A national bank now leaves a customer without access to their money for months while battling with cancer due to an error.
Stephen Tibbs and his wife Michelle lost $200,000 they were going to use to pay off their mortgage.
Stephen, who lives in Sydney, Australia, revealed he had withdrawn the money from his pension pot in the UK after being left unable to work because of his ill health.
He wired the funds to an Australian mortgage account, using the foreign exchange company Wise.
Michelle claimed that the funds had been deposited to a National Australia Bank account – but the money wound up at a different bank, reports The-Sun.
An amount just shy of $200,000 was deposited before the couple tried to wire another $30,000.
The first check went through, but the second deposit bounced back.
Stephen and Michelle then noticed that a single digit in the bank identifying number and the bank state branch code were wrong.
Michelle told 9News: “Spoke to the branch manager there, and unofficially he told us that there was not an account number linked to that branch.”
They were not members of the NAB so the bank couldn’t really help them.
The couple then contacted Wise and a representative reportedly told them that the process could take up to eight weeks.
A spokesperson for the organization said it has “no control” over users entering the wrong details.
Meanwhile, a representative for the NAB said the bank was pleased the funds were recovered.
But, it admitted: “The time it took and the experience Mr. Tibbs had wasn’t good enough and we’re determined to do better.”
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
Other Banking News Today
A massive bank now closes a business account with little warning, drawing scrutiny from silver and gold investors.
A coin shop owner recently shared how Huntington Bank abruptly closed his accounts without explanation.
In a YouTube video, the owner of Gold and Silver Stackers (@goldsilverstackers1) said the bank sent him a letter warning that his business accounts would be closed in about a month.
“It’s very unnerving,” he said, before reading from the letter for his followers.
Despite having a total of six accounts, the bank allegedly ended its professional relationship with him.
Huntington Bank did not yet respond to a request for comment by the U.S. Sun.
“They decided they don’t wanna do business with me anymore,” he said.
In addition to his business account, his wife and kids accounts were also closed.
He also said that his credit cards through Huntington were cancelled.
Though many expect that their bank accounts will exist for as long as they want, that’s not always the case, reports The-Sun.
The coin shop owner went to his local Huntington Bank branch in Ohio, where he said he has a good relationship with the manager.
Though the manager tried to find an explanation for the shutdown, the bank’s motives remained a mystery.
“I don’t think the banks like this type of business,” the coin dealer claimed.
Investing in gold and silver is a popular way for people to keep their assets out of the banking system.
The dealer said that his business follows regulations closely.
“I didn’t do anything, we follow all the rules here,” he said.
In the end, he ended up splitting his assets into accounts with different banks, helping mitigate the risk of another shutdown of all his accounts.
“I’ve heard of this happening before, I just didn’t believe that it would happen to me,” he said.
Also Read: A US Bank is Now Denying Customers Access to Money
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
For more banking news and stories like this, opt-in for push notifications.
Leave your thoughts below.