Westpac's CEO has apologised to a customer after the bank froze his accounts and blocked a transfer when he tried to use his savings to invest in cryptocurrency.
Earlier this month, Tim deposited $80,000 into his Westpac account before transferring $50,000 to CoinSpot - Australia's cryptocurrency exchange platform.
Tim had planned to assess the market before choosing how to invest his money, TOTOSLOTO with the intent of investing in Bitcoin.
He received a text message from Westpac alerting him that the transfer had been blocked and advised him to contact their risk management team.
Tim decided to record his phone conversion with the representative and played the audio for Ben Fordham on 2GB radio.
In the clip, the representative explained to Tim that when he signed on as a customer he had agreed to the bank's terms and conditions.
'You're the bank, you've got my money.
