HSBC refused to give cash cheque

le_loup

Any "cash in hand trader" looking to screw the tax man, will as likely screw you.
Don't pay builders in cash!

jonesMUFCforever

opinions4u wrote: »

Are all builders money launderers?

No they are not but IMO they are all guilty of tax and VAT evasion.

innovate

May be the recently publicised restrictive practices of HSBC are all part of a cunning plan to make the HSBC UK retail arm more attractive to investors? http://www.bloomberg.com/news/2013-12-09/hsbc-may-sell-30-stake-in-u-k-retail-bank-in-ipo-ft-reports.html

Oh hang on, having more p****d off customers doesn't make a bank more attractive. So must be some other reason.

JuicyJesus

jonesMUFCforever wrote: »

No they are not but IMO they are all guilty of tax and VAT evasion.

"All" is a bit strong.

But if people are paying in cash and getting a discount as a result, which appears to be a common thing, where else precisely do they think savings are being made? If you're doing it legitimately (business account, proper accounting, tax being paid etc.) it's more expensive for the merchant to take cash...

henm2

This exact same topic came up a couple of weeks ago but on that occasion that particular OP pulled/wiped a very useful informative thread. I wonder why.

Yes this policy of HSBC is all to do with the latest round of their enhanced worldwide anti money laundering procedures and applies to large cash deposits as well as withdrawals. HSBC will not define what is a 'large' cash transaction.

For large cash transactions through a HSBC personal account in or out you need ID and acceptable documentation e.g. paying a builder-letter headed invoice or say Cash from a car sale done via ebay-copy of the completed sale details off ebay. Without this HSBC will not do the transaction.

All this of course follows on from their US$1.9 billion fine last year due to lax AML procedures. They would rather lose custom than take the risk of losing their US banking licence with slack practices.

A lot of large cash transactions are related to tax evasion which is a form of money laundering.

So far the new policy re cash transactions does not apply to their business accounts but that is probably in the next phase of changes to their procedures.

grumbler

henm2 wrote: »

This exact same topic came up a couple of weeks ago but on that occasion that particular OP pulled/wiped a very useful informative thread. I wonder why.

I wonder too.
Posters cannot delete/pull/wipe threads. AFAIK, even Board Guides can only lock/move threads.
So, I wonder why MSE have done this.

Delphinum

A colleague had her purse stolen at Christmas 2011 from her office in the university I worked in and within an hour, the thief had withdrawn £5000 from her account at the counter. I'd be glad they double checked things rather than just let you walk out to be honest.

techspec

Delphinum wrote: »

A colleague had her purse stolen at Christmas 2011 from her office in the university I worked in and within an hour, the thief had withdrawn £5000 from her account at the counter. I'd be glad they double checked things rather than just let you walk out to be honest.

So you think asking what they want the money for - and the scammer says new car - is a great security measure?

Think proof of ID and security questions might have been better.

Totally different things.

My time with HSBC was appauling. Switch to another bank.

1jim

Have to admit I wouldn't be happy with this. In my opinion it's my money, I can choose to spend it on whatever I want.

I wonder if they could refuse if op had said they wanted to withdraw it to keep at home under the mattress as they felt it was safer than in the bank. There's absolutely no proof that could be provided to the bank to prove this.

I have withdrawn cash before from Halifax and other banks without these questions, thing like cash for the builder (it's between me and the builder how we decide to conduct the transaction) or buying a car...visiting several private sellers with cash in pocket ready to buy one I liked...again no proof of sale as I'd need the cash before getting a receipt!

If I'd been refused I'd have spoken very loudly about the bank not giving me my money (presuming had been ordered etc), then they have a formal complaint right to the top, then final resolution letter then a complaint to ombudsman (I believe this costs the bank...or it used to, not sure now though)

One things for certain though, any bank that refused to give me MY money would lose my account and all associated accounts regardless of money laundering suspicions or not

henm2

HSBC would suggest the other methods of making payments such as bill payment/faster payment or chaps or cheque rather than cash. This gives an audit trail bank account to bank account and is a deterrent to the tax evasion/money laundering that is often associated with large cash transactions.

HSBC would rather close accounts than be associated or run the risk of being involved/associated with money laundering that large cash transactions entail.

I hope this thread does not get pulled/wiped like the last one.