A Westpac customer recently had a surprising experience while attempting to withdraw $25,000 from his bank account. The incident left Andrew Pham feeling like a criminal. “I felt interrogated,” he expressed, noting it took more than half an hour to complete the withdrawal.
Pham, who has been with Westpac for several years, is now considering moving to a different bank. As the founder of Forex Platinum Trading, he reported feeling pressured by bank staff who persistently questioned him about the purpose of his withdrawal.
“They made me feel like I was doing something wrong,” he shared, feeling that the staff insinuated it was inappropriate to withdraw such a large sum.
In Australia, banks are legally obliged to monitor cash transactions exceeding $10,000 and report them to AUSTRAC. This involves collecting personal information from the customer, which can sometimes lead to declined transactions.
Pham recounted previous experiences where he faced similar issues while requesting $5,000 for business events and $10,000 for overseas travel. In addition to his personal account with Westpac, he also has a business account with ANZ, and previously dealt with scrutiny when trying to transfer $40,000 for business needs.
Feeling frustrated, he decided to test the bank’s process by asking to withdraw $25,000 to see what challenges he might face.
After making the withdrawal request, Pham was taken into a separate room by the bank manager, who inquired about his reasons for needing the cash. Initially hesitant, he recognized that the questions were to ensure he wasn’t under duress.
Once he confirmed his intention to use the money for travel, staff continued to interrogate him. They asked for specific details about his travel plans, including how he intended to spend the money and what countries he would visit.
“They wanted very specific answers, almost like I was under investigation,” Pham described, likening the experience to being interrogated by a police officer. The questioning left him uneasy, wondering why he had to justify his own money.
The process took between 30 and 40 minutes, which felt excessive to him.
While Westpac did not comment on Pham’s specific case, a spokesperson mentioned that preventing fraud is a top priority for the bank. They explained that asking questions during withdrawals and deposits helps to flag potential issues early.
“While this may require some additional steps for customers, it’s meant to safeguard against significant losses from fraud,” the spokesperson added, ensuring that measures are in place not only to protect customer funds but also to comply with anti-money laundering laws.
Pham’s video sharing this experience has gained significant attention on social media, resonating with many Australians who reported similar encounters at their banks. However, there are also voices acknowledging the necessity of banks adhering to fraud prevention regulations.
Though he understands the reasoning behind the questioning, Pham believes the bank’s approach was excessive. “I get it, but there’s really no need to keep repeating questions or making someone feel guilty about wanting their own money,” he stated.
Interestingly, when he later deposited a different $25,000 at another bank, he encountered no such questioning.
