First Direct?

Bykerlass

I'm thinking of opening a FD account. I have been with HSBC for near on 35 years. I hold a current account and a savings account. i got a bit peeved when I went to withdraw £1500 and they wanted proof of what I wanted to spend it on. I know it's to do with money laundering etc but £1500 of my own money?

I know FD are part of HSBC, but donthey also expect you to provide proof of what you wish to spend your money on? I just find it totally intrusive.

planteria

fwiw after 35 years i would keep the account open.

lee111s

To withdraw cash from a First Direct account you will need to visit a HSBC branch anyway. First Direct don't have their own branches.

Everynamestaken

If you go to FD, you will still get the same hsbc counter staff thought wont you? So therefore, I'm presuming the same questions will be asked?

I could be of course wrong and there may be more leniency because I know HSBC were renowned for there procedures regarding money laundering. I do somehow doubt it though.


I don't see the problem in just telling someone where you're going to spend the money. Do you actually think the cashier usually cares what you're going to do with the money. They do it to protect there own back. Having said that, the amount of times I've seen customers adamant they dont want questions, just the money, but then it transpires that they are attempting to give money to people they have never met and its indeed a scam.

Those victims were of course extremely grateful questions when were asked and they were probed with further questions, so I guess for everyone that gets "peeved off", there is a good story

Archi_Bald

lee111s wrote: »

To withdraw cash from a First Direct account you will need to visit a HSBC branch anyway. First Direct don't have their own branches.

Or you use an ATM or a Post Office. Which, of course, you could do for HSBC too. Don't know what the limits are.

GingerFurball_2

Bykerlass wrote: »

I know it's to do with money laundering etc but £1500 of my own money?

Yet when wee old grannies fall victims to the "we need your help investigating branch staff who are committing fraud, go and withdraw £x and hand it over" scam, people moan that staff just allow them to withdraw the money, no questions asked.

Armorica

They need to ask those questions. Have you seen the size of the money laundering fines that the banks are getting?

Bykerlass

I don't have a problem with them asking me what I want it for its when they then ask for proof! I was buying some furniture from a friend who preferred payment in cash, the bank wanted proof of this. I'm sorry but I find this too intrusive.

seven-day-weekend

Why can't you give your own money to whoever you chose? Why does it matter if I want to give £1500 in cash to a Cats' Home?

I'd at least ask them why they needed to know.

Cyberman60

It's worth noting also that if you carry any large amount of money through customs it could be confiscated as proceeds of moneylaundering. Always carry receipts as evidence of origination.

Aquamania

Bykerlass wrote: »

I'm thinking of opening a FD account. I have been with HSBC for near on 35 years. I hold a current account and a savings account. i got a bit peeved when I went to withdraw £1500 and they wanted proof of what I wanted to spend it on. I know it's to do with money laundering etc but £1500 of my own money?

I know FD are part of HSBC, but donthey also expect you to provide proof of what you wish to spend your money on? I just find it totally intrusive.

HSBC (or any other bank) should not require any proof.

They may ask you what you plan to do with the money (as there may be better and safer ways available to you) but you can always tell HSBC to 'mind their own...' Apparently, they will still cough up. They are just trying to be helpful.