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Thread: Bank blocking some customers from making large withdrawals without ‘evidence'

  1. #11
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Hatuey View Post
    Having bank accounts in different countries, I'm not shocked by banks having limits on how much can be withdrawn from ATMs. However, this is usually a thing that can be fixed by simply going to a teller, giving 2 pieces of ID, answering some security questions and asking for the same amount. I've never heard of banks refusing to give the money even after the customer has shown up in person to withdraw the money. I hope that the British people rightfully punish this HUGE property rights violation and run a train through HSBC's ass by taking their business elsewhere.
    I suspect the limit on ATM withdraws is mainly to keep someone from cleaning the machine out. I think my bank you can't take more than $400 out of the ATM in a day.

    I don't tend to take large amounts of cash out of the bank but I have on a few rare occasions (I paid cash to have my roof redone and got a 3% discount). If I wanted to take cash out of my account and the bank told me no, I'd be finding a new bank ASAP.
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Like I posted on the other thread on this subject, the same thing is happening in Mexico. It is to control money laundering, which I suspect is a similar reason for this in the UK.

    If you withdraw a large sum to, for example, by a car, you must show proof that you bought that car, such as the paperwork.

    You have to account for the money and where it goes or they think you are dirty. The government will visit you if they think you are dirty so it is best to play by the rules.

    I don't get it when people say the Mexican government isn't doing anything to combat the cartels. Everybody know if you strangle the money flow, you strangle the cartel. It just makes it harder for honest people to do business.

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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by DA60 View Post
    I assume the headline refers to the beginning:

    'Following research last week suggesting that HSBC has a major capital shortfall, the fact that several farmer's co-ops were unable to pay back depositors in China, and, of course, the liquidity crisis in China itself, news from The BBC that HSBC is imposing restrictions on large cash withdrawals raising a number of red flags.'
    I might assume that also. But the rest does not add up to the title.
    The reason was for customer protection as stated. Not for fear of a bank-run or anything shortfall.
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Excon View Post
    I might assume that also. But the rest does not add up to the title.
    The reason was for customer protection as stated. Not for fear of a bank-run or anything shortfall.
    Just because the article says that is the reason, does not mean it is.

    Why would a bank suddenly start questioning people's withdrawl's - knowing full well that such a move will irk customers and raise eyebrows. Obviously, they don't want people removing too much money. That, at the very least, has to hint at a reserve problem. Coupled with some liquidity worries in China, adds up to the potential of more then just a change in policy.

    Time will tell.

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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by DA60 View Post
    Just because the article says that is the reason, does not mean it is.
    That is the only reason provided.


    Quote Originally Posted by DA60 View Post
    Why would a bank suddenly start questioning people's withdrawl's - knowing full well that such a move will irk customers and raise eyebrows. Obviously, they don't want people removing too much money. That, at the very least, has to hint at a reserve problem. Coupled with some liquidity worries in China, adds up to the potential of more then just a change in policy.
    And yet no actual evidence to suggest such a claim.
    All he is doing is insinuating. And that just ain't right. Nothing more than piss poor reporting.
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Excon View Post
    That is the only reason provided.


    And yet no actual evidence to suggest such a claim.
    All he is doing is insinuating. And that just ain't right. Nothing more than piss poor reporting.
    Time will tell.

  7. #17
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    The same kind of thing happened in the U.S. during the 99% movement. When activists tried to drain their accounts with the Bank of America, they were denied.

    The money I put into the bank is mine and not theirs. Banks exist to house our funds until such point we wish to remove them, which is our free-market right to do.

    Bank corruption is never ending.

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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Northern Light View Post
    The same kind of thing happened in the U.S. during the 99% movement. When activists tried to drain their accounts with the Bank of America, they were denied.

    The money I put into the bank is mine and not theirs. Banks exist to house our funds until such point we wish to remove them, which is our free-market right to do.

    Bank corruption is never ending.
    Yes, but don't forget though about fractional reserve banking. Every major U.S. bank (for example) only has to keep 10% of the money you deposited on hand. So, if everyone that has a deposit at your bank suddenly showed up to empty their account...the bank would not have nearly enough to quickly cover even half of the requests.

    As I said above, if they are trying to limit people's withdrawl's, maybe they are concerned about a run on their reserves.

    It maybe corruption. Or it maybe just bad bank managing. Or it might be something else.

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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Northern Light View Post
    The same kind of thing happened in the U.S. during the 99% movement. When activists tried to drain their accounts with the Bank of America, they were denied.

    The money I put into the bank is mine and not theirs. Banks exist to house our funds until such point we wish to remove them, which is our free-market right to do.

    Bank corruption is never ending.
    You absolutely have a right to your funds.
    But do you have a link confirming what you said, because I seem to remember that there was much more to it than that, and isn't exactly as you claim.
    “The law is reason, free from passion.”
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by DA60 View Post
    Yes, but don't forget though about fractional reserve banking. Every major U.S. bank (for example) only has to keep 10% of the money you deposited on hand. So, if everyone that has a deposit at your bank suddenly showed up to empty their account...the bank would not have nearly enough to quickly cover even half of the requests.

    As I said above, if they are trying to limit people's withdrawl's, maybe they are concerned about a run on their reserves.

    It maybe corruption. Or it maybe just bad bank managing. Or it might be something else.
    Mass withdrawals of funds is an economic issue. When it happened in the 30's it was because the stock market was crashing, and even then most people couldn't get to their banks in time before they were totally shut down.

    I understand that they are businesses trying to protect themselves, but they can't treat bank deposits like loans. Their duty is to be the holder of my cash because I don't want to have it just lying around, and I would like to withdraw it as needed. HSBC is basically saying it can't be trusted to relinquish your money. So if they don't approve of the purchases I want to make, they won't give me my damn money? That's wrong.

    They are going to lose business over this anyway as people jump ship. This isn't government policy, it's a nanny bank.

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