. willair

    willair Well-Known Member Premium Member

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    Not sure i understand all that,but when they say''If you lose your money we are not responsible''all that will cause is more scepticism from lawyers and academics..
    For anyone that has fixed term it may pay to check what rates you are now one,i was getting about 1-25 percent per month the statement came in a few weeks ago and the fixed term rate went from 1-25 percent down too 0-11 percent so check the statements ..imho..
     
  5. Gestalt

    Gestalt Well-Known Member

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    Incoherent nonsense. This particular conspiracy is spouted by those well reasoned folks at the Citizens Electoral Council. Google them if you’ve never heard of them.

    I would not lose a second’s sleep over the rantings of these far right nut jobs.

    Edit: it seems the CEC is now called the Australian Citizen’s Party -

    Australian Citizens Party - Wikipedia
     
    Last edited: 13th Feb, 2020
    Perthguy and wylie like this.
  6. Morgs

    Morgs Well-Known Member Business Member

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    I can't take these guys seriously.... is this their new thing after it turned out the property market didn't meltdown by 80%?
     
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  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Quick, get your cash Out of ADI offsets and stick em into your non bank redraws :)

    ta
    rolf
     
  8. Piston_Broke

    Piston_Broke Well-Known Member

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    What he is saying is that banks may block your deposits and if they go broke you will lose your money.
    Seem they are trying to avoid bank runs.
    I find his speaking annoying, that was painful.
     

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