HSBC only allow over the counter withdrawals of £1000 per day....

DaveTheMus

http://www.thisismoney.co.uk/money/experts/article-2540445/What-maximum-money-I-withdraw-HSBC.html

I think this is unfair.....

Do you think it's a step too far?

edit:
If you're a Mexican drug lord then the rule doesn't apply

Alter_ego

No, I think if more is needed an advance arrangement is the way to go.

[Deleted User]

It was 9 years ago, but Natwest were quite happy to let me withdraw several thousand - with a few days advanced notice. Yes, they wanted to know what it was for, but i told them, and they didn't need evidence.

The_pc_tech

Sounds sensible to protect customers in case their ID/cards have been stolen.

If I needed more than that I'd talk to the bank in advance anyway.

I expect a bank to protect the money I put into their care.

DaveTheMus

Alter_ego wrote: »

No, I think if more is needed an advance arrangement is the way to go.

In the article, the person states they did give the bank prior notice but there was no movement....even now they can only withdraw £1000 every day.

innovate

Seems HSBC have now completely lost the plot.

Mind you, it is a Daily Mail article, so there is hope.

DaveTheMus

DaveTheMus wrote: »

A strange thing has happened in the last few days. I went to withdraw £10,000 cash from my HSBC account in Swindon which is in credit by about £50,000
However, HSBC will not let me take out anything over £1,000 cash over the counter. I gave them warning, but they say they must know what I will use it for - they want to see evidence of hotel bookings etc.
In short, they refuse to give me my cash. HSBC say it is new internal rules to help prevent money laundering. But for example, what if I want to buy a £5,000 car? It said I’d have to put down a deposit and show them the receipt first.
I find this outrageous and an invasion of privacy – why do HSBC get to decide what I do with my money?
In the meantime I can take out only £1,000 per day until I shut my account which I shall do and all that time they will be investing my money and gaining interest from it. P.H.D, via e-mail.

the letter sent into this is money

jonesMUFCforever

I suppose any customer could sue the bank for loss of bargain if they lost out because of these rules.

Wouldn't it be easier and fairer if they sent every customer an updated terms and conditions stating exactly what the rules for withdrawing are?

Goldiegirl

jonesMUFCforever wrote: »

I suppose any customer could sue the bank for loss of bargain if they lost out because of these rules.

Wouldn't it be easier and fairer if they sent every customer an updated terms and conditions stating exactly what the rules for withdrawing are?

They'd probably be sending new terms and conditions every week! :rotfl:

maas

What happens if you just say that if you wont give me more than £1k a day, then I'll close my account and want all funds returned to me, all £50,000?

Goldiegirl

maas wrote: »

What happens if you just say that if you wont give me more than £1k a day, then I'll close my account and want all funds returned to me, all £50,000?

They'd close the account. If you'd provided them with details of the bank account where you'd like the proceeds sent to, they'd send it by FP or Chaps. If they had no other account details, they'd send you a cheque.

What they wouldn't do is roll over and say, 'oh you have £50,000, we'll do anything you ask even if it is against our policy'