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BW blocking crypto transactions

Posted by codaniel codaniel
Message 1 of 7 2,061 Views

Just got this text:

2018-02-14 17.29.10.png

 

So, instead of embrassing progress and new technology, it seems you're trying to avoid and block it ? Nice..

 

From bankwest.com.au/cryptocurrency:

"Given the risk associated with the relative immaturity and volatility of these currencies seen in recent months, we will no longer authorise payments on credit cards to protect our customers.

As the virtual currency market develops and becomes better regulated, we may review our position."

 

Personally, I think that as long long as I am paying my bills on time, it's none of your business where I spend my OWN money.

 

Does this apply to debit cards too ?

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Re: BW blocking crypto transactions

Posted by Masie Masie
Message 2 of 7 2,048 Views

100% agree with codaniel...well said

 

What right does a bank have to tell you how to spend your own money...

If you have a bad debt record, you should not be issued  with a credit card in the first place

 

Cryptocurrencys are not illegial. In fact alot appear to be operating from very business orientated and legitimate platforms.

IF I wish to invest in cryptos, that is my right.

We live in a democratic - not autocratic country..or so I thought.

 

The pretence that it is in our own interests is laughable....talk about big brother gone overboard.

Perhaps they will begin banning credit card purchases on gambling sites, bottleshops & cigarette outlets soon!!

Are they going to ban people using their credit cards to buy shares, or to bet on the futures market?

 

Even if I dont purchase any Cryptos, I will be going to institutions that provide a credit card with freedom of choice in what and how I choose to use a credit card.

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Re: BW blocking crypto transactions

Posted by DanaeC DanaeC
Message 3 of 7 2,047 Views

Hi @codaniel & @Masie, Bankwest confirms customers will no longer be able to use their credit cards to purchase virtual currencies effective as of Wednesday 14 February 2018. Given the relative immaturity and volatility of virtual currencies at this time and potential risks to customers, Bankwest will no longer authorise payments on credit cards until further notice. Bankwest will continue to monitor the development of the virtual currency market and regulatory environment. This does only apply to MasterCard Credit Cards, thank you ^Danae

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Re: BW blocking crypto transactions

Posted by codaniel codaniel
Message 4 of 7 2,042 Views

@Masie I'm glad you said something. I was going to ask if they're going to ban alcohol and cigarettes next.

But, the reality is crypto poses a threat to banks and this ban has nothing to do with "protecting" customers.

The easiest way to pass restricting laws and regulations is under the guise of protecting the public.  

 

A credit card company/bank is supposed to make our lives easier, not make us jump through more hoops.

 

 

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Re: BW blocking crypto transactions

Posted by codaniel codaniel
Message 5 of 7 2,038 Views

@DanaeC thanks for confirming the ban,

PS: Why was my screenshot reoved ?

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Re: BW blocking crypto transactions

Posted by 112miro 112miro
Message 6 of 7 2,016 Views

The way I see it we all go to the ACCC or ombudsman and submit a formal complaint on the basis that it's not reasonable that a bank could stop you from buying crypto-currency (which is completely legal) I think everyone has quite a good case and all it will take is a few complains to get the ball rolling. Who's in?

 

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Re: BW blocking crypto transactions

Posted by LyndsC LyndsC
Message 7 of 7 1,997 Views

Hi @codaniel, I can assure you that your screenshot has not been removed, it was awaiting approval which has now been done. Thanks!

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