Topic: HSBC imposes restrictions on large cash withdrawals

[oldcoastie6468]

HSBC imposes restrictions on large cash withdrawals
By Bob Howard

HSBC customers requiring large cash withdrawals may be asked what they want the money for

Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.

New rules
Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box: "When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved."

Mr Cotton says the staff refused to tell him how much he could have: "So I wrote out a few slips. I said, 'Can I have £5,000?' They said no. I said, 'Can I have £4,000?' They said no. And then I wrote one out for £3,000 and they said, 'OK, we'll give you that.' "

He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.

HSBC customer letter
He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. "As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change," HSBC wrote.

http://www.bbc.co.uk/news/business-25861717

[Weisshaupt]

Move along
Nothing to see here.

Seriously,  how are banks going to be able to keep deposits (especially large ones) with these polices.
You will be better off having an account for convenience, but you keep no more in there than is required to be convenient
Every dollar you take out of a bank,  basically takes (at least) 10 of out their lending pool

Let. It. Burn.

[AlanS]

It's my f*&^ing money and they won't let me have it??

[Septugenarian]

Every dollar you take out of a bank,  basically takes (at least) 10 of out their lending pool.

So, if one were to withdraw say, $100K, over time, the banks lending ability would decline by a milliion? 

[Weisshaupt]

HSBC is now backing off this.. and I wouldn't give a crap.
Pull the money out.
http://www.zerohedge.com/news/2014-01-26/furious-backlash-forces-hsbc-scrap-large-cash-withdrawal-limit

[Weisshaupt]

Every dollar you take out of a bank,  basically takes (at least) 10 of out their lending pool.

So, if one were to withdraw say, $100K, over time, the banks lending ability would decline by a milliion? 

More accurately  they have already lent that Million, but will have to find another $100K to balance their books
I am sure the Fed will lend it to them, expanding the Money Supply still further

Ann explains everything (very well) in this 8 part video series. It is worth your time. Part 1 below...

The Economy Is Going To Implode - Part 1 of 8 | Ann Barnhardt

[Libertas]

Your money belongs to us!  No, really, it does!

[AlanS]

Your money belongs to us!  No, really, it does!

Except the the pittance we're allowed to keep.

[warpmine]

And the government has no answer to this fraud that they perpetuate every day.

the sooner we get to a system that employs real valued currency, the sooner we can get past this but of course that would put the government back into it's bottle.

Currently the banks are acting like a simple savings account is akin to a certificate of deposit and since they aren't paying diddly squat on anything, why have it there. It's no longer convenient to have a bank account.

[Libertas]

Your money belongs to us!  No, really, it does!

Except the the pittance we're allowed to keep.

They'll get that by other means (que Crony Capitalists and their Madison Ave Ad Wizards and Wall St Czars!).

[Libertas]

And the government has no answer to this fraud that they perpetuate every day.

the sooner we get to a system that employs real valued currency, the sooner we can get past this but of course that would put the government back into it's bottle.

Currently the banks are acting like a simple savings account is akin to a certificate of deposit and since they aren't paying diddly squat on anything, why have it there. It's no longer convenient to have a bank account.

That's because the Neo-Keynsians deincentivized savings in favor of incentivizing debt accumulation by the populace as a means to stimulate the economy with unsustainable activity that is augmented by creating fiat out of thin air and holding rates low so that the government can continue to swindle future generations through non-stop deficit spending that is primarily intended to keep the FSA & crony capitalist feed troughs flowing so the politicans can postpone the day they are strung up.

[oldcoastie6468]

May I remind everyone that the original post involved England only.

[Pandora]

May I remind everyone that the original post involved England only.

For now.

In any case ---

http://www.zerohedge.com/news/2014-01-26/furious-backlash-forces-hsbc-scrap-large-cash-withdrawal-limit

After all the last thing the bank, which over the past few years has been implicated in aiding an abetting terrorists and laundering pretty much anything, wants is an implied capital shortfall to become an all too explicit one.

[Libertas]

Yes, banker of scum, yet they go after Bitcoin and anything else that threatens their hold on power.  SSDD.

[oldcoastie6468]

I agree Pan; For now.

And as Libertas said, SSDD.

[Weisshaupt]

May I remind everyone that the original post involved England only.

There is no "England" in banking.   That is just he geographic location that this particular crack showed.  TPTB are testing the waters - probing - to find out what they can and can't get away with. So they try it in one small spot  and then another if it works, and so on.

The "Shutdown Boston without even a formal declaration of Martial law and empty homes searching for a wounded teeneager we could have found in 30 minutes with a bloodhound" is another example of this tactic.

[Libertas]

May I remind everyone that the original post involved England only.

There is no "England" in banking.   That is just he geographic location that this particular crack showed.  TPTB are testing the waters - probing - to find out what they can and can't get away with. So they try it in one small spot  and then another if it works, and so on.

The "Shutdown Boston without even a formal declaration of Martial law and empty homes searching for a wounded teeneager we could have found in 30 minutes with a bloodhound" is another example of this tactic.

       

Winner, winner, chicken dinner!!!