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

alanq

Discussed on today's BBC Radio 4 Moneybox programme.
http://www.bbc.co.uk/iplayer/episode/b03s645z/Money_Box_25_01_2014/

Item starts near beginning of the programme and ends with "On Friday evening HSBC told us it was never its intention that customers should be prevented from withdrawing cash because they couldn't prove what it was being used for. It said that it was immediately updating its guidance to staff and apologised to the customers affected".

I_luv_cats

alanq wrote: »

Discussed on today's BBC Radio 4 Moneybox programme.
http://www.bbc.co.uk/iplayer/episode/b03s645z/Money_Box_25_01_2014/

Item starts near beginning of the programme and ends with "On Friday evening HSBC told us it was never its intention that customers should be prevented from withdrawing cash because they couldn't prove what it was being used for. It said that it was immediately updating its guidance to staff and apologised to the customers affected".

I wonder if the pay-off between too much 'Spanish Inquisition' and a little ole lady/man being conned by a scammer & a potential mugger
Etc. is worth the interrogation ?


I would feel inclined to tell them to 'DO ONE' if asked what I was doing with a volume cash withdrawal.


(Bad enough getting the hard sell from the banks when conducting business in the first place)

Archi_Bald

I know a good way of avoiding the annoying policies of HSBC - for starters, don't keep thousands in a bank that pays hardly any, or no, interest. There are plenty of alternatives.

alanq

Archi_Bald wrote: »

I know a good way of avoiding the annoying policies of HSBC - for starters, don't keep thousands in a bank that pays hardly any, or no, interest. There are plenty of alternatives.

Who says that the money to be withdrawn had been held in an HSBC account? One could bank with HSBC and have saved with one of the "alternatives" such as an online savings account with another institution. The only way to convert those savings back into cash is via a current account.

pimento

If I want to withdraw £10k to go to the casino, I expect them to pay me the cash and smile while they do it, not to give me the third degree.

I remember re-mortgaging a few years ago and being asked what I intended to do with the £250 overpayment (difference between the redemption and the new mortgage). I told them I was planning to have my hair done. What I should have said is 'none of your damn business'.

MarcoM

Does this apply to online transfers or chaps transfers in the branch?

henm2

No. It is only as regards large amounts of cash (Notes/coin) in or out on a HSBC personal bank account. HSBC will not confirm what is classed as 'large'.

HSBC business accounts are not affected yet.

HSBC would prefer it if you did large transactions electronically bill payment/faster payment or chaps in and out as it provides an audit trail for anti money laundering (AML) purposes.

starM

Hi, What about FD?

Anyone had a problem withdrawing funds from their First Direct account through HSBC?

I know couple of years ago when I needed to withdraw large amount, I rang FD they setup a password which I provided to HSBC branch to withdraw the money.

MS

rb10

henm2 wrote: »

No. It is only as regards large amounts of cash (Notes/coin) in or out on a HSBC personal bank account. HSBC will not confirm what is classed as 'large'.

HSBC business accounts are not affected yet.

HSBC would prefer it if you did large transactions electronically bill payment/faster payment or chaps in and out as it provides an audit trail for anti money laundering (AML) purposes.

The post here suggests that HSBC are applying this process to CHAPS, as well as cash.

henm2

starM wrote: »

Hi, What about FD?

Anyone had a problem withdrawing funds from their First Direct account through HSBC?

I know couple of years ago when I needed to withdraw large amount, I rang FD they setup a password which I provided to HSBC branch to withdraw the money.

MS

Still the same procedure but in addition subject to HSBC's new AML cash rules.