A number of people yesterday in Sydney forgot this lesson, when a bit of a frenzy erupted over the idea of free money being dispensed by Commonwealth Bank ATM’s. Apparently there was a glitch in the bank’s ATM system which meant that the machines dispensed cash without being able to check the balance of the customers’ accounts.
Hundreds of people at dozens of locations around Sydney queued up to 30-deep after social media sites went haywire with reports the bank’s ATMs were giving out “free” money. Customers with a few dollars in their accounts were suddenly able to withdraw hundreds and, as they texted and tweeted their unexpected windfalls, the crowds quickly grew.

“People were running past me screaming ‘Free money! Free money!’,”
Punchbowl pharmacy manager Feriale Zakhia said of the people using a nearby ATM.
“Everyone was so happy. They were running around with huge smiles.”
At Fairfield, a group of about 30 people outside the bank branch turned nasty when trying to cash in.
“People were yelling at the top of their lungs that all this money was spilling out of the machines,”
witness Peter Kastarian said.
“All these guys were jumping on top of each other to get to the front.
“It was insane.”
Rather unsurprisingly, to any moderately intelligent person, those who thought they hit the jackpot yesterday, don’t get to keep the money. The bank wants it back. And the police warned people caught withdrawing more than they had in their accounts would be traced and could face up to 10 years jail for fraud. Well, duh!!!!
I really don’t have any sympathy for the people who took money out having to repay it. I’m perfectly willing to hook into the banks over their excessive fees and charges and some of their other practices, but in this instance, if I were the bank, I’d be demanding immediate repayment, and on failure to receive it, would refer the customer straight to the police.
According to a spokesman for the Consumer Action Law Centre:
“Customers won’t necessarily be able to keep any money that they’ve got, but that doesn’t mean the bank’s got the right to just take that money back in a lump sum. They might have to work out some repayment arrangements.
No, I don’t think the customers in this case have any rights to expect anything other than give the bank the money back immediately.
According to Christopher Zinn from consumer organisation Choice:
“There’s no doubt plenty of legal precedent that if you are given funds by mistake or by some banking error, that that doesn’t somehow confer you the right to keep them and I think they want to communicate that issue,”
“But I think it will be very interesting to see if any criminal prosecutions come about as the result of this.”
arguing (correctly) that the bank would need to prove some intent on the part of those who withdrew the money. I don’t think this will be too hard to prove in cases where for example someone who routinely has an account with $50 in it suddenly takes out $1,000. Sure, people can make innocent mistakes and overdraw their account, like taking $500 out when you only had $450 in the bank. Still doesn’t absolve them from repaying the money immediately, but its a matter between them and the bank not a criminal one.
Seems the police have been quick off the mark, with 2 men already arrested over the matter. Ertem Adam Toklar, 18, yesterday used three separate ATMs a total of 10 times to withdraw $1500 for his cousin. Documents tendered to the court revealed Toklar, of Northmead, was given $50 by his mates to withdraw the money. He has pleaded guilty to dishonestly obtaining financial advantage. His friend, Elias Khouzame, 20, was also arrested and charged with the same offence.
Really, how dumb are these people who thought “wow, free money” without it occurring to them that it wasn’t theirs and would have to be repaid. Big fail on the honesty test for them, I guess.