Walk The World
AUSTRALIA’S banking regulator APRA is picking and choosing which banks it is allowing to get away with breaking the law by misreporting whether their sites offer cash service provided by a teller according to an important article in The Regional. Kudos once again to Dale Webster for highlighting this important issue.
Errors in hundreds of minor and foreign bank sites included in the Australian Prudential Regulation Authority’s points of presence data for years, even decades, have been corrected over the past 17 months after being exposed by The Regional in May 2021.
https://www.theregional.com.au/post/regulator-s-bank-data-inconsistencies-not-adding-up
https://www.theregional.com.au/post/apra-s-clean-up-of-bank-data-errors-leaves-statistics-in-chaos
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Caveat Emptor! Note: this is NOT financial or property advice!!
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It just gets worse and worse. God bless ya brother. General confidence is down.
Just goes to show anything involving gov bureaucracy and big business is blatantly corrupt .we are all here to be vampired for the super people
I noticed that the definition of a branch was to be updated. I wonder if when they they update the definition of a branch will a branch then be redefined as access to an internet kiosk (eg. local library) for internet transactions with a supermarket such as Coles or Woolworths nearby for cash withdrawals?
I wonder if APRA is simply incompetent or if the errors were left there on purpose. Either way, it's not a good look.
Great report Martin. Please continue to keep regulators and parliamentarians honest in the interest of the people!
Guess its time for APRA to be investigated just like ASIC.
Thanks Martin.
My ex bank purposely made branches useless by removing any useful service other than cash handling so they could then close the branches because they "weren't busy enough" 😉😉 when everyone stops going because they know its a waste of time. I watched this 3 month process happen at my local branch just recently. I went in four times over that period, the first three times they just tried to put me on a phone with customer service and the last time I just wanted to make a new account and they said they can't open new accounts, two weeks later the branch was gone, ATM's and all.
Surprisingly few comments on ABC insiders video on the budget. I'm no longer a fan of the ABC because they're too neoliberal but I would have expected more comments rushing back on some of their stupid statements.
Now that my NAB in Corrimal is gone i can recall prior to its closure when i was in there people were sitting at the front lobby chairs doing there banking, through there own phone etc. They were told that everything is online or phone. This was months before its closure. So they surely knew they were shutting down but only notifying people with signs a week before. NAB told us that we can now use certain Australia Post, cos not all of them provide the services.
NAB closed another branch in Figtree near Wollongong. So lame.
Yeah banks have too much power. Take your money out before they steal it all.
central bankers should all be jailed for fraud…You people really don't know why the banks are being closing down?
ANZ confirmed that despite having personnel on the floor to sell products, patrons are no longer able to get cash over the counter on Saturdays, I was told by two different customer service clerks when questioned whether it was a cost cutting measure, the response was on both instances “We are encouraging people to transact digitally”…!
They need to change the definition of ‘cash’ to ‘electronic funds’
The only time APRA was seen to do anything, was when they prosecuted their own staff for whistle-blowing. It was a Superannuation Fund called E.P.A.S. that told us all what APRA truly was, and still is. A branch is an ATM. Perhaps a branch may include the words "human being that can read and write".
Corrupt: having or showing a willingness to act dishonestly in return for money or personal gain
Time for an anti-corruption commission not just into parliamentarians but also government departments and the senior public servants who head them up.
So when will the banks close all over Australia …
And then hand over the money they owe to the Austr-Aliens?
APRA is a captured regulator, and they will continue to act with total impunity while both sides of government turn a blind eye to financial sector BS. Also, another sterling "Taskforce" set up to placate the electorate that went nowhere and bought time. "Inquiry" "taskforce" etc are just nice soothing words that calm the populace.
Yeah. It would be good too tie a address location and specific minimum number of employee's to a branch definition. Busniess banking manager, financial planner, cashier teller, branch manager … so maybe a minimum of 4 employees. The location basically makes it harder for them to be like, it is a "every other week pop up" branch near the local town centre.
only ones closing down should be ASIC APRA and CNBRA!
Time to disband APRA now, top executives need to fired immediately and forfeit any severance payments.