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Author Topic: HSBC demands to know why you want your money?
glassman
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this is just friggin weird;
http://www.bbc.co.uk/news/business-25861717


HSBC imposes restrictions on large cash withdrawals
By Bob Howard Reporter, Money Box
HSBC bank sign HSBC customers requiring large cash withdrawals may be asked what they want the money for
Continue reading the main story
Personal Banking



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.

Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.
New rules

Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as 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.
Continue reading the main story
“Start Quote

As this was not a change to the Terms and Conditions of your bank account we had no need to pre-notify customers of the change”

HSBC customer letter

He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. "As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change," HSBC wrote.
Frustrated customers

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."

Peter from Wiltshire, who wanted his surname withheld, had a similar experience.

He wanted to take out £10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.

Peter phoned up the day before to give HSBC notice and everything seemed to be fine.

The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.

The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the £10,000.

Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder's quote.
Customer protection

HSBC has said that following customer feedback, it was changing its policy: "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. 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 are writing to apologise to any customer who has been given incorrect information and inconvenienced."
Continue reading the main story
“Start Quote

In a sense your money becomes pocket money and the bank becomes your parent”

Douglas Carswell MP for Clacton

Money Box asked other banks what their policy is on large cash withdrawals.

They all said they reserved the right to ask questions about large cash withdrawals.

But none of them said they would require evidence of what the money was being used for before paying out.

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."

But Eric Leenders, head of retail at the British Bankers Association, said banks were sensible to ask questions of their customers: "I can understand it's frustrating for customers. But if you are making the occasional large cash withdrawal, the bank wants to make sure it's the right way to make the payment."


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Don't envy the happiness of those who live in a fool's paradise.

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CashCowMoo
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Well glass would you say this is liberal think or conservative think?

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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glassman
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quote:
Originally posted by CashCowMoo:
Well glass would you say this is liberal think or conservative think?

it's "stink think" caschowmoo.

when are you going to start realising that when you play the "conservative/liberal" game that you are dancing to both sides tune, and that tune is the same one from both sides?

it's all about control not whether you are liberal or conservative...

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Don't envy the happiness of those who live in a fool's paradise.

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CashCowMoo
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quote:
Originally posted by glassman:
quote:
Originally posted by CashCowMoo:
Well glass would you say this is liberal think or conservative think?

it's "stink think" caschowmoo.

when are you going to start realising that when you play the "conservative/liberal" game that you are dancing to both sides tune, and that tune is the same one from both sides?

it's all about control not whether you are liberal or conservative...

yeah I know that.
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glassman
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first off? i was kindof hoping somebody would pop in with an article showing how this is some sort of gag like the Onion does.. but i couldn't find any evidence it was gag and i am pretty friggin busy these days, so i don;t have a lot of time to waste on it..

the very fact that anybody (or everybody) doesn't close their account(s) immediately upon being treated that way is beyond my comprehension. I know it's not in the USA, but this just shows how far things are going to hellinabu cket in terms of people just accepting subordination and domination by the corporate overlords...

"why do you want your money"? - cuz it's MINE? duh!

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Don't envy the happiness of those who live in a fool's paradise.

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T e x
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Absolutely: I would close the account, maybe not on the spot because I would then get some sort of check that could be traced. Probably, I would figure out how much cash I could withdraw then do that daily until it was at $1 (1 pound), then close it.

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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raybond
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No HSBC for me. What a lot of nerve.

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Wise men learn more from fools than fools from the wise.

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buckstalker
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quote:
Originally posted by CashCowMoo:
quote:
Originally posted by glassman:
quote:
Originally posted by CashCowMoo:
Well glass would you say this is liberal think or conservative think?

it's "stink think" caschowmoo.

when are you going to start realising that when you play the "conservative/liberal" game that you are dancing to both sides tune, and that tune is the same one from both sides?

it's all about control not whether you are liberal or conservative...

yeah I know that.
No CCM you still don't "know"

You continue to bash the left and coddle the right
when in fact there is ZERO difference between the two...

People like yourself and Ray concern me the most... after everything these self serving politicians have pulled, you BOTH still believe that one side or the other is looking out for YOU or BETTER than the other...

As long as people like you continue to "believe" that, these puppets will continue their charade

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CashCowMoo
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Sure buck. Your statement is misleading because there IS a difference between the two. Its called policy. The master is the same, but the minions produce different outcomes.

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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raybond
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hey cash get a job you bum

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Wise men learn more from fools than fools from the wise.

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CashCowMoo
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I have a couple ray, keep that ignorance of yours nice and polished.

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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raybond
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Hey bum what do you do

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Wise men learn more from fools than fools from the wise.

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CashCowMoo
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I have a for profit and non profit as well as volunteer among other things. Sometimes I think I turn you on Ray.

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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buckstalker
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quote:
Originally posted by CashCowMoo:
Sure buck. Your statement is misleading because there IS a difference between the two. Its called policy. The master is the same, but the minions produce different outcomes.

If you really believe that then you are part of a "special" group of Americans known as the "ignorant masses"

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***********************

It's all in the timing...

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raybond
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posted by cash


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I have a for profit and non profit as well as volunteer among other things. Sometimes I think I turn you on Ray.




so bum you have a for profit and a non profit.What are they what do you do?

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Wise men learn more from fools than fools from the wise.

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Pagan
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quote:
Originally posted by raybond:
posted by cash


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I have a for profit and non profit as well as volunteer among other things. Sometimes I think I turn you on Ray.




so bum you have a for profit and a non profit.What are they what do you do?

It's all fantasy. He more than likely works at Walmart.

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It is impossible to make anything foolproof because fools are so ingenious.

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raybond
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I think he is Frank Bates, aka food for patriots, you know the food with a 25 year shelf life. Sell it to people think the world is coming to an end.

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Wise men learn more from fools than fools from the wise.

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CashCowMoo
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quote:
Originally posted by raybond:
posted by cash


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I have a for profit and non profit as well as volunteer among other things. Sometimes I think I turn you on Ray.




so bum you have a for profit and a non profit.What are they what do you do?

Im not going to put it out there and have you try to make some kind ignorant comments about it. Its more than you are doing I can tell you that much.
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raybond
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ok 99 weeker have it your way for the record ashamed of how you pay the rent maybe your mother does not charge you rent for the basement apartment.

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Wise men learn more from fools than fools from the wise.

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glassman
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i give up.

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Don't envy the happiness of those who live in a fool's paradise.

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NR
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Democrat Vs. Republican

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One is never completely useless. One can always serve as a bad example.

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CashCowMoo
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quote:
Originally posted by raybond:
ok 99 weeker have it your way for the record ashamed of how you pay the rent maybe your mother does not charge you rent for the basement apartment.

You are so childish talking in certainty when you know nothing. How old are you again??
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glassman
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Third prominent banker found dead in six days
Trey Garrison
January 31, 2014 11:33AM

Bloomberg is reporting this morning that former Federal Reserve economist Mike Dueker was found dead in an apparent suicide near Tacoma, Washington.

Dueker, 50, a chief economist at Russell Investments, had been missing since Jan. 29 and was reportedly having troubles at work.

Normally HousingWire wouldn’t cover deaths in the industry, but what’s strange is that Dueker is the third prominent banker found dead since Sunday.

On Sunday, William Broeksmit, 58, former senior manager for Deutsche Bank, was found hanging in his home, also an apparent suicide.

On Tuesday, Gabriel Magee, 39, vice president at JPMorgan Chase & Co’s (JPM) London headquarters, apparently jumped to his death from a building in the Canary Wharf area.[/b]

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Don't envy the happiness of those who live in a fool's paradise.

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Pagan
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quote:
Originally posted by glassman:
Third prominent banker found dead in six days
Trey Garrison
January 31, 2014 11:33AM

Bloomberg is reporting this morning that former Federal Reserve economist Mike Dueker was found dead in an apparent suicide near Tacoma, Washington.

Dueker, 50, a chief economist at Russell Investments, had been missing since Jan. 29 and was reportedly having troubles at work.

Normally HousingWire wouldn’t cover deaths in the industry, but what’s strange is that Dueker is the third prominent banker found dead since Sunday.

On Sunday, William Broeksmit, 58, former senior manager for Deutsche Bank, was found hanging in his home, also an apparent suicide.

On Tuesday, Gabriel Magee, 39, vice president at JPMorgan Chase & Co’s (JPM) London headquarters, apparently jumped to his death from a building in the Canary Wharf area.[/b]

Karma?

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It is impossible to make anything foolproof because fools are so ingenious.

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glassman
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i dunno Pagan. i am pretty skeptical about how they "fixed" the fundamental issues that caused the last collapse. in fact? i don't think anything really got fixed at all.

you have to have screwed up pretty bad to commit suicide but peopel do it every day. maybe it's coincidence?
I don't have enough data yet to see if there are any links, and i don't have that much time to spend on looking for the links if they exist.

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Don't envy the happiness of those who live in a fool's paradise.

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Pagan
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quote:
Originally posted by glassman:
i dunno Pagan. i am pretty skeptical about how they "fixed" the fundamental issues that caused the last collapse. in fact? i don't think anything really got fixed at all.

you have to have screwed up pretty bad to commit suicide but peopel do it every day. maybe it's coincidence?
I don't have enough data yet to see if there are any links, and i don't have that much time to spend on looking for the links if they exist.

I guess for the time being...Karma will have to suffice. As they say...you Reap what you Sow.

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It is impossible to make anything foolproof because fools are so ingenious.

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glassman
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seems like so many of us who had no part in this whole mess have to pay for it

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Don't envy the happiness of those who live in a fool's paradise.

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glassman
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seems to me that a liquidity crisis may be brewing again, (sooner than i expected)but i haven't found anything more than rumors and hints.....
fundamanetaly? this guy was correct IMO:

Walter Bagehot argued in 1873 that the role of a “lender of last resort” during a financial crisis is to lend freely to its dependent institutions, but only at penalty rates, and only when good collateral is offered. Institutions that cannot survive under this regimen are allowed to go under. He had a low opinion of “too big to fail,” a problem he described 160 years ago.

we didn't do ANY of that, in fact we did the opposite, but the baks appear to me to be trying to limit cash withdrawals even tho they got huge infusions of cash in thelast five years..

so did they have a bunch of secret debt they had to pay off with that cash? or did they invest in the worng assets and nobody wants what hey invested in now? i don;t have enough data cuz it takes alot of digging and reading pure bullcrap to sift out the clues...

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Don't envy the happiness of those who live in a fool's paradise.

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glassman
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several lawyer and politician jokes come to mind as the tally keeps rising on this... but it ain't funny...
this guy was only at his new job for two months?

A New York City investment banker is dead after allegedly jumping from his apartment building, continuing an alarming streak of suicides that has descended upon the financial world.

The latest death occurred on March 12, when 28-year-old Kenneth Bellando was found on the sidewalk outside his six-story Manhattan apartment building.

According to the Daily Mail, police investigators said the case was still under investigation, but that they do not suspect a third party to be involved and that Bellando – who had been working for Levy Capital since January – likely took his own life.

Before moving into his last position, the New York Post reported Bellando worked as an investment banker at JP Morgan Chase. His brother, John Bellando, also works at JP Morgan as an investment officer; the Post stated that multiple emails by John Bellando were presented as evidence during Senate hearings regarding the “London Whale” trading scandal.

Kenneth Bellando’s death now marks the 12th time this year that an employee in the financial world has taken his or her own life around the globe. Bellando graduated from Georgetown University in 2007, and is the youngest banking professional to commit suicide this year.


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Don't envy the happiness of those who live in a fool's paradise.

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CashCowMoo
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Glass there are numerous stories coming out of mysterious "suicides" in the financial world. Are they seeing something so terrible they cant take it, or do they know things that they are not supposed to know?

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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glassman
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quote:
Originally posted by CashCowMoo:
Glass there are numerous stories coming out of mysterious "suicides" in the financial world. Are they seeing something so terrible they cant take it, or do they know things that they are not supposed to know?

honestly? i don't know for sure that this isn't the norm cashcow.

the biggest thing i learned by blogging here the last ten years was that we are all playing at agambling game in the stock market. you need to understand that when you put your money in the accounts at the brokerage that they take your money and do whatever the heck they want with it and the HOPE they have your money whne you ask for it back... it's that simple. that's whythe market HAD to crash.. they lost all the moeny somehow and the market had to be broken down to reflect that fact. i'd really like to know who got it... [Wink] bloomberg personally took a bunch but not all of it by any means.

these suicides and odd deaths? they are most likely people who took othr people's moeny and lost it and can't pay it back. some people are built to actaully care about other people and whne they can't deal with what they did? they can't face anybody. other people are totally without any "conscience?" (i dunno waht to call it) and do not care that they lost other peoples life savings... these people will not kill themselves they'll keep doing it as long as they are allowed access to the game. sociciopaths behave this way too. is it right to call people who only "take" from the system sociopaths? idunno. what i do know is that money is no longer really a reflection of productivity. i dunno what it has become. i watched too many good solid inventions and technical products go public only to have them taken away using trading tricks and gimmicks to beleive that the system we hav is working properly... in thened? there is no better system so i'm not saying we should dump this system, only that we need to try to be better than we are. do good people kill themselves while the bad people survive and thrive? you bet. that's survival of the fittest huh? the deadliest animal on th eplanet is actually a mosquito... unless you count people.. then it's about tie based on the numbers.

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Don't envy the happiness of those who live in a fool's paradise.

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Pagan
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quote:
Originally posted by glassman:
quote:
Originally posted by CashCowMoo:
Glass there are numerous stories coming out of mysterious "suicides" in the financial world. Are they seeing something so terrible they cant take it, or do they know things that they are not supposed to know?

honestly? i don't know for sure that this isn't the norm cashcow.

the biggest thing i learned by blogging here the last ten years was that we are all playing at agambling game in the stock market. you need to understand that when you put your money in the accounts at the brokerage that they take your money and do whatever the heck they want with it and the HOPE they have your money whne you ask for it back... it's that simple. that's whythe market HAD to crash.. they lost all the moeny somehow and the market had to be broken down to reflect that fact. i'd really like to know who got it... [Wink] bloomberg personally took a bunch but not all of it by any means.

these suicides and odd deaths? they are most likely people who took othr people's moeny and lost it and can't pay it back. some people are built to actaully care about other people and whne they can't deal with what they did? they can't face anybody. other people are totally without any "conscience?" (i dunno waht to call it) and do not care that they lost other peoples life savings... these people will not kill themselves they'll keep doing it as long as they are allowed access to the game. sociciopaths behave this way too. is it right to call people who only "take" from the system sociopaths? idunno. what i do know is that money is no longer really a reflection of productivity. i dunno what it has become. i watched too many good solid inventions and technical products go public only to have them taken away using trading tricks and gimmicks to beleive that the system we hav is working properly... in thened? there is no better system so i'm not saying we should dump this system, only that we need to try to be better than we are. do good people kill themselves while the bad people survive and thrive? you bet. that's survival of the fittest huh? the deadliest animal on th eplanet is actually a mosquito... unless you count people.. then it's about tie based on the numbers.

In a situation like this...Occam's Razor comes into play. The only reason you hear about the few suicides in the financial world is due to our inundation with news 24/7. They ones who offed themselves most likely had other issues. You just hear/read about the deaths now. Been happening for years. The simplest answer is usually the correct one. JMO

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It is impossible to make anything foolproof because fools are so ingenious.

Posts: 3311 | From: St. Louis | Registered: Feb 2005  |  IP: Logged | Report this post to a Moderator
glassman
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Been happening for years.- that's what i suspected too.
new rules and regs may be coming into play too... more accountability than ever before.

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Don't envy the happiness of those who live in a fool's paradise.

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Pagan
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quote:
Originally posted by glassman:
Been happening for years.- that's what i suspected too.
new rules and regs may be coming into play too... more accountability than ever before.

Yes. I agree. But the utter 24/7 news saturation just keeps throwing it your face.

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It is impossible to make anything foolproof because fools are so ingenious.

Posts: 3311 | From: St. Louis | Registered: Feb 2005  |  IP: Logged | Report this post to a Moderator
   

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