HSBC want to know what I am doing with my money

Atidi

BingBong wrote: »

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?

So you are happy to tell the world, so why not tell HSBC? :huh:

Let them know the full details of this builder who is wanting to be paid cash in hand. I'm sure another organisation with a 4 letter acronym also starting in H and ending in C will be very interested. :cool:

NotRichAtAll

Atidi wrote: »

So you are happy to tell the world, so why not tell HSBC? :huh:

Let them know the full details of this builder who is wanting to be paid cash in hand. I'm sure another organisation with a 4 letter acronym also starting in H and ending in C will be very interested. :cool:

well i agree with the op why should he have to tell them, and what harm is there in venting this on an open forum?

Scarpacci

I must alone in this but I don't think it's unreasonable for banks to ask this and I would, personally, just answer honestly. I'm not generally a fan of "big brother" intrusion and usually want as little interaction with my bank as possible, but I know if I were handling money for someone I would want a reasonable idea for what it is being used. If I had a corporation in the business of handling other people's money, I'd think it reasonable to ask. Now, I'm not suggesting I would support banks withholding people's money if they fail to provide a "suitable" answer or for banks to go to extreme lengths to verify every individual story, but this seems fair enough.

It seems strange to feel comfortable telling the internet but not wanting a single person at the bank to know. Especially given how much a bank already reasonably knows about your finances and transactions. If you weren't withdrawing cash and were paying a builder by card, the bank would essentially know the same as you telling them this cash is for building work. We're willing for banks to know all kinds of information about us, but only on money spent by plastic and not withdrawn as paper? Where's the logic in that?

grumbler

Atidi wrote: »

So you are happy to tell the world, so why not tell HSBC? :huh:

Because 'the world' is happy to take the OP's word for this, but HSBC used to demand proofs.

Let them know the full details of this builder who is wanting to be paid cash in hand. I'm sure another organisation with a 4 letter acronym also starting in H and ending in C will be very interested. :cool:

If HMRC are that concerned about this they should impose legal restrictions on cash payments in the first place. As simple as that.

BingBong

I can show them the quote and plans but my point is more that I thought HSBC had stopped doing this, as Grumbler has shown. What if I didn't have the paperwork? Would they stop me getting access to my own money? What if I said, 'I'm lending it someone?" - would they consider that to be a laundering risk and refuse me my own money?

Also, I didn't say I wouldn't show them - I just don't see why I should have to. I am indeed happy to tell the world about my impending loft conversion at great length if anyone's really interested.....

BillJones

NotRichAtAll wrote: »

well i agree with the op why should he have to tell them, and what harm is there in venting this on an open forum?

Because it's a condition of operating the account.

Why do people want the banks to follow the rules, except when they are rules that people don't like?

OP, tell them the truth, and get an invoice from the builder, and you'll have no problem.

grumbler

BillJones wrote: »

Because it's a condition of operating the account.

Care to back this by citing the conditions?

Why do people want the banks to follow the rules, except when they are rules that people don't like?

Are you saying that all other banks are breaking rules?

le_loup

......... always get an invoice.
A builder who receives cash and does not declare the transaction could be guilty of money laundering and someone paying cash without the proper paperwork could be equally guilty.
It's no good us complaining about tax evasion by others and then being a party to it in our own dealings.

MPH80

grumbler wrote: »

Care to back this by citing the conditions?
Are you saying that all other banks are breaking rules?

While there isn't a condition about you having to give the information - this is the T&C entry that allows HSBC to make the enquiry:

25.4. We, or any other member of the HSBC Group,
may take whatever action we consider appropriate
to meet any obligations, either in the UK or
elsewhere in the world, relating to the prevention of
fraud, money laundering, terrorist activity, bribery,
corruption, tax evasion and the provision of financial
and other services to persons who may be subject
to economic or trade sanctions. This may include,
but is not limited to, investigating and intercepting
payments into and out of your account(s)
(particularly in the case of international transfers of
funds) and investigating the source of or intended
recipient of funds. It may also include making
enquiries to establish whether a person is subject to
sanctions. Exceptionally, this may delay the carrying
out of your instructions or the receipt of cleared
funds but, where possible, we will advise you of
the reasons for and likely length of any delay. If we
are not satisfied that a payment in or out of your
account is lawful, we may refuse to deal with it.

Now - if you don't comply with the investigation - they can simply refuse to make the payment as they are not satisfied with it.

grumbler

MPH80 wrote: »

While there isn't a condition about you having to give the information - this is the T&C entry that allows HSBC to make the enquiry:



Now - if you don't comply with the investigation - they can simply refuse to make the payment as they are not satisfied with it.

So, if I simply want to keep my money at home under mattress, they can deem this 'unlawful' without any reasons/proofs whatsoever and refuse a withdrawal?