HSBC want to know what I am doing with my money

BingBong

This morning I phoned my bank to arrange a large cash withdrawal. I need to give them some notice and take photo ID, which is all fine. But the agent rang me back to advise me that they will want to know what I am going to do with my own money! I've seen discussions on this very point previously, either in Martin's email or on the Facebook page, but now of course, I can't find it. I thought HSBC had stopped doing this? (This is for building work but nonetheless, I think it's none of their business). Anyone remember this discussion?

NotRichAtAll

i personally think this is not right at all, it's your money tell them you want it all to blow on drugs and prostitutes as you have recently gone through a traumatic experience and feel like a change

BingBong

That's exactly what I thought I should say! I just wondered if they refuse people who can't show what they are going to do with the cash.

GingerFurball_2

NotRichAtAll wrote: »

i personally think this is not right at all, it's your money tell them you want it all to blow on drugs and prostitutes as you have recently gone through a traumatic experience and feel like a change

Good one .

PasturesNew

I bet they're just fishing for opportunities to sell you something ... e.g. car purchase - get you an insurance quote. Even a new hobby could give them an elbow in to checking your household insurance policy will cover a new expensive item.

grumbler

BingBong wrote: »

I've seen discussions on this very point previously, either in Martin's email or on the Facebook page, but now of course, I can't find it. I thought HSBC had stopped doing this? ...Anyone remember this discussion?

HSBC only allow over the counter withdrawals of £1000 per day....
HSBC refused to give cash cheque

BBC wrote:

"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".

:rotfl: It was January when they said this. I guess in fact they had no intention to update anything.

PasturesNew wrote: »

I bet they're just fishing for opportunities to sell you something ... e.g. car purchase - get you an insurance quote.

I bet you greatly overestimate their intelligence

Strapped

Yep, my first thought was the "women and wine" answer!

Seriously - !!!!!! business is it of theirs?

innovate

Have you got an account at another bank? If so, make a Faster Payment to that account and withdraw your cash from there.

If you don't have another current account elsewhere, may be this episode is enough reason to get one now. HSBC's obsession with interfering in people's finances is disturbing.

BingBong

I knew I'd seen that they were not supposed to do that now! Unfortunately, we are transferring to HSBC as it's easier for me to pick up the dosh rather than my other half (who works is quite strict).

I will go prepared but if they do actually ask for proof, I shall complain.

Ebe_Scrooge

I'm just wondering if it's them being a bit over-zealous with anti-money-laundering laws ? I know banks are supposed to perform "due diligence" to spot / prevent money laundering, maybe they're just trying to make sure they abide by the rules, however misguided. But I agree, it really should be none of their business.

I remember several years ago, buying a house. I had to show passport, birth certificate, etc., to my solicitor so he could check for money laundering. Hang on, you're my solicitor, you already know my address and personal details, and I don't even get to see the money, the mortgage company pays it direct into YOUR account !!! How daft can you get ?

pinkteapot

"So, I met this guy in the pub. He does cut-price cryogenics. For just £20,000, he's going to freeze my body when I die and he PROMISES I'll wake up in the 24th century. You should give him a call. Here, let me give you his details..."