Saturday, January 25, 2014

HSBC imposes restrictions on large cash withdrawals

HSBC are scum. And not very well run either.
From the BBC:
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A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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."...MORE
It has nothing to do with this:
HSBC May Require Additional $119 Billion Capital By 2019 (HSBC.a)
Or this:
Matt Taibbi: "How HSBC hooked up with drug traffickers and terrorists. And got away with it"
Nothing. Totally separate matters.