Major Australian Bank In Electronic Payments Meltdown.

i am with the NAB, my wages usually go in on a wed night for thursday morning. my wages did not go in until friday, and im still waiting for another $300 to be put into my account. i have been using eftpos in the last few days and had no dramas. not big amounts, usually under $50.

i have found it difficult to use the phone banking, you could not access things like trying to find out if money had been deposited.

i was watching the sydney nightly news, some bloke drove his bobcat into the bank and parked it their till they organized money for him. some other poor bugger had to go down and pawn some stuff to get $200 for food. this has just been a very very small glimpse of what would happen if the banking system has a MAJOR MAJOR malfunction involving all the big buggers. would not take long for civil unrest to start up very quickly.

Wonderful thread! You make a very important point. This is EXACTLY why I don't have any kind of savings/checking account anymore. I don't carry credit or debit cards either. I likes my paper monies
I walked into my work one day to find a bank associate asking people to sign up for a direct deposit account (for our paychecks) through them and our business. After I told him no 4 times, he asked why, and I said I didn't trust banks with my money

Originally posted by 13th Zodiac

Originally posted by oze bob
reply to post by 13th Zodiac

 

Thank You - 13th Zodiac, your input is greatly appreciated.

I have been trying to see the link - I have now!

Your welcome my friend . You have a private message comming .

hi zodiac, i would be very interested in anything you have to say......just dont ask me to go hunting for stuff at the moment. im on nightshift, which nearly kills me so for the next 2 weeks i only just manage to come on here and try to keep updated.

p.s have just finished reading a few other threads.....does your theory have anything to do with whats happening in the koreas at the moment???

You have a message

Originally posted by 13th Zodiac
You have a message

thanks zodiac.....job done, awaiting reply.

Originally posted by oze bob
The Global Bank run on Dec 7th has not made it here on the mainstream media.

Just cuz it isn't in the MSM
doesn't mean it won't happen.
There are lots of people fully aware
of this and are participating even
without a public notice by MSM.

reply to post by boondock-saint


Does anyone know if there is a facebook page/group that is advertising the Dec 7 event? If not there should be.

Originally posted by Funk bunyip
Does anyone know if there is a facebook page/group that is advertising the Dec 7 event? If not there should be.

well since facebook is CIA data mined
I wouldn't expect a facebook group to
be organized. This is a bank run by
the millions by word of mouth which
is exactly the way Revolutions start.

All my cash is already out and hid away
in several different locations. I have enough
supplies already for 30 days but will go again
today to expand that inventory to at least
60 days.

This gonna get very serious very quickly.
I hope you're prepared, if not I wouldn't
wait another day.

here is a comment on the forums at disclose tv
which seems to be written by a banker but I'll
let you be the judge. It seems they are stopping
the run by shutting off transactions and the ability
to withdraw or transfer funds. This is their stop tactic.

This is actually dis-info, we have had many runs on the bank before, and we have a way of taking care of that problem. We cut off trading through the banks as soon as we see a run happening, Then we insure each account for $200.000. They tried a similar attack on the banks not long after 911 and we stopped it. They cant draw the money out if the system turns off transactions to those accounts , these types of claims are just attacks on the minds of the people more than the money ... its to increase anxiety and fear more than anything.

Besides any group stupid enough to try and steal all the money is terrorist and they are just asking to be smart bombed and will never get to spend a dime of that money ...

www.disclose.tv...

this jerk is saying that anybody participating
is a terrorist. I think he's got it backwards,
they are the terrorists.

This was posted Nov. 4, 3 weeks before the
banks computer system went screwy.

So if we take our money out
we're gonna be smart-bombed???
Sounds like a threat to me !!!

reply to post by boondock-saint

good link! thanks..

and he has the nerve to use the word "steal"??
IT'S THE PEOPLE'S MONEY! you can't steal your own money. arrogant ****s

However, will this cause a great worldwide depression if enough people do it? I don't really understand the consequences of the banks losing a large portion of their liquid assets in one hit..

Originally posted by Funk bunyip
However, will this cause a great worldwide depression if enough people do it? I don't really understand the consequences of the banks losing a large portion of their liquid assets in one hit..

that's the whole thing
THEY DO NOT HAVE THE ASSETS OR MONEY
to cover all the money that folks are supposed
to have in their accounts. It's all 1's and 0's
to them and then they loan out money and
charge interest on money not even theirs.
You cannot hand out money if u don't have it !!!
That's the purpose of the bank run.
It's a way that regular folks can audit the banks.
And it doesn't even take a large portion of
customers to make it work. If only 10% went
and asked for their money, they would crash.
Now compound that on a world wide basis
and you have a complete financial collapse.
ALL banks go bankrupt cuz they are built
on the same fractional system.

Bernake thinks he has alluded the run by
printing notes worth $1T in which $600B
went to buy US Treasury Bonds with QE3.
What he is not telling ya is that the other $400B
went to branches world wide to counter the
demand for withdrawals.

The systems shutting down is a prime
example that the $400B was NOT enough
to cover the run. It was bigger than they expected.
Course all this is my own speculation.

Originally posted by crimvelvet
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.

(1) Whoever, knowing that the property involved in a financial transaction represents the proceeds of some form of unlawful activity, conducts or attempts to conduct such a financial transaction which in fact involves the proceeds of specified unlawful activity—
(A)
(i) with the intent to promote the carrying on of specified unlawful activity; or
(ii) with intent to engage in conduct constituting a violation of section 7201 or 7206 of the Internal Revenue Code of 1986; or
(B) knowing that the transaction is designed in whole or in part—
(i) to conceal or disguise the nature, the location, the source, the ownership, or the control of the proceeds of specified unlawful activity; or
(ii) to avoid a transaction reporting requirement under State or Federal law,

a) Whoever, in any of the circumstances set forth in subsection (d), knowingly engages or attempts to engage in a monetary transaction in criminally derived property of a value greater than $10,000 and is derived from specified unlawful activity, shall be punished as provided in subsection (b).
(b)
(1) Except as provided in paragraph (2), the punishment for an offense under this section is a fine under title 18, United States Code, or imprisonment for not more than ten years or both.
(2) The court may impose an alternate fine to that imposable under paragraph (1) of not more than twice the amount of the criminally derived property involved in the transaction.
(c) In a prosecution for an offense under this section, the Government is not required to prove the defendant knew that the offense from which the criminally derived property was derived was specified unlawful activity.
(d) The circumstances referred to in subsection (a) are—
(1) that the offense under this section takes place in the United States or in the special maritime and territorial jurisdiction of the United States; or
(2) that the offense under this section takes place outside the United States and such special jurisdiction, but the defendant is a United States person (as defined in section 3077 of this title, but excluding the class described in paragraph (2)(D) of such section).

(a) Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both.
(b) As used in this section—
(1) the term “unlicensed money transmitting business” means a money transmitting business which affects interstate or foreign commerce in any manner or degree and—
(A) is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
(B) fails to comply with the money transmitting business registration requirements under section 5330 of title 31, United States Code, or regulations prescribed under such section; or
(C) otherwise involves the transportation or transmission of funds that are known to the defendant to have been derived from a criminal offense or are intended to be used to promote or support unlawful activity;
(2) the term “money transmitting” includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier; and
(3) the term “State” means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.


this seems just.abused.
suspicion is the new evidence is what the civil forfeiture laws are saying.
you can get your property back, if you have enough money to fight for it.

I'm with NAB and I paid $ off bills at post office with eftpos but due to the NAB problems they (NAB) assumed the transaction had failed/delayed like many others so processed it twice. This has left me with very little $ in the account.

I called the phone number today (saturday) - was on hold for literally 1 hour and 10 minutes.

The person I spoke with claimed there was no 'reciept number' or code I could record to prove I'd called him but that the call would be automatically logged and the $ restored ASAP - probably by Tuesday.

He said that virtually all of their staff had been brought in to work this saturday - all branches had been opened - cash loans were being given to customers at branches & that 1 billion dollars had been allocated by NAB for the purpose of solving this massive problem, he said "we have to fix it..." as if to say they have no choice but to fix it no matter what it takes, he said he was 99.9% sure my money would be restored in the next few days and if not to call again and they would fix it then. He also said if I really needed to pay a bill I could overdraw my account and the balance would be corrected when the duplicate transaction was restored - but that it would probably cause yet another double transaction.

He also said that the problem has effected virtually ALL of their clients/customers.

-B.M

reply to post by B.Morrison


Thanks for posting your experience.

Was there any mention of further assistance should the NAB not be able to get the payments into your account by Tuesday?

reply to post by oze bob


only to keep an eye on it and if the money wasn't restored by tuesday to call again or visit a branch and they'd restore it for me then.

-B.M

reply to post by B.Morrison


You should get a sympathetic ear from your ISP if you explain the situation to them.

reply to post by oze bob


Nor here in the UK.

Plenty of people are talking about it, but the BBC are pretty much ignoring it. I wonder why?

Originally posted by oze bob
The Global Bank run on Dec 7th has not made it here on the mainstream media.

Never too late to get blogging and tell your friends, families and neighbours.

This needs to have impact to work.

Also....do it on 6th or earlier in case banks grind to a halt on 7th.

Welcome to ATS btw bob.

reply to post by nerbot

Also....do it on 6th or earlier in case banks grind to a halt on 7th.

YES, I second the motion. Since it does take only perhaps one out of ten people to bring the system to it's knees, it would be prudent to try and get slightly ahead of the herd. I'm sure "they" are keeping a very close watch on this whole thing, and the minute some computer program somewhere detects cash reserves plunging too fast, you can bet they will take immediate and aggressive countermeasures.

If I was to guess, we will see indications of this working, or not, before the 7th. How much before, hard to say.

JR

Originally posted by JR MacBeth
If I was to guess, we will see indications of this working, or not, before the 7th. How much before, hard to say.

we're already seeing signs it is working
else this thread wouldn't exist