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

Hominu

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?

I know someone whose tried that, although the amount involved was more like £10,000. They gave HSBC 7 days notice (in person, with id) that they wished to close the account and wished to withdraw the account balance. They replied saying they could only give them £1,000 in cash and a cheque for £9,000.

henm2

It's a Daily Mail article (or as I nickname it the 'Daily Truth') so you can normally ignore most of what they print or publish online.

However HSBC do have fairly new procedures regarding large cash transactions in or out on personal accounts (not business accounts yet for some strange reason). They will not define what is classed as 'large' but I believe it is well more than £1000-00.
Basically you need ID and documentation to what the cash relates to before they will carry out the transaction.

See this earlier thread for more details
https://forums.moneysavingexpert.com/discussion/4850950

zerog

HSBC closed my account for paying a £3000 credit card bill using their debit card! Though I was "abusing" their overdraft and stoozing my credit report...

Anyway FD is fine and still gives access to their branch network

Thrugelmir

DaveTheMus wrote: »

I think this is unfair.....

Do you think it's a step too far?

With modern technology, i.e. on line banking, use of "cash" has diminished considerably. One assumes so has the amount of physical cash that branches hold as well. HSBC were hit with a sizable fine so there reaction as an international bank is understandable.

Can't see a problem myself. Providing evidence seems reasonable a request.

Switch banks if you don't like the one you are with.

dzug1

And also bear in mind that the banks have to comply with money laundering rules. To an extent how they do this is up to them - but they may have 'hidden' instructions that they are forbidden to tell you about. How they do that ranges from declining to discuss it to making something up.

themull1

ive been in HSbC for thirty years, and didnt know this policy, about ten years ago i took three grand out with prior notice and didnt have any problems.

The_pc_tech

It does seem quite clear why they are doing it, after all, someone leaving a branch with 5k cash is likely to be a target for theft if they are not careful or are followed.

I recently had to draw 500 quid from an ATM to pay for some tree cutting as the company wouldn't take a cheque as he'd had a few rubber ones and wouldn't invoice me or provide me with bank details to do a BACS transfer.

Anyway I went to an ATM within M&S as felt more secure but still felt a bit nervous but I quickly put it into a rucksack and quickly returned to my friend's car who was waiting outside for me.

grumbler

dzug1 wrote: »

And also bear in mind that the banks have to comply with money laundering rules. To an extent how they do this is up to them - but they may have 'hidden' instructions that they are forbidden to tell you about.

What you are saying is hiding behind the rules, not complying with them.

How they do that ranges from declining to discuss it to making something up.

Absolutely.

innovate

The_pc_tech wrote: »

It does seem quite clear why they are doing it, after all, someone leaving a branch with 5k cash is likely to be a target for theft if they are not careful or are followed.

LOL. As if any bank, or their employees, would be concerned about somebody getting mugged on leaving the bank.

But if they were, they could show the customer their concerns in writing, so nobody can overhear any conversation. And they can put the money very discreetly into an envelope, rather than counting it out loudly.

Concern about customers' safety is not behind the funny rules popping up at HSBC.

System

Not really

My BS account details how much cash you can withdraw on demand and how much with notice.

There is nothing stopping HSBC doing the same, rather then customers finding out when they need a large cash withdrawal.

Goldiegirl wrote: »

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