Posted on 07/28/2022 9:05:17 AM PDT by EBH
Huge lines have been spotted forming every morning outside of a bank in Sydney’s CBD - and it could point to a worrying issue overseas. Lengthy lines outside a Sydney bank have come as an eerie warning about what is unfolding in China, where hundreds of thousands of customers have been left unable to withdraw their own money.
Dozens of members of the public have been spotted forming a long line every day outside the Haymarket branch of the Bank of China in the CBD. The scene attracted the attention of curious bystanders on Tuesday, one of which shared an photo to Reddit seeking information on what it meant. People are suspected of rushing to withdraw their funds from the bank after several Chinese banks were accused of defrauding investors. Among the banks accused of wronging customers were four banks in China’s Henan province which froze cash withdrawals in mid-April.
The move, which left billions of yuan in savings locked up and sparked rare protests across the nation, was speculated to be retaliation after regulators scrutinised alleged mismanagement. While Chinese regulators have promised to repay victims, side effects of the scandal have been felt on an international scale, sparking concern for a global crisis. It’s understood Bank of China customers have been rushing to withdraw funds in a desperate bid to avoid losing access if it opts to also put a freeze on accounts. “If you are already at the point where you think the Bank of China could go under and you need to get your money out now your not going to trust any bank. If bank of China goes under would make the 2008 Global Financial Crisis look like nothing,” one Reddit user wrote.
(Excerpt) Read more at news.com.au ...
um... just use your debt card? pay all your bills directly from your bank account, or transfer the money electronically?
soooo many options to get money out.
the simplest thing for me would be to simply deposit money into an investment account from the bank and let the investment company try to collect the money from the bank.
Accounts in China are frozen. These branches in Australia have not frozen...yet.
But accounts that have been frozen cannot use a debit card.
Bank of China is owned by the Chinese Government
https://en.m.wikipedia.org/wiki/Bank_of_China
It is a VERY bad sign that they are slow on giving people their money. You would expect the Chinese government to avoid even the slightest HINT of their economy being less than 100% sound.
"One Reddit user" -- is that more or less reliable than "an unnamed Washington insider said"?
Over pay a credit card and they will send you a check back that you can deposit in another bank. Might take 30-60 days though.
The banks in China froze the accounts.
Perhaps but the people are probably Chinese Citizens and businesses operating in Australia which probably explains the situation and might affect their social credit score back in China if they were using western banks
More. Much more.
Reports of Depositor Accounts Being Frozen, as China’s Banking Crisis Spreads
https://www.theepochtimes.com/reports-of-depositor-accounts-being-frozen-as-chinas-banking-crisis-spreads_4611797.html
Banks with frozen accounts include
China Merchants Bank,
Industrial and Commercial Bank of China,
China Construction Bank,
Agricultural Bank of China,
and Ping An Bank.
Bank Collapse Fears
Zheng Yi, a former investment banker in mainland China, shared the same view.
“The banks are in the most difficult position now. They have lent out all the money, but now they cannot collect the money. If there is a run at this time, the banks will collapse. Now the risk is with the banks,” he told The Epoch Times on July 17,
Zheng pointed out that the real estate developers’ cash flow has broken so they stopped construction, but now the banks want the home buyers to continue paying mortgages for unfinished houses, while the buyers require the developers to resume construction before they resume paying mortgages.
“But how can the developers resume construction, and where will they get the funds for it? It’s like a dead game. At present, there is no solution now,” he said.
Dr. Xie described the implications of China’s current banking crisis.
“The situation seems to be very serious as the funds of the banks are drained and dried up, due to embezzlement and inadequate supervision by the authorities,” he said.
“This financial turmoil is now spreading to over 25 provinces in China and it is soon going to cause damage to the second half of the year of the Chinese economy.
“And, if China steps into recession in the third quarter, which is almost certain, the world economy will also feel the pain as demand from China dries up.”
“The simplest thing for me would be to simply deposit money into an investment account from the bank and let the investment company try to collect the money from the bank.”
Or vice versa transfer money from an investment acct. to your bank act. and let the bank deal with it.
My wife uses our checking acct. to auto pay her main credit card. She has to do nothing if she lets the suggest payoff happen a couple of weeks after getting our bank statement.
My main credit card allows me to pay whatever I want to pay and whenever from our checking acct.., in minutes online.
Our bank closed an inside ATM at a grocery store I shop at supposedly due to Covid. This year, I took picture of a competitors’ ATM in another competitive grocery store and sent copies to our local bank manager and the grocery store manager and told them to get with the program or lose our business.
A month later, the bank set up a new ATM in that grocery store. They sent me a picture of their new ATM in that store.
I don’t understand this.
If you transfer money into an investment account from a bank account, and they aren’t able to collect from the bank, they are going to dock your account for the funds they are unable to collect from the bank.
“One Reddit user” — is that more or less reliable than “an unnamed Washington insider said”?
Lord help us! A Reddit user said blah, blah and blah.
Definitely, the financial flash bulletin of our day. Thanks for the hot Reddit tip!
It would help to know what the CBD is.
Next time put it in pig-latin.
Any pictures of the line , are they all Chinese ?
Those things will work great in America. China is a whole different ball game. They executed the managers of the company that made poison dog food, even though they were following the recipe. They can take people to jail for having a religion and cut out their vital organs to sell. They can flood entire cities to keep a dam from breaking without admitting they did it so they can avoid compensating the people who lost homes and cars. They can take pregnant women and extract viable babies from their wombs if they already had a child. They can lock people inside their homes and weld the doors shut to prevent the spread of Covid. So yeah big talkers go ahead and use a debit card to get money out of a frozen account in China.
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