HSBC tries to imposes restrictions on cash withdrawals over 5,000gbp

[terryp]

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.

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

I had this problem in October ...I no longer use this Bank, if you think they have stopped dream on.

Remember any money deposited into a bank account NOW becomes the property of the bank (statute change 2013)

[MJP]

Remember any money deposited into a bank account NOW becomes the property of the bank (statute change 2013)

Do what? Say what?

[SheungWan]

Withdrawal of these amounts has not stopped at all. What has changed are the procedures for withdrawal.

Some people want their cake and eat it too. They criticise the banks for not taking care in how accounts are used for nefarious purposes and then complaining about the blowback.

[jbaldwin]

Withdrawal of these amounts has not stopped at all. What has changed are the procedures for withdrawal.

Some people want their cake and eat it too. They criticise the banks for not taking care in how accounts are used for nefarious purposes and then complaining about the blowback.

And this is only for cash transactions not cheques or bank transfers. How many people withdraw more than GBP5,000 in cash from a UK bank? I never have. Why not use a cashiers cheque or a bank transfer? HSBC got big fines in the USA for not preventing money laundering by its customers and now are trying to verify that that are valid reasons for customers in the UK making large cash transactions. It seems an entirely reasonable reaction.

[Naam]

Remember any money deposited into a bank account NOW becomes the property of the bank (statute change 2013)

incorrect information! deposits do not become "property" of the bank but are booked as "capitalisation" in the balance sheet of a bank which means, in case of the bank going belly-up, the cash becomes (except guaranteed by a third party) an "endangered species" similar to the money of other creditors such as shareholders and bondholders.

not since 2013 but this has always been the case!

[UbonOz]

Remember any money deposited into a bank account NOW becomes the property of the bank (statute change 2013)

Do what? Say what?

Correct.

Once you have deposited your funds with a bank you are no no longer the owner of the funds, you are a creditor of the bank.

Your funds can be used in any way the bank chooses, see link below.

http://www.bbc.co.uk/news/business-25887905

[UbonOz]

A little bit more light reading.

http://www.thaivisa.com/forum/topic/662729-do-you-have-funds-in-the-eu-read-below/

[midas]

Withdrawal of these amounts has not stopped at all. What has changed are the procedures for withdrawal.

Some people want their cake and eat it too. They criticise the banks for not taking care in how accounts are used for nefarious purposes and then complaining about the blowback.

" not taking care in how accounts are used for nefarious purposes "

Meanwhile they willingly allowed their whole bank to be used for nefarious purposes

[buckoy]

Bp

Sent from my iPhone using Thaivisa Connect Thailand

[midas]

I would prefer to listen to what Martin Armstrong writes any day than all the reassurances in the world from HSBC

Most banks have now used the money laundering pretense to limit cash withdrawals. They will ask all sorts of questions if you even TRY to withdraw your money. They realize we are on the verge of a crisis in banking on a global scale (less so in the USA). The worst banks are in Europe and that includes those in Germany and even Britain such as HSBC . Eliminate CASH and you eliminate BANK RUNS.

http://armstrongeconomics.com/armstrong_economics_blog/

[midas]

Could this have something to do with it ? This is written by Paul Craig Roberts who was Assistant Secretary of the Treasury for Economic Policy

Summers says that it is not enough merely to give the banks interest free money. More should be done for the banks. Instead of being paid interest on their bank deposits, people should be penalized for keeping their money in banks instead of spending it.

Summers acknowledges that the problem with his solution is that people would take their money out of banks and hoard it in cash holdings. In other words, the cash form of money provides consumers with a freedom to save that holds down consumption and prevents full employment.

Summers has a fix for this: eliminate the freedom by imposing a cashless society where the only money is electronic. As electronic money cannot be hoarded except in bank deposits, penalties can be imposed that force unproductive savings into consumption.

http://www.paulcraigroberts.org/2013/11/29/money-changers-serenade-new-plot-hatches-paul-craig-roberts/

Edited January 26, 2014 by midas

[SheungWan]

That would be the Paul Craig Roberts who is a nutjob of the first order. You know the drill: conspiracy theorist and the rest of it.

[midas]

That would be the Paul Craig Roberts who is a nutjob of the first order. You know the drill: conspiracy theorist and the rest of it.

you label everyone that speaks the truth as being a nut job. And what are your credentials?

" In 1993, the Forbes Media Guide ranked Hon. Paul Craig Roberts as one of the top seven journalists in the United States."

Edited January 27, 2014 by midas

[midas]

Edited January 27, 2014 by midas

[SheungWan]

That would be the Paul Craig Roberts who is a nutjob of the first order. You know the drill: conspiracy theorist and the rest of it.

you label everyone that speaks the truth as being a nut job. And what are your credentials?

" In 1993, the Forbes Media Guide ranked Hon. Paul Craig Roberts as one of the top seven journalists in the United States."

For starters he is a 9/11 Conspiracy nut job. Echo with anybody here?

[TallGuyJohninBKK]

One interesting aspect of this OP article is that it deals entirely with DOMESTIC cash withdrawals by UK customers in the UK.. It doesn't even deal with or mention whether the same issue exists at HSBC's foreign branches.

Meanwhile, the OP article says HSBC has since changed their policy re requiring documentation after customer complaints:

However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced."

[UbonOz]

One interesting aspect of this OP article is that it deals entirely with DOMESTIC cash withdrawals by UK customers in the UK.. It doesn't even deal with or mention whether the same issue exists at HSBC's foreign branches.

Meanwhile, the OP article says HSBC has since changed their policy re requiring documentation after customer complaints:

However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced."

The banks will say anything to reduce the heat.

I closed an account with an investment company in a European country last November. I am still trying to get my funds transferred from that bank.

Attempts to withdraw have been at the bank's discretion since April last year. It is not only me, I know of others with the same problem.

I get US$5,000 every few months, never knowing when it will appear.