Posted on 01/25/2014 4:29:20 PM PST by Kartographer
HSBC is imposing restrictions on large cash withdrawals raising a number of red flags. The BBC reports that some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it. HSBC admitted it has not informed customers of the change in policy, which was implemented in November for their own good: “We ask our customers about the purpose of large cash withdrawals when they are unusual… the reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime.” As one customer responded: “you shouldn’t have to explain to your bank why you want that money. It’s not theirs, it’s yours.”
“When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”
Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ “
He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.
(Excerpt) Read more at shtfplan.com ...
It already has, in the sense that your local branch probably doesn’t have much money on hand. Those mini-branches in grocery stores and shopping centers seldom have more than three thousand available for withdrawal.
Several months ago I tried to cash a check for about $3600 and my local branch told me I had to go to headquarters in my town: they simply don’t keep that much around. Possibly $5k to handle ordinary customer transactions. A $3600 withdrawal would take their reserves down too far. So I had to drive into town.
I had an account with HSBC more than 15 years ago. They were a total pain in the Obama to deal with.
“Closed a sizeable 401k last month...”
Oh, I am not the only one!
Just that I am too old for the penalty.
:-)
““So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ “ “
What about writing a slip that says: “I’m closing out my account RIGHT NOW and I want ALL my money RIGHT NOW.”?
“Why do you want to withdraw the money?”
“Because it’s mine.”
M&T Bank wanted to know a week in advance when we wanted to withdraw a larger sum (over $5K I presumed). Happened less than a month ago to us.
“Around 15 years ago I had to wait two weeks to get $14k (of my own money) from a credit union in a big city.”
Credit unions are the worst, or at least they used to be when I dealt with one decades ago. Had to make advance request to get more than $350.00 cash. Their loan rates were worse than conventional banks, their staff was snotty to the nth degree, and on Friday afternoons, you’d have to stand in a single-file line for 15 minutes or more before you could get up to a teller. I finally wised up and got the hell out.
What folks fail to recognize is that when you hand money over to a bank, you cease to own that money per se. You become an unsecured creditor of the bank, and they retain the right to limit withdrawals.
If the bank goes bust, repayment of your money is secured by depositors insurance up to the limits of that insurance. You might sleep better knowing that the FDIC has enough funds to cover (I believe) less than 1% of all bank deposits before they in turn would go bust. And then you would be covered by the faith and credit of the federal government. Or said another way, dear leader, harry reid, john boehner and nancy pelosi have your back.
And in exchange for all this, your deposits earn less than 1% in interest.
“Because of the breach in our debit card at Target, Chase has limited our transactions to a hundred dollars...purchase, and withdrawal. We need a larger amount, we have to confirm (i.e. phone) or go into the bank. “
Sounds like you need a credit union instead.
It’s none of their blankity-blank business what I want the money for.
It’s MY money. If I want it, I have the right to it.
And if I am going to do something nefarious with it and don’t want to attract attention, I will know enough to take out smaller amounts without raising red flags.
Now, granted, most thieves are stupid, but from the sounds of it, the bank officials who put thin in place are stupider.
Or “Fred’s Bank.”
“Hi, I’m Fred....I have a bank....you got $1500, I’ll put it here in my white suit....White suit front pocket.”
“Why not just write out a check for some PMs, or put it on the charge card. Then, if you like you can sell some of the gold to a dealer for cash.”
The future of banking.
Another example of what I’ve discussed with you before...
Like the old saying. If you walk past a bank and you see a line...........get in it.
haha
---------------------------------------------------------------------------------
http://www.hsbc.com/about-hsbc/history/hsbc-s-history
HSBC is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between Europe, India and China.
Named after its founding member, before they became a conglomerate -not just "named" and not "an abbreviation of". Do you understand the difference??
Maybe I should spell it out for you. There is no reference anywhere but this one to the name "The Hongkong and Shanghai Banking Corporation Limited" on the site and I am sure on their documentation as well. Find one and prove me wrong.
LOL Steve Martin, right?
That is what you have to do when you cant print $$$ to cover loans.
Banks make $$$ by loaning it out which means they don’t have it.
If they didn’t do this many would NEVER get their $$$, and they may not still.
It happened here ~ 1930.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.