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There are no guarantees but they're not really needed. Australia isn't like the US, we don't have a large population of unbanked people. Banks are usually free,

There are no guarantees but they're not really needed. Australia isn't like the US, we don't have a large population of unbanked people. Banks are usually free, either because you have enough money to make the minimum deposit or because you're low enough income to qualify for a free account. The documents required to open an account [0] are also very basic necessities you'll need to live in general. And I think practically, there aren't going to be issues here. Where are you storing >$10k if not in a bank? I think the kinds of people paranoid enough to do that aren't going to go around making >$10k financial transactions. [0]: https://www.commbank.com.au/guidance/consumer-finance/what-documents-do-you-need-for-an-in-branch-id-check-201612.html https://www.commbank.com.au/guidance/consumer-finance/what-d...

fit2rule 7y ago
>Australia isn't like the US, we don't have a large population of unbanked people. Yes we do: First-Nation people, who will now be excluded even more from large-property transactions ...
- throwaway9d0291 7y ago
  Do you have data to back that up? I had a quick look and couldn't really find anything about them in particular, just this NAB report [0] linked elsewhere in the thread that breaks down by a number of other attributes. [0]: https://www.nab.com.au/content/dam/nabrwd/documents/reports/financial/2014-measuring-financial-exclusion-in-australia.pdf https://www.nab.com.au/content/dam/nabrwd/documents/reports/...
  - fit2rule 7y ago
    https://www.fos.org.au/custom/files/docs/ccmc-special-report-access-to-banking-services-by-indigenous-customers.pdf https://www.fos.org.au/custom/files/docs/ccmc-special-report... Quote: "Indigenous Australians are around twice as likely as non-Indigenous Australians to be financially excluded –that is, to lack access to appropriate and affordable banking services and products. " Too often, Australian Aborigines lack proof of identity: https://www.smh.com.au/national/aborigines-lack-proof-of-identity-20090122-7nx3.html https://www.smh.com.au/national/aborigines-lack-proof-of-ide... "MANY Victorian Aborigines are barred from obtaining a driver's licence, voting, opening a bank account and receiving social security benefits because their births were never registered and they officially don't exist." "The sharing of devices leads to insecure banking, causing some to avoid online banking and Centrelink accounts altogether." Just one more in a grand litany of incidents where Australian Aborigines are excluded from the society that stole the land from them ..

fit2rule 7y ago

>Australia isn't like the US, we don't have a large population of unbanked people. Yes we do: First-Nation people, who will now be excluded even more from large-property transactions ...

throwaway9d0291 7y ago
Do you have data to back that up? I had a quick look and couldn't really find anything about them in particular, just this NAB report [0] linked elsewhere in the thread that breaks down by a number of other attributes. [0]: https://www.nab.com.au/content/dam/nabrwd/documents/reports/financial/2014-measuring-financial-exclusion-in-australia.pdf https://www.nab.com.au/content/dam/nabrwd/documents/reports/...
- fit2rule 7y ago
  https://www.fos.org.au/custom/files/docs/ccmc-special-report-access-to-banking-services-by-indigenous-customers.pdf https://www.fos.org.au/custom/files/docs/ccmc-special-report... Quote: "Indigenous Australians are around twice as likely as non-Indigenous Australians to be financially excluded –that is, to lack access to appropriate and affordable banking services and products. " Too often, Australian Aborigines lack proof of identity: https://www.smh.com.au/national/aborigines-lack-proof-of-identity-20090122-7nx3.html https://www.smh.com.au/national/aborigines-lack-proof-of-ide... "MANY Victorian Aborigines are barred from obtaining a driver's licence, voting, opening a bank account and receiving social security benefits because their births were never registered and they officially don't exist." "The sharing of devices leads to insecure banking, causing some to avoid online banking and Centrelink accounts altogether." Just one more in a grand litany of incidents where Australian Aborigines are excluded from the society that stole the land from them ..