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

justwokeup
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.

Thank you for the information. That is very interesting and well worth knowing.

reply to post by St Udio


Interesting if not doom laden analysis but I wonder what you base your predictions on?

There is a new "bail in" procedure ratified by the European Parliament for struggling European Banks but this is to ensure the Banks' BondHolders ( i.e the people who own the equity in the Bank) take the first hit when a Bank wobbles rather than the taxpayer.


We all know HSBC is a confirmed launderer for Drug and Terrorist Gangs so it's customers should vote with their feet.

Jukiodone
reply to post by St Udio

 

Interesting if not doom laden analysis but I wonder what you base your predictions on?

There is a new "bail in" procedure ratified by the European Parliament for struggling European Banks but this is to ensure the Banks' BondHolders ( i.e the people who own the equity in the Bank) take the first hit when a Bank wobbles rather than the taxpayer.

from the financial analysts i read daily....

listen to this 4 minute link....www.kereport.com...

Thanks for the heads up OP, I posted the below in a thread I authored almost a year ago.....looks very similar to now.

This is what happens when you try to remove physical funds from one of the top banks in Canada.
After we heard the breaking news of what was going on in Cyprus last week we immediately removed 5K in cash from one of our accounts.
I would guess that equals about 2500 Euros or so give or take.

It was not really a big deal but we did have to phone in ahead of time to make an appointment to get our own cash out.

This particular bank started this appointment policy for anything over a $3000.00 cash with drawl about 3 years ago and that made us wonder a bit but did not set off any alarms right away.

So after the bank holiday in Cyprus was extended two more times in one week and as best as we can ascertain they are still closed we decided to get another 10 K out pronto.

So we moved some funds from here to there to prepare for the appointment to get our own money out, sounds easy right?
The money transfer was without pain and we had the scheduled appointment for this morning at 11 am.

It did not go as smooth as you might think......First off arriving at the bank they asked the wife if she wanted a draft and not cash. I was not present for this following tale but my wife is a former bank teller and knows the in and outs.

The next questions were as follows, Why are you taking money out today when you just took out 5K last week?

The wife (YogaGinns) a member here, told them we do not like what is happening in the banking sector today.
They then went to great lengths to assure her our money was both insured and safe in their bank.

The wife then stated that this is not the case in Cyprus and could happen here at any given moment.
Then the wife asked the teller how much interest has my 15K earned in the last 3 years.....good on the wife because the teller just shrugged and looked like a deer caught in the headlights at night.

So now it looks good for this transaction to actually take place. Next the wife had to provide 3 forms of ID with a photograph, answer 8 to 10 questions which were very personal. They asked these questions to verify her identity as if 3 pieces of ID with photos were not enough.

Next the said she had to sign a Waiver to absolve the bank of any Liability if she were to be robbed of the cash on the way home!

As the wife says to me " Why would I blame the bank for getting robbed of my own cash?"
Now it took them about 10 minutes to find this certain form and I suspect that amount of time was allotted to give my wife pause and change her mind.

She held fast and after much more time than necessary left the bank with our money that was earning ZERO interest successfully dodging the muggers waiting in broad daylight on a Saturday morning in a very populace neighbourhood.

Some things come to mind here for obvious reasons, first is why the defense mechanism in place all of a sudden?
This bank has the information of our whole portfolio and they know what we are worth on paper anyways.
We own our home free and clear, we some major stocks in the energy sector which we do not have faith in.

Why make a big production about signing the waiver and this was done right at the teller in front of all the customers within hearing distance.

We are talking about 10K not a lot of money today, Lots of folks don't seem to blink an eye at dropping that amount on cars/plasma tv with surround sound/a cruise on a ship/new kitchen or bathroom.
We have the ability to charge up to 20K on our one and only credit card and I can assure you that if we did the charge would be uncontested......Hell yes charge to any amount you want just don't ask for cash.

But when you want it out in cash all of a sudden there are the "Cash Police" popping up in you local bank.

This story is factual and occurred this morning......

My point is the banks are very aware of their own faults but yet convey positive thoughts in a storm.

To the mods, I thought this forum best but do move it as you see fit.

Looking forward to any input positive or negative......

Awareness just might save you some money.

Regards, Iwinder


This occurred in March of 2013 in Canada,
www.abovetopsecret.com...

reply to post by stargatetravels


That's laughable. My bank needs no more than an hour for me to withdraw any amount of cash. The reason they need the time is merely to insure the count. The last time I needed $85K for a cash transaction for real estate it took them 45 minutes before I stuffed the money into a bag.

The reason for the rules are so they have stated rules to back them when the crash happens and people rush to get there cash. When it happens, your $ is 1/100 tomorrow what it is today, and 1/100 the day after what it is tomorrow (or worse), that is what they are preparing for.

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)

Doubtful, the fuzz will say its a civil matter, you don't have the money at home or in your pocket so it cannot be stolen.

Well it seems to be the common story...
news.yahoo.com... l
I'd leave that F**king bank...

reply to post by boymonkey74


I had a LOC with HSBC in Canada. They closed their operations here and left me high and dry.
Two words describe HSBC IMHO are "They Suck".
Here's hoping there's a run on this POS financial institution.

Credit unions are the way to go. Our credit union ladies love my hubby, as long as they give us money that's fine with me.

Twenty years ago my husband was run over at work, 3 years later we got a $35,000.00 settlement a week before x-mas. I was working 2 jobs, our kids were little, my husband still wasn't healed and we were driving a POS. Our lawyer worked hard to make this happen before the holidays. He called around, found a bank with cash on hand, we weren't local to the area.

We walked into the bank, my husband on crutches, kids in tow, we looked pitiful. We plopped down the check and you could tell the clerks already knew what we were there for. They counted out the cash and I started cramming it into purse/pockets.

The big shot banker lord hovered over the whole process. The look on the bank employees faces was grim, you'd think we'd killed someone. It felt like what I imagine a bank robbery would be like. All eyes were on us, I didn't know if we should slowly back our way to the door or what. It was pretty horrible.

We stuck the money under the waterbed mattress. It was very well insured by a pump shotgun/5 country dogs, no FDIC needed. We got caught up on bills, paid cash for a used vehicle, made home repairs and started my hubby's biz.

It's no ones damn business what we want to do with our money. Possession is everything once they get their hands on it they're extremely reluctant to let it go. You'd think we were asking for a kidney. Considering this thread, I can't believe we walked out with that much cash. I doubt they'd give it to us today.

Update

25 Jan 2014

As a responsible bank we ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for. The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. Large cash transactions have inherent security issues and leave customers with very little protection should things go wrong, by asking customers the right questions, we can explore whether an alternative payment method might be safer and more convenient for them.

However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We apologise to any customer who has been given incorrect information and inconvenienced.
www.newsroom.hsbc.co.uk...

www.zerohedge.com...

When will you people get the fact that it is NOT YOUR MONEY! It belongs to TPTB and they can and will use it as a tool to control you. They could literally starve you to death if they so chose and you would have no recourse. That is why they are all so scared of Bitcoin as they have no oversight of it and can't stop the interactions associated with it. Of course there is nothing to see here so please move along.

Well don't want to alarm people, but

China Halts Bank Cash Transfers

In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.

Something is very wrong in China at the moment. Banks’ apparent need to conserve cash, coming just weeks after the last incident, looks ominous.

www.forbes.com...


Want to stop a bank run, just shut down the banks. This to me is a stopgap measure to keep funds in their hands, the end of the month default is looking more real by the day.

I work for a small, U.S. bank and there are many rules and regulations the banks follow that may not be obvious to the average customer. For example, at my bank we ask a customer who wants over $5,000 to call ahead. This is simply because in order to reduce losses in case of robbery, we keep most of the cash in the time delay vault. However, not all banks have the same cash reserve limits and an earlier poster commenting on how he could $85,000 in cash from his bank in an hour simply would not be able to do that at my bank. We'd have to place a special order and he/she would have to wait several days to a week. Other types of banks would have much cash more on hand, but this is becoming less common to, as I mentioned before, reduce the risk of losses associated with bank robberies. Also, it is a fact (and we are not exactly allowed to give customers the full story on this), that large cash withdrawals are:
1. reported to the IRS, every single time, and if the customer does not want it reported we simply do not proceed with the transaction.
2. we are not allowed to tell the customer exactly how much is over the reporting limit,as that would be helping them "structure" transactions to avoid reporting.
3. Any customer, even if its only once, who engages in a large cash deposit or withdrawal is supposed to be asked by the institution why they are doing so. I know at our bank we generally do not force this information out of a customer, as it is rather invasive. But, we do have to file a suspicious activity report. Even if the person and transaction is in no way suspicious, it is the law.
So I am rather surprised everyone is so up in arms at this report of HSBC's policies, as technically they are following U.S. law by demanding an explanation for large cash withdrawals. Not sure what the laws are in other countries, obviously, I'm merely speaking for U.S. banking regulations, which involve a fair amount of spying on customers activities every day.

MidnightTide
Well don't want to alarm people, but

China Halts Bank Cash Transfers

In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.

Something is very wrong in China at the moment. Banks’ apparent need to conserve cash, coming just weeks after the last incident, looks ominous.

www.forbes.com...


Want to stop a bank run, just shut down the banks. This to me is a stopgap measure to keep funds in their hands, the end of the month default is looking more real by the day.

I agree. Tomorrow and throughout the rest of the week will be verrry interesting! I took my hard earned scraps out on Friday, right at 3pm, writing in the memo field New Car in case there were any questions which I hoped there wouldn't be because I would have hit the roof. I asked her if she needed my ID. She said "nope", (small town) didn't say another word and gave me my cash. I went home and put it in my safe. This week, New York also to make some statements regarding regulation of Bitcoin.

In one way Iam glad Iam skint and a bit poor because I owe my bank just short of a grand and If they all start to fail at least I have nothing to lose .

Forbes Pulls Down China Hoax Story; Even As Dennis Gartman Is Completely Fooled

Earlier, we debunked an alarmist Forbes story about halted cash transfer by PBOC decree, which was erroneous along various lines all explained previously, not in the least that the actual announcement had first appeared some three weeks ago. And despite the kneejerk reaction of some of our more fatalist readers and not to mention the general public, the reality is that China has more than enough real problems (Trust Equals Gold being at the forefront) and certainly does not need to add imaginary, made up ones, conceived only with the intention of generating conflated ad revenues through click-baiting headlines. Which is why we commend Forbes for, better late than never, pulling the story even without providing an explanation of how this story appeared in the first place. Because where the article once was, there is only a 4-0-Forbes now:

www.zerohedge.com...

Hold yeee horses, never the less, I to think this will be an interesting week.

reply to post by boymonkey74


Whats interesting its not even large amounts of cash.

My dad has a HSBC bank account and went to withdraw £300 from a cash point. its a bit more than most people in the uk £50 - 100 at a time do, however the cash point just declined his transaction and gave him his card back.

Now this is the really odd & worrying thing. This was a "Non" HSBC cash point but park of the UK link cash machine network.

He then had to go into a HSBC branch to find out what had occurred. It was a "Auhotisation Refused" apparently. Which considering £300 isn't that much these days is slightly worrying.

He then got a phone call from HSBC to call them saying he had had a transaction declined. And had to mess about double checking £300 hadn't gone out twice.

Now IMHO this could be UK banks not trusting that HSBC actually has cash and declining HSBC customers from using their network.

Which is very worrying because it means that other financial institutions don't trust HSBC, and if thats the case HSBC will become short of funds VERY VERY quickly.... and could easily be the next northern rock.

reply to post by boymonkey74


IF they asked you what did you want the money for I'd politley decline to answer UNTIL they tell me what they are doing with it whilst it's in my account? Who are they lending it to and do they have a paper trail to prove its not going to nefarious others.
Then I'd transfer the funds to another bank.

But its probably just 'questioning' for market research purposes, like, "what you going to do with the money your removing? buying a car? home renovation? maybe you should take out one of our (overpriced) loadns instead" kind of bollux?.

reply to post by DataWraith


This was £300 or about $500 cash which HSBC declined for no real reason.....

Odd considering !

you say "im going to buy a car for cash you nosy son of a bitch"

I bank with them too and if they declined any with drawl request id close my account immediately. They have already pissed me off recently when they "upgraded" my account which basically means more monthly charges for zero benefit for me. charming.