Hello and foundation question

[E.H.]

Hi,

I have received a similar letter from the ANZ. ☹

[morag-janet-of-the-hill-family]

In the letter it says ‘we may restrict your account’ it doesn’t say they will restrict your account. This offer to contract and an offer for you to complete some work for them free of charge and an offer to confess certain things to them that may be of a private nature. As one option you could send them your fee schedule and state you will be happy to comply once they pay the applicable fees for work completed by you and if they restrict your account in any way it will be seen as a breach of contract. Another option you could ask if that does not breach privacy rules that they stand under. In NZ it says in the Privacy Act you do not have to disclose information if it ‘intrudes to an unreasonable extent’ upon your privacy. You could look up your Privacy Act to see what it says. Just a couple of suggestions.

[rdav]

Hi freedompaulo,

Thanks for the info re MDarwin. I noted he has dissappeared and wondered what had happened. I have a foundation set up by MD ~15yrs ago. Westpac sent me letters wanting info about “source of wealth” etc. I am extremely uncomfortable with these questions on the forms so was delaying until I had understanding on how to proceed. On 6th Feb, the day before due date, (7th Feb), I wasn’t able to log into to Westpac website. I phoned Westpac and was disconnected 2x by two rude staff who wanted me to fill out the forms with their “help”. This was quite nerve racking and things were looking grim. Made a cup of tea, chilled for a bit, made another call, and got through to super staff lady who was able to understand the situation. She restored credentials and I was able log in, to find that the accounts had been frozen. Another 2 calls to Westpac to get to Business services where the lovely lady was able to unfreeze the accounts with help from her collegues. With the help from these peeps deep inside Westpac, was able to consolidate the funds. Got to local branch withdrew all funds 15mins before closing. phew! Looking today (7th) the account is still live and able to login, albeit with $0.08 remaining. Dunno if I ever would use Westpac again for a foundation. Looking about for replacement.

[morag-janet-of-the-hill-family]

Trust-and-Bank-accounts-Q-and-A.odt 25 KB OpenDocument Text - Click to view

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[rdav]

thanks morag-janet-of-the-hill-family for this document!

I study it carefully and use it for the Westpac request.

[morag-janet-of-the-hill-family]

Mark also had trouble with Westpac and has found a more reliable bank, it sounds like have made the right move.

[donnarose]

hello morag-janet, Can you pls advise which bank Mark used that was less troublesome? thank you

[morag-janet-of-the-hill-family]

I’m sorry I don’t know, he just said he went to another one.

[morag-janet-of-the-hill-family]

Wise-Account-and-Trust-info-2.pdf 19 KB PDF - Click to view

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[G]

I was wondering what the context or question was that resulted in the anwer in that PDF? Was it related directly to a question about setting up a trust bank account or something entirely different?

[morag-janet-of-the-hill-family]

yes it was a member providing details of a bank that did not cause the hassle t banks are now causing, and the member was a to successfully open a Trust account with them.

[krisstie]

Hi, I’ve heard that the ATO has now decided to target Private Foundations, and that the ID requirements wanted by Westpac is a “government requirement”. See the Global Wealth Club channel on Youtube. I am still trying to get this account closed, however are there any other steps to close down the Foundation. As its private I’m assuming just completing Minutes where the participants agree to close it down. Am I correct in this assumption?

[morag-janet-of-the-hill-family]

Are you closing the Foundation or the account? If it is a private Foundation they have no jurisdiction unless you invite them in. They are making an offer.

Wise-Account-and-Trust-info-1.pdf 19 KB PDF - Click to view

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[krisstie]

Cancelling both

[morag-janet-of-the-hill-family]

it sounds like you are proceeding correctly to achieve this end.

[chuggles]

Last year Westpac went and closed a bunch of Foundation accounts. In my case they also said they have reviewed their policies and will no longer serve me as a customer.

I have my suspicions why and it relates to Private Foundations from a certain provider (probably not known to most people here).

I have had no other problems with other banks.

Yes banks are under pressure from the government for KYC (know your customer) requirements. I have been contacted more than once about verifying info and source of wealth.

It is their ‘sandpit’ so they can make the rules. I considered the situation and ended up going in to branch to get it sorted. They were very helpful and all the matters have been resolved.

[morag-janet-of-the-hill-family]

What did you state was your ‘source of wealth’ or were you able to side step that somehow?

[chuggles]

A generic response like ‘investments’ was sufficient. If people have sold a property or had an inheritance they might include that.

[morag-janet-of-the-hill-family]

Thank you that’s very helpful!!