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HSBC UK bank refuses large withdrawls


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#1    seeder

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Posted 26 January 2014 - 02:10 PM

I find this story a bit worrying, a bank who wont let you withdraw your own money (larger withdrawls) without you explaining why....,you want your own money

HSBC imposes restrictions on large cash withdrawals

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.

http://www.bbc.co.uk...siness-25861717

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#2    Eldorado

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Posted 26 January 2014 - 02:17 PM

Withdrawal symptoms are always hard to deal with.  Trust me.


#3    seeder

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Posted 26 January 2014 - 02:24 PM

View PostEldorado, on 26 January 2014 - 02:17 PM, said:

Withdrawal symptoms are always hard to deal with.  Trust me.

hehe,  But I hope this wont become standard practice in all banks, look what happened to those in Cyprus when the govt closed the banks and atm's, then mugged everyone for a portion of their money.

OK its a UK bank - so different scenario...

The England team visited an orphanage in Brazil today. “It’s heartbreaking to see their sad little faces with no hope” .....said Jose, age 6.
It's not the depth of the rabbit hole that bugs me... It's all the rabbit poop you stumble over on your way down...
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#4    SheWomanCatTypeThing

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Posted 26 January 2014 - 02:37 PM

Don't care where it comes from when you're paying it in though, Do they?
At the end of the day, If its your money and you require it, The bank have no legal right to know what it is being used  for, And you have no need to tell them, They refuse? Threaten to close your account and move the money elsewhere. I don't bank with the HSBC, But if my bank pulled a stunt like this, I would move my money elsewhere.
I remember once, I inherited a bit of money when a relative died and went to open up an account to put the money in, The cashier who was dealing with me said "Oh, Thats a lot of of money for someone of your age, How did you get that? I told them my elderly lover with a serious heart defect had died days after signing the money over to me, Then smiled sweetly. They asked no further questions.

Edited by SheWomanCatTypeThing, 26 January 2014 - 02:45 PM.


#5    The Sky Scanner

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Posted 26 January 2014 - 02:45 PM

HSBC are in a lot of trouble - I doubt they can honour most of what they have when it comes to your money....I left them 2yrs ago and moved somewhere more secure ;)

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#6    Eldorado

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Posted 26 January 2014 - 02:48 PM

View Postseeder, on 26 January 2014 - 02:24 PM, said:

hehe,  But I hope this wont become standard practice in all banks, look what happened to those in Cyprus when the govt closed the banks and atm's, then mugged everyone for a portion of their money.

OK its a UK bank - so different scenario...

There's a guy here in the UK named 'Fred the Shred'.  He shredded docs to cover his mismanagement.  He was given a Knighthood by our Queen.  :(


#7    SheWomanCatTypeThing

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Posted 26 January 2014 - 02:50 PM

View PostSky Scanner, on 26 January 2014 - 02:45 PM, said:

HSBC are in a lot of trouble - I doubt they can honour most of what they have when it comes to your money....I left them 2yrs ago and moved somewhere more secure ;)
My friend banks with them and was a victim of fraud, Someone cleared £3000 of her account on one occasion and £2000 on another occasion. She had to fight very hard to get this money back off the HSBC, It took months in the end. It does make you wonder what's going on with them


#8    The Sky Scanner

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Posted 26 January 2014 - 02:54 PM

View PostSheWomanCatTypeThing, on 26 January 2014 - 02:50 PM, said:

My friend banks with them and was a victim of fraud, Someone cleared £3000 of her account on one occasion and £2000 on another occasion. She had to fight very hard to get this money back off the HSBC, It took months in the end. It does make you wonder what's going on with them

I am with one of the bigger banks now, I had £1051 taken out of a personal account and spent in Turkey, I was working in Aberdeen that day. That bank actually phoned me to tell me what had happened, they apologised to me for authorising it and put the money back before the end of the day. I was impressed, and stunned tbh.

Similar to your other story about inheritance, I paid 15k in once (in an ice cream box for added effect lol)...no one asked me a single question, even though I had to proof with me where it came from I was not asked a single question, they just counted and paid it in.... :/

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#9    Eldorado

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Posted 26 January 2014 - 03:07 PM

Pilgrims, I am employed by a bank.  If you are upset about their treatment, send a registered letter of complaint and threaten to close your account.  They will panic.  It may not sound like they panic, but panic they will.

Edited to remove image of my fat-ass boss.  lol

Edited by Eldorado, 26 January 2014 - 03:19 PM.


#10    seeder

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Posted 26 January 2014 - 03:54 PM

View PostSky Scanner, on 26 January 2014 - 02:54 PM, said:

I am with one of the bigger banks now, I had £1051 taken out of a personal account and spent in Turkey, I was working in Aberdeen that day. That bank actually phoned me

Barclays?  I once sent some money to my sister in the States online. I was amazed they called me within a day and asked if I knew about the transaction, made me feel a lot safer too

The England team visited an orphanage in Brazil today. “It’s heartbreaking to see their sad little faces with no hope” .....said Jose, age 6.
It's not the depth of the rabbit hole that bugs me... It's all the rabbit poop you stumble over on your way down...
“It's easier to fool people - than to convince them that they have been fooled.”  Mark Twain

#11    Admiral Rhubarb

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Posted 26 January 2014 - 04:10 PM

they could not provide evidence of why they wanted it

Is it customary for Banks to demand to know that, or does it sound fishy to anyone else?

View PostEldorado, on 26 January 2014 - 03:07 PM, said:

Pilgrims, I am employed by a bank.  If you are upset about their treatment, send a registered letter of complaint and threaten to close your account.  They will panic.  It may not sound like they panic, but panic they will.

Edited to remove image of my fat-ass boss.  lol
Posted Image

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#12    Awake2Chaos

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Posted 26 January 2014 - 05:01 PM

Quote

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. 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 are writing to apologise to any customer who has been given incorrect information and inconvenienced.

Honestly what it sounds like to me is that they are trying to collect as much interest as possible off monies depositied.  Insurance companies do the same thing in the states when they deny to pay a large bill; they wanna keep making money off that money, so they're not happy to let large amounts of it go.  They make you fight for them to pay.

If I walked into my bank here to withdraw money and they gave me this type of static, I wouldn't be their customer anymore.

Just another 'thing' in a long list that has cause the decline of HSBC over the last few years.

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#13    The Sky Scanner

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Posted 26 January 2014 - 09:33 PM

View Postseeder, on 26 January 2014 - 03:54 PM, said:

Barclays?  I once sent some money to my sister in the States online. I was amazed they called me within a day and asked if I knew about the transaction, made me feel a lot safer too

Yes it was, which is why I keep my personal account with them. Alliance and Leicester were great too, and handled my business account etc...Santander took them over and I must say their customer care is nowhere near the same, i'm not impressed with them at all.

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#14    spud the mackem

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Posted 26 January 2014 - 11:57 PM

H.S.B.C. doesn't that stand for HongKong. Singapore, Banking Corporation, they bought out what used to be the Midland Bank. Oh well.
Barclays refused to let me pay a credit card amount because it wasn't their C.C.

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#15    libstaK

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Posted 27 January 2014 - 01:28 AM

Whose money do these banks think it is?  They are being far too proprietary about other people's funds which they are being paid to hold safely for them and not to be nosey about what folk are doing with them.

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