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

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

    Yahoo!

    If you bank at HSBC in England, don’t plan on making any large cash withdrawals. At least not without a good explanation. Or, maybe even a permission slip.

    That’s because a previously unannounced change in banking policy is blocking some customers from making large withdrawals without “evidence” explaining why they need the money from their accounts .


    The policy affects customers attempting withdrawals for amounts as little as Ł5,000 ($8,253).
    Having bank accounts in different countries, I'm not shocked by banks having limits on how much can be withdrawn from ATMs.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.
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Hatuey View Post
    Yahoo!



    Having bank accounts in different countries, I'm not shocked by banks having limits on how much can be withdrawn from ATMs.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.
    In the USA there also is a presumption that people who have cash are criminals - which is why increasing numbers of people hang on to their money in cahs.

    All withdrawls over of $9700 or more in cash in the USA are required to be reported to the government.

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

    Quote Originally Posted by joko104 View Post
    In the USA there also is a presumption that people who have cash are criminals - which is why increasing numbers of people hang on to their money in cahs.

    All withdrawls over of $9700 or more in cash in the USA are required to be reported to the government.
    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?
    I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality. - MLK

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

    I'll be damned if a bank tells me I am unable to withdraw MY money from MY account. That will be the day I say, "I've changed my mind. I want to close my account instead."

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

    You should not have to justify or provide a reason to anybody, as to why you want your money.
    Last edited by Excon; 01-26-14 at 06:46 AM.
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'


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

    I don't think that's legal in this country.
    Trump Attacked A Syrian Airfield. Trump will be a one-term president.

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

    Quote Originally Posted by DA60 View Post
    While the headline says bank-run, the article clearly quotes the reason as being for customer protection, not bank-run.

    I would say the author misnamed his article.
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    Re: Bank blocking some customers from making large withdrawals without ‘evidence'

    Quote Originally Posted by Lonely Eternity View Post
    I'll be damned if a bank tells me I am unable to withdraw MY money from MY account. That will be the day I say, "I've changed my mind. I want to close my account instead."
    Indeed, i'd rather keep my money in a box under the mattress.

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

    Quote Originally Posted by Excon View Post
    While the headline says bank-run, the article clearly quotes the reason as being for customer protection, not bank-run.

    I would say the author misnamed his article.
    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.'

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