Banks block access to your cash unless you can prove what it's for

Bank customers who try to withdraw large sums of cash over the counter face a grilling and may be asked to provide written confirmation of why they need the funds.

HSBC last year introduced new rules which allow staff to block a demand for cash unless you can prove what it’s for.
This could include booking receipts, an invoice, a quote for work or even a letter. Lenders including Santander, Barclays and the Nationwide Building Society also now reserve the right for counter staff to request such proof if they fear the withdrawal could be linked to fraud.

http://www.dailymail.co.uk/news/article-2546622/HSBC-accused-treating-customers-like-criminals-banning-withdrawing-large-sums-cash-wont-explain-for.html

This isn't just a UK thing. I've been reading threads on GLP from Americans who are having trouble getting their cash out of HSBC there. I don't get it - if the money's in your account it's your money. Wish there was a way to bypass banks altogether.

I've been giggling at these news items the past 2 days.

It's just bank-bashing, and it's borrocks of the highest order.

They will ask if you deposit huge sums or want to take huge sums in cash, yes.

If you go in and say I want a huge sum in cash to buy this car you'll get it.  They will do a bank transfer of any sum.  There are various, simpler and more secure ways of getting your money.

They will ask about huge sums of cash because it can't be tracked - it's what the authorities want, it protects the bank and all concerned.

As I said, bank bashing!

Did you know they also have a list of countries which are deemed "dodgy" - they'll ask a damn sight more questions if you're from one of those countries, too.

Bit racist, eh?

 

I read this with some incredulity but And is right it has to do with security issues related to crime and terrorism.

I recently bought a nearly new car they would only take a small cash payment to avoid money laundering.

I can also tell you all that HSBC just happen to be the healthiest of all the banks.

They didn't bother with selling cheap mortgages, they won't throw money at you, it is harder to get a loan from them, a mortgage from them and anything else from them - they just don't need your money.

They do everything they are supposed to.

They are the safest of all the banks.

Clarkson wrote:I read this with some incredulity but And is right it has to do with security issues related to crime and terrorism.

I recently bought a nearly new car they would only take a small cash payment to avoid money laundering.

If you say so.

"HSBC and Citigroup have both suspended foreign exchange traders as a global probe into possible currency market manipulation intensified. Regulators from the United States arrived in London this week, stepping up an investigation in which they are working with Britain's financial watchdog, the Financial Conduct Authority, to determine whether traders at some of the world's biggest banks colluded to manipulate the $5.3 trillion-a-day (£3.2tn) foreign exchange market.

The Financial Conduct Authority began a formal investigation into the currency market in October and the US justice department is also investigating possible manipulation. The FCA is focusing on around 15 banks, which it has asked – or required – to provide information about currency trading activities."

http://www.theguardian.com/business/2014/jan/17/hsbc-citigroup-foreign-exchange-traders-market-manipulation

Tess. wrote:

Clarkson wrote:I read this with some incredulity but And is right it has to do with security issues related to crime and terrorism.

I recently bought a nearly new car they would only take a small cash payment to avoid money laundering.

If you say so.

"HSBC and Citigroup have both suspended foreign exchange traders as a global probe into possible currency market manipulation intensified.  Regulators from the United States arrived in London this week, stepping up an investigation in which they are working with Britain's financial watchdog, the Financial Conduct Authority, to determine whether traders at some of the world's biggest banks colluded to manipulate the $5.3 trillion-a-day (£3.2tn) foreign exchange market.

The Financial Conduct Authority began a formal investigation into the currency market in October and the US justice department is also investigating possible manipulation.  The FCA is focusing on around 15 banks, which it has asked – or required – to provide information about currency trading activities."

http://www.theguardian.com/business/2014/jan/17/hsbc-citigroup-foreign-exchange-traders-market-manipulation

Yes, HSBC were in big doo-doo last year - they had a huge fine, but don't have to pay it as long as they behave.

Hence why they are acting the way they are.

Er yes... hello, I'd like to withdraw £3,754 from my account please.

"Yes sir, may I confirm what it is for?"

Certainly, 720 assorted dildos and vibrators from Anne Summers...oh...and a portion of chips and Fanta drink".

  

BigAndy9 wrote:

Tess. wrote:

If you say so.

"HSBC and Citigroup have both suspended foreign exchange traders as a global probe into possible currency market manipulation intensified.  Regulators from the United States arrived in London this week, stepping up an investigation in which they are working with Britain's financial watchdog, the Financial Conduct Authority, to determine whether traders at some of the world's biggest banks colluded to manipulate the $5.3 trillion-a-day (£3.2tn) foreign exchange market.

The Financial Conduct Authority began a formal investigation into the currency market in October and the US justice department is also investigating possible manipulation.  The FCA is focusing on around 15 banks, which it has asked – or required – to provide information about currency trading activities."

http://www.theguardian.com/business/2014/jan/17/hsbc-citigroup-foreign-exchange-traders-market-manipulation

Yes, HSBC were in big doo-doo last year - they had a huge fine, but don't have to pay it as long as they behave.

Hence why they are acting the way they are.

Andy this has nothing to do with last year. This is today's news. There's a lot going on, particularly to do with trading with China. It's going to be another Lehman Brothers type thing in my opinion. But what do I know.

Something really big's happening behind the scenes in banking. Just today there are two separate stories of senior bankers committing suicide. Sky's just announced that Barclays have placed travel restrictions on its senior staff so that they can't travel abroad to meet clients, and they're cutting hundreds of jobs. RBS has issued a shares warning. If I had money in UK banks I'd seriously think about withdrawing as much as I could before things go pear- shaped again.

Russian Bank Halts All Cash Withdrawals

It would appear the fears of a global bank run are spreading. From HSBC's limiting large cash withdrawals (for your own good) to Lloyds ATMs going down, Bloomberg reports that 'My Bank' - one of Russia's top 200 lenders by assets - has introduced a complete ban on cash withdrawals until next week.

http://www.zerohedge.com/news/2014-01-28/russian-bank-halts-all-cash-withdrawals

Told ya. Get your money out now!

Sparebank1 and skandiabanken in Norway is down.

Norways population is 5 mill. 20% of the population is affected. 1 million users without their bank.

http://www.dagbladet.no/2014/01/28/nyheter/innenriks/banksikkerhet/nettbanktrobbel/nettbank/31525456/

Tess. wrote:Something really big's happening behind the scenes in banking.  Just today there are two separate stories of senior bankers committing suicide.  Sky's just announced that Barclays have placed travel restrictions on its senior staff so that they can't travel abroad to meet clients, and they're cutting hundreds of jobs.  RBS has issued a shares warning.  If I had money in UK banks I'd seriously think about withdrawing as much as I could before things go pear- shaped again.

That reaction is exactly what leads to more problems. That said, it's not the banks' money and they have no right to know what we're buying.

Tess. wrote:Sparebank1 and skandiabanken in Norway is down.

Norways population is 5 mill. 20% of the population is affected. 1 million users without their bank.

http://www.dagbladet.no/2014/01/28/nyheter/innenriks/banksikkerhet/nettbanktrobbel/nettbank/31525456/

Definitely something going on.   All we can do is watch and and take notice.