Want to take out a large sum of cash from HSBC...nope.

Just seen this article.

www.bbc.co.uk...

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.


What the hell? Is it any of their business what we do with our own money? Iam glad I don't bank with them because I would be closing my account down asap If I did.
My bet is that they want your cash in their bank for a little longer so they can make more money out of it.
Quicker we start getting more credit unions in the UK the better.
We should burn every branch down....grrrrr. (not really NSA/FBI/MFI/Bank police just kidding before you break my door down)

if they tried this I would tell them that if they don't give my money back I'm closing my account and then if they still refuse to return it, it is clearly theft and I might be able to get the law involved.

It could be that they are strapped of actual hard currency and are sweating on a run, in fact merely highlighting the fact by The BBC is irresponsible and could kick things off. I remember being told in Business Studies at college by a lecturer that the UK had a "guaranteed banking system" and that if everyone in the UK withdrew their money from the banks the B of E could cover it, something else the over borrowing over spending socialists did away with through their economic incompetence if true.

Hypocritical of them seen as they were the ones who were involved with drug cartels and money laundering or some such nefarious actions. I can't remember what it was at the time.

Are we witnessing the beginnings of a bank run?
I hope so.

It causes distress for the masses.. bu more importantly it will be another nail in the coffin of this
corrupt and criminal bank...and the system in general.

Bring it on.

I know generally for withdrawals over £2000 you have to order it as they don't keep that kind of money onsite.
You have to give them a day or two notice.
But asking why you want it? Thsts crazy.
It's like when you want to cancel your account or change companies for anything, they grill you and make the process very difficult.

reply to post by stargatetravels


Some people did order it and when they went in it was denied.
Also you are telling me they don't have cash in a bank? when I go into mine they have tons in those cash drawers.

boymonkey74
reply to post by stargatetravels

 

Some people did order it and when they went in it was denied.
Also you are telling me they don't have cash in a bank? when I go into mine they have tons in those cash drawers.

edit on 25-1-2014 by boymonkey74 because: (no reason given)

Well then that is wrong and probably not legal.
You can be denied credit but not your own money.
Also its usually amounts like £4000+ that they make you order but it begins at 2k afaik

reply to post by stargatetravels


They have gotten around it by changing the T&C of peoples account...but they didn't tell anyone about those changes.

reply to post by hotel1


The UK deposit guarantee is £85,000 per account, per financial institution. That is the upper limit of what the government guarantees to pay you back if your bank goes bust. Anything over that amount you most likely wont see again.

Thus if you have more than that you should have it apportioned to different banks (remembering to check that they are really separate, not subsidiaries of a single bank).

Thats what should happen. Banks dumb enough to mismanage into bankruptcy should collapse and be bought by better banks. Although as has been proved in 2008 what will happen is that the government will rescue the bank with taxpayer funds. Protecting those who invest in it and transferring the risk portion of banking risk/reward to the taxpayer.

boymonkey74
reply to post by stargatetravels

 

They have gotten around it by changing the T&C of peoples account...but they didn't tell anyone about those changes.

And did people agree to and sign the new T&C?
Also is this all banks or just HSBC?

reply to post by stargatetravels


Just HSBC I think....hope also.

I don't have an account with HSBC, but I'm about to slowly start taking my money out of the bank and putting it in my safe at home. I don't need a tenth of the amount that's in there for every day stuff, I'm not making hardly anything on my money while it's in there, and I don't like the fact that someone else is not only making a lot of money off my money, but could potentially not allow me to have it if I ask for it.

Screw that. Just doesn't seem very smart.

It does rather suggest HSBC know something about their liquidity that we don't, doesn't it.

reply to post by Painterz

The original story was removed from the telegraph site but was copied by zerohedge.

Forensic Asia on Tuesday began its coverage of Britain’s largest banking group with a ‘sell’ recommendation, warning the lender had between $63.6bn (£38.7bn) and $92.3bn of “questionable assets” on its balance sheet, ranging from loan loss reserves and accrued interest to deferred tax assets, defined benefit pension schemes and opaque Level 3 assets.

The broker’s note is written by two of its senior analysts, Thomas Monaco (a former senior bank examiner at the Federal Reserve Bank of New York) and Andrew Haskins (previously worked at HSBC for 15 years).

In the report, the analysts apply what they describe as a “moderate stress test” to the balance sheets of HSBC’s major subsidiaries.

Taking the analysis further, the report sets out the impact of incoming Basel III capital rules and says HSBC could be required at a minimum to raise close to $60bn in new capital by 2019 and potentially as much as $111bn.

“In our view, HSBC has not made the necessary adjustments, during the quantitative easing reprieve. Rather, it has allowed legacy problems to linger as new ones in emerging markets gather pace. The result has been extreme earnings overstatement, causing HSBC to become one of the largest practitioners of capital forebearance globally. This charade appears to be ending, given how few earnings levers remain besides selling off core elements of the franchise and the stringencies of Basel III compliance,” wrote Forensic Asia.

The broker adds: “While having stated capital ratios well above peer averages is all well and good, HSBC’s stated capital ratios would appear to be nothing more than a mirage if our analysis is correct.”

ZEROHEDGE

reply to post by skuly



The banking system only exists because we have been forced over the years to accept our wages, salaries, benefits etc all to be paid into them and plastic money. Were we to still have our money, or at least some of it in actual cash we would have a much better say over the banks and we would not be so vulnerable to their dictating and ripping us off, shutting their doors and cash machines. Without us cooperating and putting Our money with them, they would not have the control, or more importantly the businesses they do have. I honestly think its time the banks were told by their customers - if you don't handle my money the way I want it handled and stop using it to gamble and give away to various nefarious scheme barely on the side of legal, I won't have my money paid to you.

I wonder if the HSBC is really just the top of the pyramid because there are a number of countries that according to another thread on ATS are in trouble and with global banking and the ever shifting sums of money moving around the globe, simply by having gone global the banks themselves are outgrown anything they can actually control and are more like a pack of dominoes. In short the money is spread too thin globally instead of actually in specific countries.

If that is so then the rich will get prior notice to withdraw whatever they can and whatever actual cash is left wil be on a first come first served basis if a rush did suddenly occur and the actual people who make the banking system possible in the first place will end up last place and no cash.

reply to post by boymonkey74


I went into the bank a few years back and wanted $13,000 of my own cash for a car - denied.....I had to apply and wait 48hrs for approval - the application form was 4 pages long.

I told them to jam it.

So, I thought I would be smart and just take out $1000 from the ATM over 13 days (I had a $1200 daily limit).

At day 10 (think customs forms with $10,000 or more being bought into the country) I got a visit from the Federal police and, to cut a long story short, it turned out they were concerned that I was a terrorist.- BUT they knew it may have been for a car.........How did they know?? - easy, the bank told them I came in enquiring about access to my own funds.

I'm over the effing planet being manipulated and controlled by effing Banksters.

Under the mattress is a safer place than under the banksters roof.

monkofmimir
if they tried this I would tell them that if they don't give my money back I'm closing my account and then if they still refuse to return it, it is clearly theft and I might be able to get the law involved.

edit on 2512014 by monkofmimir because: (no reason given)

Except it's not your money anymore, it's the Banks. They own it when they have it in their possession.

boymonkey74
Just seen this article.

www.bbc.co.uk...

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.


What the hell? Is it any of their business what we do with our own money? Iam glad I don't bank with them because I would be closing my account down asap If I did.
My bet is that they want your cash in their bank for a little longer so they can make more money out of it.
Quicker we start getting more credit unions in the UK the better.
We should burn every branch down....grrrrr. (not really NSA/FBI/MFI/Bank police just kidding before you break my door down)

I have no doubts that this decision was made from the ranking elite for some other purpose. You can be certain that right now out of the public domain that there are criminal deals in process. Expect 'leaked' documents to surface soon.

Just a quick story. 2 years ago I went to a local bank with 10k from my personal safe. I wanted to buy a multi-family investment property. The 10k was the down payment. I sit down in the loan officers office and he asks me what kind of down payment I will have. I placed the money on his desk. He then takes it puts it through a counter and it gets banded. He then hands me a form to declare how that money was appropriated. I asked him whst this was for and he says that it's law that all money over 5k be declared. I then tell him that it is from my personal savings. A concerned look came across his face as he put his hands on top of my money and began sliding it towards him. While he was pulling he said something about the patriot act. At this time I very forcibly placed my left hand on his hands and my money and unsnapped my colt with my right. I am very aware of how that situation could have escalated but I was willing to escalate the situation if necceassry. He let me leave the bank with my money. I am not one to go all John Wayne. I am level headed and calm for the most part. This however was different. I saw red. Almost a PTSD like reaction from the bubble burst of 2008. Needless to say I did not get a loan with that bank. There was a credit union more then willing to take my money and give me a mortgage.