HSBC want to know what I am doing with my money

silverwhistle

Tell them you're off to Thailand for a sex change operation and promise to come in to the bank to show them the results..

henm2

BingBong wrote: »

(This is for building work but nonetheless, I think it's none of their business). Anyone remember this discussion?

If you are not willing to discuss the matter with the bank they will probably suggest you pay the builder by bill payment/faster payment electronic payment system rather than cash.
If that is not acceptable then they will more than likely refuse the cash transaction.
Their policy re large personal cash transactions not only applies to cash withdrawals but also paying in cash to accounts also and is anti money laundering related.

jetplane

I've recently made two large withdrawals on a current account, not HSBC but both times I've rang the bank beforehand to tell them and I think I told them what it was for and for one transaction where it was going without being asked. I didn't think twice about it I always notify my banks or credit card in advance for my own security.

I have had calls in the past from banks and credit cards where there has been a sudden large payment, to check it was me as their system shows up 'unusual activity'. I've never had any withdrawals refused though and would drop the bank ASAP if I did.

meer53

jetplane wrote: »

I've recently made two large withdrawals on a current account, not HSBC but both times I've rang the bank beforehand to tell them and I think I told them what it was for and for one transaction where it was going without being asked. I didn't think twice about it I always notify my banks or credit card in advance for my own security.

I have had calls in the past from banks and credit cards where there has been a sudden large payment, to check it was me as their system shows up 'unusual activity'. I've never had any withdrawals refused though and would drop the bank ASAP if I did.

I don't think any other banks were fined £1.2 billion for dealing with Mexican drugs cartels were they ?

Archi_Bald

meer53 wrote: »

I don't think any other banks were fined £1.2 billion for dealing with Mexican drugs cartels were they ?

I don't think so, either. Though what's Mexico got to to with the UK? Do HSBC have insider information on the current whereabouts of the mexican drugs barons? Do these now operate through law abiding UK citizens who have a perfectly good UK credit record and occasionally want to withdraw a few K of their money now and then?

And why, when HSBC Towers told the BBC in January 2014 that they have updated their guidance to staff do people still get pestered by HSBC staff in May 2014 with requests for their private spending plans?

meer53

HSBC are having to implement stricter checks globally, across all their business, or risk losing their banking licence. Even law abiding UK citizens can be involved in Money Laundering without being aware of it.

Their "updated guidance" is just that, guidance. It doesn't say anywhere that they won't still ask the questions.

Archi_Bald

meer53 wrote: »

HSBC are having to implement stricter checks globally, across all their business,

which organisation has the legally binding powers to demand the global implementation of stricter checks?

meer53 wrote: »

or risk losing their banking licence.

in which country? and who would take away their UK banking licence? Are you saying HSBC have stricter licence terms, imposed by the FCA, than any other bank? I was always under the impression that the FCA licence terms are essentially the same for any UK bank / building society.

meer53 wrote: »

Even law abiding UK citizens can be involved in Money Laundering without being aware of it.

sure, but we are not suddenly becoming more exposed to money laundering just because HSBC aided and abetted drugs cartels in Mexico

meer53 wrote: »

Their "updated guidance" is just that, guidance. It doesn't say anywhere that they won't still ask the questions.

urrrrghh that sounds like a bunch of people I don't want to have anything to do with. Teflon shoulders and all that.

henm2

Correct they will still ask questions but will not now insist on seeing documentary evidence re the cash transaction out or in for every case.
However if there is pattern of irregular transactions on an account together with poor credit rating and the answers to questions re a particular cash transaction don't make sense then without good documentation e.g builders invoice on letter headed paper, HSBC will probably decline to do the transaction. They will also likely in a case like that give 60 days notice to close the account.

grumbler

henm2 wrote: »

...together with poor credit rating....

What on earth does credit rating have to do with this?!

henm2

Archi_Bald wrote: »

which organisation has the legally binding powers to demand the global implementation of stricter checks?

in which country? and who would take away their UK banking licence? .

HSBC is a large international bank and depends on the ability to trade using US$. Following the fine and agreement with the US authorities in 2012 their AML compliance standards worldwide are now higher than that required by the FCA in the UK
http://www.cbc.ca/news/business/hsbc-s-1-9b-money-laundering-settlement-approved-by-judge-1.1377272 Note the deferred prosecution agreement.

HSBC will do whatever is needed to keep their US banking licence and this also affects their AML compliance procedures in the UK. That is why they ask so much more questions than they used to. The implementation of FATCA (Foreign Account Tax Compliance Act) from July as imposed by the US will mean even more questions for some customers.