Major Australian Bank In Electronic Payments Meltdown.

Greetings, this is my maiden thread so please go easy on me!!.

In Australia we have four major banks with the National Australia Bank being one. Last Wednesday the bank's payment processing system failed due to a corrupt file. This has frozen the payment processing system that transfers "money" from and to other banks but also to customer accounts.

FURIOUS consumers are demanding compensation after a NAB computer bungle delayed millions of wages, pensions, family payments and business transactions across Australia. Tens of thousands of anxious people could still be without cash for the weekend because of backlogs from the shambles.Desperate customers told the Herald Sun of having nothing or as little as 10c left in accounts, or plunging hundreds of dollars into overdraft.

I bring not the event to your attention but the affect it has on peoples lives.

People need to start holding physical cash and reducing their reliance on the electronic cash system.

In closing...if this was a widespread event that affected more banks and more people would there be civil unrest as those with no cash could not purchase food? or would the Government have a recovery plan for this event?.



www.heraldsun.com... .au/news/national/nab-computer-glitch-hits-wage-centrelink-payments/story-e6frf7l6-1225961012671

link was broken

www.heraldsun.com.au/news/national/nab-computer-glitch-hits-wage-centrelink-payments/story-e6frf7l6-1225961012671

reply to post by jjjtir


Thank you jjjtir, I appreciate your assistance.

Well I heard on the radio this morning that the software glitch is also effecting people from WITHDRAWING their money the past couple days.

I find it rather suspicious that mere weeks away from the planned run on the banks, these banks throw up an issue that COULD happen again in the near future...

Talk about preparing the sheeple to the prospect that they may not have access to their money for a couple days.

and I suspect this was a dry run for the banks
just to see how it goes over with the populace
when they use this sort of tactic to stop the
Dec. 7 bank run world wide.

can't get ur money if our system is down !!!
sorry folks ..... come back next week.

reply to post by Sovaka


My sentiments exaclty.

The Banks have been "rumbling" with the Government over interest rates.

This may be the start of new round of activity to unsettle the populus.

reply to post by boondock-saint


The Global Bank run on Dec 7th has not made it here on the mainstream media.

reply to post by oze bob


There is much to be said for having a month's worth of food on hand, never letting your fuel tank go below 1/2 (you do not get water condensation) and keeping on hand at least a couple weeks worth of cash.

Unfortunately here in the USA we have to be careful of the Civil asset forfeiture laws

Incredible as it sounds, civil asset forfeiture laws allow the government to seize property without charging anyone with a crime....

Innocent owners who are never charged with a crime still must prove their innocence in complex proceedings, where many cases are lost before even coming to trial. Most forfeiture cases are never contested, in part because contesting the proceedings can cost more than the value of what's been confiscated... Under civil asset forfeiture laws, the simple possessoin of cash, with no drugs or other contraband, can be considered evidence of criminal activity.

"Even if you're a law-abiding citizen who's never been convicted of a crime, local police are allowed to confiscate your property and money and keep up to 80 percent of it for themselves, with the legal stipulation that this windfall be spent only on programs likely to result in additional confiscations where the police can keep up to 80 percent of the booty for themselves," wrote Jennifer Abel in an October, 2007, article published by the Hartford Advocate.

I read somewhere that if everyone kept cash on hand there would only be about $400 dollars (US) worth per person. That gives you an idea of how much business is conducted electronically and how badly we could be screwed up by a glitch like the Australian bank suffered.

Originally posted by Sovaka
Well I heard on the radio this morning that the software glitch is also effecting people from WITHDRAWING their money the past couple days.

I find it rather suspicious that mere weeks away from the planned run on the banks, these banks throw up an issue that COULD happen again in the near future...

Talk about preparing the sheeple to the prospect that they may not have access to their money for a couple days.

I agree, something is happening in the countries banking sector and it may have to do with insolvency.

reply to post by crimvelvet


Very thought provoking, I am not sure of what we have here in Australia, I will conduct some research on this topic. We do have very similar laws to do with the proceeds of crime which I would say would be uniform across countires.

reply to post by oze bob


The number they gave on the radio (92.5 Gold FM) this morning of those unable to access their accounts was near the 1 million mark O_O

PerthNow

The problems caused a spike in traffic to NAB customer call centres yesterday which had also caused some delays, the bank said. NAB had expected to clear up delays in payments which have hit possibly millions of customers by this morning.

Several key words in the news statement... "spike in traffic", "had expected" and "possibly millions of customers".

*taps fingers on the table*

reply to post by hoghead cheese


This is the first time that this has happend on such a large scale, would there be other things/events that would be signs of such?

Originally posted by Sovaka
reply to post by oze bob

 

The number they gave on the radio (92.5 Gold FM) this morning of those unable to access their accounts was near the 1 million mark O_O

PerthNow

The problems caused a spike in traffic to NAB customer call centres yesterday which had also caused some delays, the bank said. NAB had expected to clear up delays in payments which have hit possibly millions of customers by this morning.

Several key words in the news statement... "spike in traffic", "had expected" and "possibly millions of customers".

*taps fingers on the table*

reply to post by Sovaka


Sorry Sovaka for the blank post.

I would say that the NAB's been crippled!

I am trying to find out how many personal customers they have.

reply to post by oze bob


ABC.net.au

NAB is unsure how many of its 11.5 million customers have been affected by the problem.

Seems to be around 11.5 Million

reply to post by Sovaka


Great find!

So its affecting those customers that live from pay to pay (like me) who have no other cash.

Disturbing thought.

Very disturbing, and making me consider withdrawing all my money each second its deposited into my account.

But the signs are being shown around the world and I think it is time to make some final arrangements to ensure my family gets through this time ahead.

Interesting.

You know this kind of event leads to people withdrawing ALL of their monies from banks, in turn causing a meltdown of the financial system, just like the Great Depression in the USA.

Hmm, maybe that's the plan, start somewhere unexpected like Australia and then move to the Eurozone and eventually North America.

~Keeper

reply to post by Sovaka


All we need now is for the EFTPOS system to fail then there will be carnage.

reply to post by tothetenthpower


Like Dominoes...
News media around the world reports the issue that NAB is having here in Australia, and that it has lead Australians to hit the banks after the fix and thus causing a closure on the banks.
People start to panic thinking it could happen in their countries, so that in increasing numbers, they all hit their banks.

Causing the system to collapse BEFORE Dec 7.

Very plausible scenario... Might be time to make our move in Australia, I know I will be.