HSBC refused to give cash cheque

System

A brief, polite question is one thing but insisting on an invoice for that value of withdrawal seems excessive.

If they were my bank, I would have asked when the remainder of my funds would be available in £50s / £100s for my new bank.

opinions4u wrote: »

It sounds like an over-zealous implementation of internal anti-fraud rules. It might be a dreadful anti-money laundering implementation too, but I suspect not.

But there are usually good reasons for why customers are asked questions that may be considered "personal".

Uxb

Everynamestaken wrote: »

Unless the bank is suspicious, they can't really stop you from withdrawing your own cash can they? So the reason to ask is, why were they suspicious?

Yes:
It is commonly misunderstood by pretty well everyone that when you deposit money either cash/cheque/Faster payments etc into 'your' bank account you are actually lending money to the bank and you become a creditor.

It is as such no longer "your money" anymore.

If anyone wants the services of somewhere that does indeed store "your money" and which does nothing until you want to take some out they need the services of a safe deposit house - for which you will pay a lot of money in fees for the service.

pelirocco

shortcrust wrote: »

Exactly what I was thinking. If the OP has just said 'building work' when asked rather than playing about they would have handed the money over - whatever you think of the policy, 'my own use' and 'thing' are just wind up replies.

Really?

the world really has gone mad if you have to have permission to spend your own money . I can (just) about understand it if you were paying in a large sum in cash

Another one for voting with your feet

Hooloovoo

Uxb wrote: »

Yes:
It is commonly misunderstood by pretty well everyone that when you deposit money either cash/cheque/Faster payments etc into 'your' bank account you are actually lending money to the bank and you become a creditor.

It is as such no longer "your money" anymore.

So, the post you quoted specifically mentioned withdrawing and yet you go on to discuss making a deposit. Why is that?

I doubt anyone has a problem with banks asking about where the money has come from when depositing large values in cash.

But this thread is specifically about taking money out. And frankly it's none of their business where the money is going once it has left their concern.

jonesMUFCforever

pelirocco wrote: »

Really?

the world really has gone mad if you have to have permission to spend your own money . I can (just) about understand it if you were paying in a large sum in cash

Another one for voting with your feet

This is how the world works these days - how many drug dealers that you know accept cash or debit cards?
A large withdrawal where it is out of character - the bank has a duty of care as well as being responsible with AML rules.

If indeed HSBC are insisting on invoices etc then I also would be voting with my feet especially as £6k is not a huge amount.

Goldiegirl

If the OP had just said 'Building work', when he was asked the question, he'd have walked away with his money with no further ado.


It was the evasive answers that probably caused the problem, and it gave the impression that there was something to hide.


I know it seems intrusive, but this was an out of character for the account cash withdrawal - so the cashier was just routinely asking for the reason for the withdrawal just to make sure all was in order.


The OP had a legitimate reason for the withdrawal, so there was no reason not to just reply truthfully to the question.

worriedindebt

It is the new AML policy I can confirm as a neighbour had the same problem when trying to withdraw £7000 for building work.. She was told she had to provide an invoice or could either write a chi to the builder or transfer it by internet banking to an account elsewhere.. It's the large cash withdrawals they are concerned about.. Probably to stop dodgy cash transactions to builders etc

opinions4u

worriedindebt wrote: »

It is the new AML policy I can confirm as a neighbour had the same problem when trying to withdraw £7000 for building work.. She was told she had to provide an invoice or could either write a chi to the builder or transfer it by internet banking to an account elsewhere.. It's the large cash withdrawals they are concerned about.. Probably to stop dodgy cash transactions to builders etc

Are all builders money launderers?

worriedindebt

opinions4u wrote: »

Are all builders money launderers?

Lol I doubt it.. Ask the banks it's their policy!
(Pot kettle black springs to mind)

Can't see how they can refuse you your money IMHO

Thrugelmir

jonesMUFCforever wrote: »

If indeed HSBC are insisting on invoices etc then I also would be voting with my feet especially as £6k is not a huge amount.

If I was paying a supplier a significant sum then I would want an auditable trail in the event of a dispute.

Cheques are dying out. I rarely withdraw cash. Spend mainly on debit card. Large cash transactions on the whole suggest evasion of some kind these days. As modern banking is so accessible and instanteous.