HSBC imposes restrictions on large cash withdrawals…………..Take control of your Money now!
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 learn.
Listeners on Radio 4’s Money Box program said that they had been stopped from withdrawing amounts from as little as £5,000 to £10,000.
HSBC admitted it has not informed customers of the change in policy, which was implemented back in November!
Stephen Cotton went to his local HSBC branch to withdraw £7,000 from his instant access savings account to pay back a loan from his mother. 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.”
Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.'”
He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.
Mr Cotton cannot understand HSBC’s attitude: “I’ve been banking in that bank 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.”
Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder,she had to provide the builder’s quote.
Douglas Carswell, the Conservative MP for Clacton, is alarmed by the new HSBC policy: “All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent.”
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