It Begins… HSBC to Block Customers Making Large Withdrawals Without ‘Evidence’ of Spending Need

In the name of customer protection, people will have to have good reason to pull out large sums of money from their own accounts.

As the global economic system continues to worsen banks are making preparations to curb customers from taking their money out! it’s your money but you won’t be able to take it all out unless you have a damn good reason! Now why would that be? Everyone is broke that’s why; so plan A restrict how much you can take out, Plan B the IMF wants to go after the wealthy and tax their savings that was already taxed once! Can’t happen? Tell that to people in Cyprus!

There is nothing indicating HSBC accounts in the US will be affected by this policy, but if I were you and have an account with HSBC I’d give them a call!
HSBC imposes restrictions on large cash withdrawals
by Bob Howard | BBC/ Money Box

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A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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

…..Customer protection
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.”

“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.”..more