1. Again, you're playing their game, by their rules. They could just as easily disable all transfers, or specific transfers, at any time they choose. 2. Perhaps a little more safe. But still the above still stands. Maybe they all figured it would be 'safe' in certain account types (e.g. offset)
What other game is there? Our bank statements show a "Net position" by way of a summary of our accounts. The "Net position" is our funds in our offset accounts minus what we owe on our mortgage. This gives me some small degree of confidence that our funds will not be "bailed-in" because our Net position shows us in the negative as opposed to having any credit. I may be grasping at straws, but I think we all realise we need to keep a portion of our wealth in a bank account and an offset account may be the safest way.
But that's likely only from the banks internal accounting perspective. To the government a transaction offset account will most likely appear as a separate simple cash saving account unaffiliated with any loan.
THIS IS THE PROBLEM silverDJ. You are talking about a "offset type account" An offset account and YOUR "offset TYPE account" are not the same are they? Otherwise you would have said offset and NOT offset TYPE> Gota compare apples with apples , not apples with an apple TYPE fruit
You gotta wonder how many sheeple did nothing thinking "she'll be right"? Would it be possible to get stats on that?
Correct, yes, they are not the same. The word I couldn't think of before for the type of "offset type account" I'm talking about is called a redraw facility. https://www.commbank.com.au/support/faqs/267.html I'd bet that a redraw facility would be a fairly safe place to stash your cash in this instance. You can always take it back out again after the crisis, assuming they haven't passed some law to nullify redraw balances as credit. Of course you still need cash to live on in the mean time.
I would presume it has to be government sanctioned either way, otherwise the bank are stealing your money against the terms and conditions you signed up for, and are hence then (being corporations) liable to prosecution. As to the difference between saving accounts (& hence likely transaction offset accounts) and a redraw facility, I would also presume they would go after the cash first?
Lots! I said it earlier on " never UNDERestimate the stupidity of the masses" Just being on this site (IMHO) makes us all a little smarter than the average Joe/Jane even for those of us that can being really dumb(me
