Withdrawing cash from bank

talexuser

Anybody seen this story?

http://www.bbc.co.uk/news/business-25861717

Frankly I'm amazed it did not get more publicity and public reaction.

Before you can withdraw a few thousand from the bank they not only want to know what you want your own money for, but also have to produce a booking receipt or estimate in writing to show them before they let you have it...

I know we much be vigilant about money laundering, but this...?

innovate

Been discussed for a while now over on the Budgeting and Bank account board.

Not only did they not let people withdraw money, some also reported they couldn't deposit into their longstanding accounts because they had no proof for the source of the money.

Banana republic run by banksters......

puk999

Unbelievable! It's none of their business IMHO.

badger09

Hmmm

Wearing my 'devil's advocate' hat:

Late last year my 76 year old sister went into her local HSBC branch (who didn't know her as she only moved to the area in July), accompanied by a much younger man. She wanted to withdraw about £2500 if I remember correctly. The cashier asked if she would spare a minute to have a private word with another staff member.

My sister was a little puzzled but agreed. In a private room, the staff member basically asked if my sister was withdrawing the cash of her own free will, or was she being pressurised by the burly young man. She was at first a little annoyed at the question, but on reflection, agreed it was for her protection that the question was asked. It was all fine, the young man was a builder friend of her son and was doing some work on her new home.

Without going into why he wanted £2500 in cash :cool: I'm grateful HSBC asked the question on that occasion:). That's not to say I agree with their apparent new 'rules'

talexuser

Good example, if that was my elderly Mum I would be happy too!

But if a middle aged man on his own who has had an account with them for years wants 10 grand in cash from his account to buy a second hand car he has inspected and agreed a deal, or fancies a world cruise, what possible business is it of theirs?

comeandgo

Even middle aged men can be bullied or pressured into withdrawing money, just ask my husband.

talexuser

Ok then, let's all be assumed to be up to something dodgy before being able to prove our innocence.

dryhat

Yet HSBC have no problem with providing banking facilities to Mexican drug cartels and laundering $400 BILLION blood-soaked dollars.

What a corrupt bunch of murdering, lying thieves.

lvader

There isn't anything to stop people moving to another bank...

bigadaj

dryhat wrote: »

Yet HSBC have no problem with providing banking facilities to Mexican drug cartels and laundering $400 BILLION blood-soaked dollars.

What a corrupt bunch of murdering, lying thieves.

My understanding of that case was that they were found guilty of having insufficient measures and systems in place to prove that they weren't allowing this to happen rather than anything happening tangibly. This of course ignores the fact that, like standard chartered s Iranian dealings, it was widely interpreted as an additional tax on a foreign bank trading in New York.

Anyway all your money is in bit coin anyway, so it shouldn't bother you should it?

opinions4u

dryhat wrote: »

Yet HSBC have no problem with providing banking facilities to Mexican drug cartels and laundering $400 BILLION blood-soaked dollars.

What a corrupt bunch of murdering, lying thieves.

Well you've rather painted a picture to suit yourself, but let's take it at face value.

1. The Yanks fine them an obscene amount.

2. They carry out a root and branch review of their business exposure to the risk of inadvertently supporting money laundering.

3. They then, under "know your customer" rules, insist on customers effectively proving that they're not money laundering before allowing withdrawals.

So their apparently lax operations have been tightened and that upsets you. Double standards on your part to object.