Gambling Online Guide

Bank with No Monthly Charging And No Minimum Balance Required. Sign up today! Australia’s banking regulator says it had no idea of the Bank of Queensland’s controversial fresh savings account that gives tickets in a monthly drawing rather than a competitive interest rate, despite claims it had approved it. The account has been criticised for supporting gaming because it requires clients to forgo an ordinary 3.5 per cent in yearly interest for the opportunity to win $20,000 a month. In standing up for the account yesterday, Bank of Queensland (BoQ) chief executive David Liddy said the corporation had gone through two years of examination and been accepted by the Australian Prudential Regulation Authority, as well as and state drawing commissions.

Advertisement: Story continues under Although an APRA spokesperson said the regulator had only learned about the product yesterday. It had not accepted the account, nor was it essential to. BoQ chief operating officer Ram Kangatharan was forced to defended his boss, who was on a flight when the revelation was made. Mr Kangatharan apologized and said Mr Liddy had been incorrect. Still, he said the account had been granted the go ahead by the relevant state and territory lottery commissions, who regulated savings accounts with trade promotions. “We can pretty much go ahead with it,” Mr Kangatharan said.

Consumer and anti-gambling advocates flagged legal action within hours of the product being revealed at the bank’s entire-year profit declaration in Brisbane yesterday, as revealed exclusively by brisbanetimes.com.au today. Independent Senator Nick Xenophon, who stanchly opposes gaming, too spoke out about the account today. Mr Xenophon said he would follow authorities to explain why the product was approved and he intended to raise the issue in Senate Estimates the following week. The Win Account, to be premiered on November 15, will be the start of its sort in Australia and is based on similar products in New Zealand.

It has few fees and offers an yearly interest rate of 1 per cent, compared to most other savings accounts that propose about 4.5 per cent. Customers will be lured to the Win Account on the probability they can win the $20,000 1st award in a monthly lottery, with an initial total prize pool of $30,000. When a minimum $250 is deposited, every dollar in the account will receive a ticket in the lottery. But a customer who deposits $1000 into the account stands to go down about $35 per year in interest. Consumer groups GetUp! and Choice, which are already pursuing class activity against 12 banks for what it claims are dishonest fees, have mooted equivalent action against Bank of Queensland.

Choice spokesman Christopher Zinn said the account was “irresponsible” and would encourage gambling, while GetUp! described it as an “unethical” banking practise. The Salvation Army’s head of difficulty gambling services, Gerard Byrne, said the product was improbable to impact present-day problem gamblers, who largely did not save money. Nevertheless, it would ultimately propel new gamblers. Mr Liddy said yesterday the bank had made the account because it was ineffective to offer competitive interest rates compared to the big four. He rejected suggestions it would promote gambling. “It’s not gambling. You’re putting your money securely in a bank and being eventually rewarded … you’re not putting your money at endangerment at all,” Mr Liddy said. “It’s a atypical account that will be of interest to some people and some it won’t. We’re not trying to order to people what they do, people will make that choice. “All our market study and the behaviour of the merchandise in other markets suggests many people will love it, others won’t touch it.”