HSBC Demands Explanations from its Clients for Cash Withdrawals

tangy

tangy

New member
Dec 1, 2008
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vancouver, yo
...not sure what to think of this other than "won't ever be banking there":

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A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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

HSBC has said that following customer feedback, it was changing its policy: "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. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for."
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BBC News - HSBC imposes restrictions on large cash withdrawals
 


They ended up reversing this rule

https://www.newsroom.hsbc.co.uk/articles/statement_on_large_cash_withdr

As a responsible bank 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. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for. The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. Large cash transactions have inherent security issues and leave customers with very little protection should things go wrong, by asking customers the right questions, we can explore whether an alternative payment method might be safer and more convenient for them.

However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We apologise to any customer who has been given incorrect information and inconvenienced.
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20figures said:
I'm amazed that people don't yet see that our world is ran by international banking corporations.

What a joke.
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I'm sure most people know that, but what exactly are we supposed to do about it? Knock on Rothchild's door, and ask him to please be a nice guy?
 
"The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. Large cash transactions have inherent security issues and leave customers with very little protection should things go wrong, by asking customers the right questions, we can explore whether an alternative payment method might be safer and more convenient for them."

A bit ironic - HSBC Laundering Money - No Criminal Charges
http://www.wickedfire.com/shooting-shit/178459-hsbc-laundering-money-no-criminal-charges.html
 
HSBC is done, especially in Canada. If you are currently doing business banking there I highly suggest you migrate to a new bank. I myself am switching to Bank of Montreal.
 
I'm with HSBC for my business and I hate it. Worst bank ever. Bad support, bad online interface with lack of basic features. Sometimes my debit would not work for no apparent reason. Very frustrating.

The only reason this bank is still alive is because of the big Chinese investors. They are the first (and only) bank here in Canada that supports Mandarin/Cantonese and they got tons of rich Chinese investors to bank with them because of that. The fact that they are big in Hong Kong also helps.

Anyways, AVOID hopping on this sinking ship. Find another bank.
 
dragoshsd said:
HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent | The Real Singapore
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This just in re: RBS too... good news all around for the banks then :485:

The Royal Bank of Scotland has said it will book almost £3bn of provisions for expected litigation, payment protection insurance and swaps mis-selling claims in a move that will deepen its losses for 2013.

In an unscheduled statement, the bank said that ahead of its 2013 results, it would take a series of provisions related to litigation and conduct matters.

The announcement, which wiped £900m off the bank's value as its shares fell 7.3p to 332.39p, could push the bank to an £8bn loss.

The provisions fall in to three categories:

  • £1.9bn to cover litigation related to mortgage-backed securities in the US

  • £465m for payment protection insurance mis-selling

  • and a further £500m for swaps mis-selling.
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RBS sets aside near-£3bn for new settlements - Telegraph
 
Dude, you should stop being a conspiracy theorist and believing that they are imposing currency controls. This is just standard stuff for your protection. They are there for your benefit.

My main concern in all this is; how can you profit from it?
 
This weird because I had a bad HSBC experience today. I used their business checking for a couple of years. Then one day a letter arrived informing me they're closing my account. "To serve you better" b.s. was the reason.

They sent me a check in the mail with the balance with my corp. name on it. I asked them to cash the check, as I hadn't opened new business checking. They said no, and refused to honor it unless I opened a new business account. I kind of freaked because I needed the cash right away to pay for something.

I opened an emergency business account elsewhere so I could get to my money. This took most of the day. HSBC sucks.
 
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