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

  1. #21
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Northern Light View Post
    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.
    I do not disagree with anything you typed...I am just pointing out a potential reason.

    Personally, I don't believe it's corruption as much as simple incompetence...but I could be wrong.

    Never underestimate how low a banker will sink.

  2. #22
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    They're "the world's local bank", and the biggest too, including North America. They use the letters in their name because they stand for Hongkong and Shanghai Banking Corporation, though nowadays they're based in London. All banks may reserve the right to question a large withdrawal if it's unusual. Where HSBC went too far was in asking what it was to be used for. They've changed their policy. (which seems to have been in place for three months, but customers have only just noticed?)
    Don't work out, work in.

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  3. #23
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Some friends of ours learned this week after one of their parents died that the bank will take inventory on your safety deposit box after one spouse dies. There was 30k dollars in the box and now their father is having to be specific where it came from and why it is there.

  4. #24
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by DA60 View Post
    I do not disagree with anything you typed...I am just pointing out a potential reason.

    Personally, I don't believe it's corruption as much as simple incompetence...but I could be wrong.

    Never underestimate how low a banker will sink.
    Your point was valid. It could be an issue of HSBC being over-protective of its reserves during harder economic times. If that's the case, I can sort of sympathize. Many businesses are struggling to stay afloat and they are enacting all sorts of weird policies to protect themselves. But consumers still have rights too, and it's unethical to hold people's money unless they approve of how you plan to spend it. It's not a loan that I'm asking their permission for... it's money that is already MINE.

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

    Quote Originally Posted by Hatuey View Post
    I'm not concerned with a requirement to report a withdrawal of money. Anybody who expects less than that in the 21st century is being naive. What I'm worried about is the notion that companies can tell customers how much money they can withdraw even at human tellers and for what reasons. No doubt we'll see some Libertarians argue that if you don't like it they can move elsewhere. What happens when all banks start doing this?

    Then you have to start banking with Mattress Saving and Loans.
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