NEW XTC

Crazy Story - unreal - you have to show proof of why you need YOUR money...I wish I had HSBC so I could go in there and take every cent out and close my account in protest - if you have money in this fucked up institution...pull it ALL.



Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.
New rules

Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box: "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.
As this was not a change to the Terms and Conditions of your bank account we had no need to pre-notify customers of the change”
HSBC customer letter
He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.
The bank said it did not have to tell him. "As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change," HSBC wrote.
Frustrated customers
Mr Cotton cannot understand HSBC's attitude: "I've been banking in that bank for 28 years. They all know me in there. You shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
Peter from Wiltshire, who wanted his surname withheld, had a similar experience.
He wanted to take out £10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.
Peter phoned up the day before to give HSBC notice and everything seemed to be fine.
The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.
The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the £10,000.
Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder's quote.





http://www.bbc.co.uk/news/business-25861717

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k0nr4d

There's two sides to this...they could be trying to keep people from getting scammed by nigerian princes.

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INever

OP, are you a short seller? There's obviously a short play on this stock.

As for "what you're gonna use the money for", just answer "NOT for dope or guns". How hard is that?

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woj

I'm sure some idiots come back after they have been scammed and blame the bank: "why didn't you warn me?"...

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NEW XTC

Good idea to short HSBC

and did you read the article? They are asking for proof and records of what you need the money for before allowing you make a withdrawal - for a measly 4k!

They would never attempt this in the US - there would be a line down the block of people closing their accounts - don't stand for this shit UK peeps - this could set a horribly invasive precedent for the rest of us.

Many times I have pulled large sums and the bank tellers often (under the guise of friendly chit-chat) attempt to learn the reason for my withdrawal - I make it very clear to them that those questions are none of their business and inappropriate.

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freecartoonporn

in many cases you have to give bank notice, before 24-48 hours about that .
i have been asked few times, why i needed that much cash. but never refused .

if its true then its really fucked up,..

but in many cases it all depends on your account type and your transaction history with bank.

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sperbonzo

You can thank massive government regulation regarding KYC and AML requirements. The regulations are so broad and so vague, and impose so much liability on banks, that these kinds of stupid things are going to crop up more and more often.




.

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NEW XTC

wow...WOW

their reason for this policy is being exposed as a fake COVER STORY!
http://www.wnd.com/2014/01/now-bank-...ve-your-money/

It's clear if you read that whole article that they just want to stay capitalized after being exposed for mass cartel money laundering - they are lying through their fucking teeth - playing dirty with YOUR money..then when caught red handed they want to stop you from pulling your cash to prevent a run...oh I would RUN SO FAST from these fucks.

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L-Pink

Wow ????.

Captain Kawaii

Welcome to Chinese Banking/Money laundering OPS. They are under investigation by multiple governments. I am surprised they are still open. This withdrawal thing may be the beginning of the end. Check your sponsors make sure none are using these clowns, if you can.

sperbonzo

Never mind, read the WND story. Certainly not conclusive, but interesting....


edit
.

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NEW XTC

Look how the NY Times does a total whitewash on this story - they must have money in that bank haha


http://dealbook.nytimes.com/2014/01/...ue-in-britain/

?Cash presents more risk, and in particular financial crime risk, than other payment methods. It also leaves customers with very little protection if things go wrong,? the bank said.

?Therefore, we need to monitor particularly closely movements of cash in and out of the banking system. This is why we ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account.?

totally disingenuous lies to cover up the real reason for the new draconian policy.

The most interesting thing here is that it seems to be targeted at the little small money people - it's just to hold cash in the face of the exposure of their systematic criminal behavior...oh but they are doing it to PROTECT the customers

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NEW XTC

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Those who can make you believe absurdities can make you commit atrocities.

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PornDiscounts-V

Reminds me of the time I went to withdrawal twenty-five grand from my epassporte account but some other douche had already spent it on a movie.

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arock10

These guys laundered billions for cartels and middle eastern governments. But hey let's take it out on small retail customers

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Captain Kawaii

Sperbonzo's right, nothing to see, everything is fine.

http://www.reuters.com/article/2014/...A0G1KQ20140117

(Reuters) - U.S. regulators continue to find weaknesses in the way HSBC Holdings tries to prevent money laundering, according to people familiar with the matter, even after the British bank was forced to pay nearly $2 billion in penalties and invested millions in increasing its compliance.

In December 2012, the bank paid to U.S. authorities what was then a record amount to resolve charges that it failed to stop hundreds of millions of dollars in drug money from flowing through the bank from Mexico, and promised at the time to fix the problems.

When announcing the settlement, HSBC Chief Executive Stuart Gulliver said: "The HSBC of today is a fundamentally different organization from the one that made those mistakes."

And I thought the HK branch was problematic...lol

Barefootsies

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"

Lichen

They are almost all insolvent using GAAP and now they are running deposit/account reclassification software and have no cash on hand!


http://www.premier.fiserv.com/produc...ew/ovr_pmv.htm

http://www.cetologic.com/deposit-reclassification/


The JEWSCAM is on a direct heading for reality iceberg DEAD AHEAD!

ottopottomouse

I've been in a bank when there was an old woman trying to withdraw a lot of money to pay someone scamming her over roof repairs to her house. They asked loads of questions until they were sure she was about to be ripped off, refused the withdrawal, and then called the police in to help her.

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ilnjscb

They laundered billions in drug money but they wouldn't want their customers to do improper things with their own fuckin money - they should have been shut down, and still should be.

nico-t

it's none of their business, you don't need to answer shit. It's YOUR money, and you pay them to have it on an account. If it would be my bank and they would ask me that, i would close my account immediately. If this isn't a tell tale sign that they want to keep your money then what is? Banks are appalling and all of them are scum.

_Richard_

they set up a new policy, and then the policy has now been removed

THATs bizarre.

beerptrol

Just tell them you need the money to buy their mom a facelift so that you can remove the bag from her head when you are fucking her

JockoHomo

severe

I have an account with them.
They notified me some time ago (maybe a year ago at this point) of a change in terms indicating that they would charge a fee for putting money INTO an account.

I was dumbfounded. Why would I pay them a fee to deposit money.

TrafficTitan

HSBC has always been a dirty bank and they've tried to shut them down but basically every time they weren't because they are "too big to fail".

Paul

The bank is effectively taking on the role of a financial guardian and they'll decide if you can spend your money or not. The same rules apply for flying, if you have anymore than ?10,000 you have to declare it and if you can't provide proof of where the money came from they confiscate it.

Good times, good times...

Guilty until proven innocent

Paul

Also most banks in the UK now have a limit on the amount of cash you can withdraw over the counter on any one day, it's a ridiculously small amount. A couple of grand, if you want anymore you need to notify them in advance and any cash transaction over £5,000 has to be reported for AML purposes.

NEW XTC

You're kind of missing the boat here - the "Financial Guardian" thing is a plainly transparent lie to disguise their actual intent of keeping people from pulling cash out of the bank and draining it due to all the bad press of late over their shady and illegal dealings...

Glad we cleared that up.

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