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Australia: QLD Bank Compared To Gambling!

Written by:
Greg Tingle
Published on:
Dec/11/2010
QLD Bank

Punters, casino and gambling millionaires, billionaires, politicians, journalists, bankers and everyone else.  Have you every heard that the financial markets and banking is a very close cousin of the gambling industry? Well, now, thanks to a Queensland, Australia based bank, a punter er investor, can have a gambling component included in their savings account. Yep, lock up the piggy banks, and enter the world of banking gambling. Media Man http://www.mediamanint.com and Gambling911 play Monopoly, Deal Or No Deal and Heist with this special report...

Have you every heard of the Bank of Queensland?

Firstly, from the get go, note its called the Bank of Queensland, not the Casino of Queensland, nor the Gambling Bank of Queensland.

Some columnists and customers of late were wondering if their funds go into a bank, slot machine or get placed on red or black on the roulette wheel.  Piggy banks and safety deposit boxes are no longer what many customers are thinking of when doing business with this bank. Ok, are we exaggerating? Just a touch, but read on and you will get the point punters (and potential Bank of Queensland customers).

The bank's managing director, David Liddy, has taken the right to suggestions that his bank's rather controversial new savings account was akin to gambling, although he acknowledged there were some alterations to the savings product - solution before its launch earlier this week.

The account, which we must say is modelled on similar products on offer in both  Britain (home to Monopoly) and New Zealand (land of sheep), pays out a low interest rate but allows savers to qualify for a monthly cash prize of up to $20,000! Not a bad jackpot hey.

"I want to assure all shareholders this is not a gambling product," 'Lucky' Liddy told the company's annual general meeting. "It is a new type of account in Australia aimed at people who want a novel way to save some spare cash.

"All deposits receive interest at 1% per annum and no capital is ever at risk."

In red October the Australian Securities and Investments Commission chairman, Tony D'Aloisio, expressed some concern that savings accounts linked to a lottery draw could mislead consumers.

So punters, er readers, will you be betting on red or black when you spin to win with you're new gambling er savings account with the Bank of Queensland?

And, if you find a better banking - gambling related financial product, let us know. We might just open an account also, but not CommSec, as we already have an account with them, and have shares in an Australian gambling company, but we're open to ideas. Oh, Surfers Paradise sports betting con men - no thanks, we already know about your so called 'Fantasy Sports Betting', probably located off that infamous 'Fantasy Island' TV scam. QLD, comon, show us why you're known as 'The Sunshine State', and give us some lovin and lucky money. Hot tips will go in the forum, you can bank on it.

Wrap Up...

Readers... er, punters, how did you like our report? How much do you gamble with the banking and financial sector? Tell us in the forum. 

If you have a bet, please bet with your head, not over it, and for God's sake, have fun.

*Greg Tingle is a special contributor for Gambling911

*Media Man http://www.mediamanint.com is primarily a media, publicity and internet portal development company

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