Westpac home loan protest takes ironic twist

Friday 24 July 2009

Article by Mozo

A man who withdrew his entire lifesavings from his Westpac savings account has witnessed his money going straight back to the bank.

The Nelson Mail yesterday (July 23rd) broke the story of Roger Griffiths, a Mapua-based artist who has banked with Westpac for 25 years, who was refused a home loan because he could not provide a source of regular income.

In protest, he withdrew his entire NZ$190,000 ($152,000) retirement pot from his Westpac savings account and deposited it in a nearby branch of Nelson Building Society.

However, the paper today reported that, because of the society’s small size, it has shifted the cash back over to Westpac.

Speaking to the paper, Nelson general manager Ken Beams explained: "Westpac clears our cash for us. It is better to sit in an account earning interest and that’s where it will be now. It’s ridiculous, really."

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