CAN YOU ACCESS YOUR OWN MONEY FROM YOUR BANK?
In November last year HSBC admitted that it had not informed customers of its change in policy. This change meant that some customers were prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it.
Customers like Stephen Cotton who went to his local branch to withdraw 7,000 GBP from his instant access savings account to pay back a loan from his mother, only to be told that this was not a “satisfactory explanation for what the money was for”. Naturally frustrated by HSBC’s attitude Mr Cotton told the BBC “I’ve been banking with HSBC for 28 years. They all know me in there. You shouldn’t have to explain to your bank why you want that money. It’s not theirs, it’s yours.”
As HSBC has recently been charged with money laundering for Mexican drug cartels. It has been suggested that perhaps this bank assumes everyone is as corrupt and dishonest as they are. Also a Hong Kong-based research firm, staffed by former HSBC analysts, overstated the bank’s assets by more than $82 billion. This means that HSBC’s compliance with new global banking rules will require a capital injection of as much as $100 billion. Perhaps a very good reason for holding on to their client’s money for as long as possible and therefore allowing them time, and cash on hand, to try and trade their way out of insolvency.
The same is true of many other banks. In December, JPMorgan Chase, the largest U.S. bank, limited customers to $100 in cash withdrawals and $300 in total purchases per day. Having already established a policy of forbidding its small-business customers from withdrawing more than $50,000 a month and banning foreign transfers.
Too often changes to bank policy are swept under the rug of “Terms and Conditions” where your rights are quickly trampled. Do the “Terms and Conditions” of your bank accounts allow the bank to refuse to give you your money? What would happen if you contacted your branch and asked to withdraw $15,000? Would they give it to you? How about $10,000? $5,000? The truth is that major retail banks around the world are rapidly restricting customers’ access to their own money. Just last month, My Bank — one of Russia’s top 200 banks — introduced a complete ban on cash withdrawals !
Many banks hold “assets” — mainly loans and other securities — that have little or no real value. Their balance sheets are in shambles. Banks can and have refused to return a depositor’s money on demand and have stalled withdrawals for reasons unclear and probably illegal. What can you do? Establish a Personal Safe Haven – only keep enough in your bank account to cover your needs for the next 6 months. Look at alternative arrangements for funds in excess of that.
Asia Pacific Pensions Video
Contact Asia Pacific Pensions to find out what alternatives are available and how to earn far more from your savings than the paltry interest offered by your bank write to [email protected]