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Bank-Run Fears Continue; HSBC Restricts Large Cash Withdrawals
Following research last week suggesting that HSBC has a major capital shortfall, the fact that several farmer's co-ops were unable to pay back depositors in China, and, of course, the liquidity crisis in China itself, news from The BBC that HSBC is imposing restrictions on large cash withdrawals raising a number of red flags. The BBC reports that some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it. HSBC admitted it has not informed customers of the change in policy, which was implemented in November for their own good: "We ask our customers about the purpose of large cash withdrawals when they are unusual... the reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime." As one customer responded: "you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
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.
...
"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."
...
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."
...
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."
The arrogance is incredible...
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Satoshi101: Psychiatrists know about RFID in banknotes and clothes. You need a psychiatrist; if you don't have one, get one. Remember to sign yourself in for treatment. Explain all that you believe. Only then will you find out for sure. I will mention that a typical RFID is by no means only a passive device such as a strip of metal that can allegedly oscillate.
There is a pill for that, he got fired cause he's useless.
Yeah, sure.
Show us / link us to pictures how someone did that!
"The bullshit is strong in him!"
"The Fall 2000 issue of Vision Access magazine reports on a meeting at ACB convention 2000 with Tom Ferguson, former BEP head" (p. B-17).
That's all I could find to date the focus group. If the comments were made a decade ago, then they could have easily implemented their plans by now.
We know that the technology exists. They're using it in Saudi Arabia. Do you think the US government will purchase a full-page advertisement in The New York Times?
Dumping many single unconnected parts on the reader (a la GW) doesn't prove anything.
Ferro-electric memory by itself cannot be read/written over a distance.
I have to learn yet that someone has been able to create an RFID tag that is
- thin as paper
- can be bent and folded
- is waterproof
- and at the same time is invisible because of tiny size and/or see-through and/or good camouflage
would give governments and law enforcement agencies a means to trace money
That already exists: it's called serial number
Thanks for the assist.
30 seconds 1000 Watt microwave treament will solve this.
Well, I finally had to down vote some folks...
Before people jump on the discredit bandwagon, they should do their research, check things out...
For instance; "Smart dust.."
If I remember correctly, it's from Hitachi..
(Technology moves on, whether we choose to do so, or not..)
Be safe all...
Somehow this discussion strangely reminds me of the Drexler-Smalley debate.
http://en.wikipedia.org/wiki/Drexler%E2%80%93Smalley_debate_on_molecular...
;-)
I have no idea if it's nonsense or not, but it's entirely possible.
They're being placed on any number of bar codes & goods, smaller that a grain of sand.
Is it possible to do? Yes. Is it actually being done? Nope. It IS however going into all sorts of merchandise though. Not really for security purposes, but rather for consumer tracking. Cameras in the stores now can trace your path, shelf-height cameras can read your expressions, and tiny devices in your cart can track proximity to rfid-tagged merchandise so as to identify optimal placement and loiter times.
Don't like RFID? Get a disposable camera with a flash, solder a coil onto the capacitor. No need for the microwave now, just center the suspect RFID under the coil and hit the switch. Zap, its tiny internal circuitry is overloaded and it dies. This also works great for all those shoplifting tags... The magnet strips by they way... Neodymium does the job, just wait for the click.
Wow, intrinsic value!!!
I assure you that it is not. I have seen parts of an FBI presentation outlining as much, at least as far as the new bills are concerned. I need to learn to keep my mouth shut.
Brave, and correct.
It's a BBC story. Go bitch there.
I know most here don't like Tidefighter's argument, but he's right to degree.
Cash, to a bank, is just inventory. They order cash on a JIT basis. They try to keep just enough to cover each day's expected demand. If I go in to the bank tomorrow and tell them I want $20,000 in cash, they WOULD reasonably freak the fuck out. Most branches don't keep that kind of extra cash at hand. And, after my withdrawal, they would have some pretty freaked out people behind me.
It's like going to the local donut shop and buying 20,000 donuts...most couldn't even produce that many and all the subsequent customers that day would leave pretty unhappily.
When I plan to make a large cash withdrawal I call the bank and let them know the day I'll come, the amount I plan to withdraw, and a time range that I expect to be in the bank. Normally, the bank will have a guard meet me at the door, escort me to a non-public office, provide the cash and have the guard escort me back to my car.
(by the way, 30k in $100 bills will fit in a coat pocket.)
I had the same experience at a Wells Fargo.
It's easy if you call ahead and make arrangements for larger amounts.
Strange. I too went into a Fells Wargo last week and the teller was nonstop whining. She actually said the bank had a policy of not giving out that much cash. only 10K!!! and then she refused to give me less than large! it had to be 100's.
But, I will test out your procedure in a few weeks. I plan on removing my "unsecured investments" in WF asap.
Fuck the banking trolls were out in full force last night looking at the time stamps of the posts and all of the down votes. I have never seen such a high number of down votes on what would be considered a smart comment on ZH.
-1?
If all the banks shut, cash will be no good after a few days anyway.
Except if you are desperate for toilet roll or emergency heating.
Seriously. Gets on my nerves when I read llamas here saying I gotz lotz of caaash in my safe so they can't steal it from me. The truth is if they steal it from you then we are already end game and that cash in your safe will be good for asswipe. Is it good to have a few grand in cash? Sure for emergencies that last a few weeks or less. Anything more than that and people will lose faith in the government and the currency and mankind's nature will then take over making your fat stacks of cash worthless that you spent all that clever time stacking. My working theory is 22LR and silver coins will be the currency of the realm if we go like the book Patriots.
If the banks close, the stacks of cash come out of hiding and start buying everything in the now stopped supply chain. Others see the prices rising quickly, and supplies dying up, and soon everyone rushes to buy what's available. In today's interconnected world this will happen quite quickly.
Bit of a long shot (excuse the pun) but if the above happens, one could easily see 22lr and silver being highly sought after, for one on one trade.
Negative. In this country and particularly in the inner cities if/when that happens then people will not be buying things with stacks of cash if the banks close and hyperinflation starts. They will be taking things right out the front door and fighting each other for the last can of beans. Once again I posit that cash will be worthless if it comes to that. America now is not America of the 1930's. Too many thugs with no morals roaming around the streets for it to go any other way. Too much multi-culturalism and no social cohesion like we used to have. Hope I'm wrong. Doubt I am.
Civil War 2 cube
It will end badly, with a lower standard of living for most.
Whichever way the chips fall.
Lots of examples in recent (relatively) history...
Watts, Katrina, etc...
Once the banks close the cash in the safe gets deployed! ASAP!
Unlessing you're an idiot!
Yup. You've seen what happens to the shops just over a holiday weekend... You will need to deploy that cash quickly.
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."
Ladies & gentlemen of the jury, that is when I pulled out my gun.
I wonder if this has anything to do with water cannons to be installed by Summer around London?
http://www.zerohedge.com/news/2014-01-08/preparing-civil-disobedience-lo...
No, probably just going to be a very, very hot summer, and people need to cool off when the power grid gets over loaded.
Hadn't seen that, probably just as you say, the people demand moar cops, teachers & fireman services ;-)
Customers of HSBC should simply reply that they need the cash in order to start a drug money laundering business. ;-).
lol...birds of a feather!
Just tell them that you want to buy a couple of politicians and ask to speak with one of their consultants.
lol
anyone who holds their savings in these banks after reading this news deserve to be treated like that...
it will happen to any bank...
Keep it in your mattress - you might get burgled.
Keep it in a bank you will almost certainly be ripped off.
"you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
LOL!!!
"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."
corresponds with
"the terrorists want to take away our freedoms, so we will restrict your freedoms so that the terrorists dont take them"
Or something like that......
'
'
'
'
I can't wait for the greasy weasels to pull that stunt here.
Get the guns! Oh, that's right. The Chinese don't have any!
Sucks to be them! No, really: It sucks to be them. If they don't get a lid on this, real quick, it'll spread, and there will be civil unrest.
Can you imagine the dirty little $?φ?@†$ at the bank doing this?!
Get. Yer. GUNS!
……____________________ , ,
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…../_==o;;;;;;;;_______.:/
…..), —.(_(__) /
….// (..) ), —-”
…//___//
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Some day, this will come to our country. Are you prepared to be the first in your town, to stand up and say "NO. I will not comply."?
•J•
V-V
I didn't realize that $4K was considered a large amount of money.
Stay CALM ... nobody PANIC;
http://youtu.be/MB2KS1mBuQQ?t=24m54s
But if panic, panic first.
Ha hah ha ha haaa
"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"
HahahahahHAHAHAHA
*wiping tear from eye*
Yup, just go to court, where the friendly old man will explain to you that you are slightly mistaken...
It's best to become your own central bank.... own GOLD & SILVER!
"It's my money, not the banks"
How quaint. Where the fuck have you been
Will the bank be satisfied if I tell them "hookers and coke"?
Only if you invite the manager to keep you company!
You have to be clever about it, but the answer is YES!
I live a largely cash-based lifestyle, so when I'm making my withdrawls and the teller is working on her STR quota and asks, I just say it's for dates and fine dining. No issues whatsoever. It's to the point where the teller has subtley hinted once or twice she was open to joining me for a meal.
And you don't take her up on it because.......
Orca.
Fair enough.
orcas breed too right....
How are fat girls and mopeds alike....they are both fun to ride until your friends find out.
unless you trash the moped and you turn on the lights .
That answer is LOL.
Much as I agree with the sentiment that "it is none of their f**king buisness" you cannot outright lie if you are asked to fill out a financial tranaction reporting form as it is a legal document that can be used to prosecute you. You just need to be vague "for investment purposes, for spending money, for upcoming bills" etc are all good answers.
I would have just told them, with a completely straight face, something absurd to mock the policy.
"What is the money for"?
"I'm buying a white Bengal tiger and a gold leash to walk him on"
"I'm starting a charity that purchases and places umbrella hats on homeless people when it rains"
"I'm doing an installation piece for MoMa. It involves tying $10k in singles to fishing line, among other things."
"I'm following Lady GAGA around the world for a year, with front row seating and backstage passes for each performance"
I'd be inclined to show less restraint:
"A gold plated dildo."
"what is the money for?"
'I reckon I need it to hire a lawyer cause I'm fixin to kill you, mmmmhmmmmm.'
On a cash withdrawal of $12K last year, I told the bank I was buying a truck, and getting a great deal because I was willing to pay cash. Said the truck's owner would take cash only because the same bank had just foreclosed on his house. I thanked the Bank Teller for her concern about my well being. Very nice and polite, and got my $12K in cash with no further delay.
By the way, by the time i got my cash, the guy had already sold the truck. Darn!
If there were ever Bank runs the first thing that would be taken away would be the plastic that everyone depends on these days.
Denied
Fuck you Suze Orman!
/LOL
She is 100% useless.
They can cut your CC limit in an instant and cut the cash withdrawl amount to 50 cents a day. Capital controls follow many forms - someone else said it - they DO NOT want you taking money out of the banking system... they are leveraed to infinity.... and why is it illegal to store some of your savings in cash in a safety deposit box? They want you caorraled up nice and tight for the coming bank holiday.
Panic first and avoid the rush. Shit like this causes bank runs, not prevent them.
The audacity.........a bank informing depositers of financial crimes. LMAO.
Watch for Outgoing U.S. land border checkpoints to be implemented.
Some excuse will be offered, however the real intent will be to catch physical & human assets fleeing.
Once that happens .... you are inmates. Property of uncle sam. Property of the 1%.
Um, these already exist, as least if you're heading to Mexico.
Eventually the state lines will have some sort of electronic "check" for everybody going in and out.
You heard it here first.
And you probably believed all that TSA bullshit was for...??
Tennessee Becomes First State To Fight Terrorism Statewide
"You're probably used to seeing TSA's signature blue uniforms at the airport, but now agents are hitting the interstates to fight terrorism with Visible Intermodal Prevention and Response (VIPR)."
"'Where is a terrorist more apt to be found? Not these days on an airplane more likely on the interstate,' said Tennessee Department of Safety & Homeland Security Commissioner Bill Gibbons."
VIPR Teams Enhance Security at Major Local Transportation Facilities
"Comprised of federal air marshals, surface transportation security inspectors, transportation security officers, behavior detection officers and explosives detection canine teams, VIPR teams over the past two years have augmented security at key transportation facilities in urban areas around the country, including New York City, Buffalo and Syracuse, N.Y., Los Angeles, Boston and Providence, R.I."
"Looking to expand the VIPR concept beyond the rail sector to other forms of mass transit, TSA has been reaching out to several high-volume ferry operators to provide additional security, particularly during the summer months when ridership is at its peak."
Marshals To Patrol Land, Sea Transport
"According to internal Transportation Security Administration documents, the program calls for newly created 'Visible Intermodal Protection and Response' teams -- called 'Viper' teams -- to take positions in public areas along Amtrak's Northeast Corridor and Los Angeles rail lines; ferries in Washington state; and mass transit systems in Atlanta, Philadelphia and Baltimore. Viper teams will also patrol the Washington Metro system."
"'TSA is going to extend its outreach into other modes of transportation,' said David Adams, spokesman for the Federal Air Marshal Service. 'We think this is a very good approach to test our tools and quickly deploy resources in the event of a situation or a threat. It shows we could be at any of these places.'"
Yep! Don't want to be a day late turning frns into monetary stores of value under your control. Food storage; guns and ammo, stuff needed to survive, when the floor goes out from under debt gone wild crazy. Spread it out among loved ones as gifts for their prpeparation, as children are so short sighted. I know! I could of cared less about anything until I actually lived to 30 and the gov goon platoon hadn't wasted me in some foreign country far; far away. Now having lived twice that long plus; wouldn't trust the gov goon platoon, in bed with criminal banksters with my ggsons penny gum ball machines.
Tyler would you please do something about the "Phantom Junker". It's obvious that we have a disgruntled troll or retarded basement baby on the site.
Thank You.
It's the self profressed false prophet "Lloyd Blankenfien" doing his god's work.
Hey, good title for a boy's adventure novel!
Biggles and the Phantom Junker
There is a couple of them over on the "slavery" thread. I guess a little zit popper got himself grounded for the weekend.
Don't worry, Poindexter, little Mary Jane rotten crotch wasn't going out with you anyway
Yen Cross, just ignore it. Consider it brownie points. A couple threads back, I out rightly called them a bunch of cunts and demanded more down arrow’s. Looks like only 3 are on the payroll tonight. Again, either ignore or bait for fun. Hope you’re doing well.!
I love the smell of rejection in the morning.
Smells like ...... victory.
One way to stop such arrogance:
WITHDRAW. IT. ALL.
"deposit bitcoins as substitute. tell banker he's actually ahead on said transaction."
This is not news, but they do ask, and have been asking for a long time, and I always say "DENTURES", or "PENIS IMPLANT".
Not once have they ever followed up.
But yep, over $10k HKD is a major fucking hassle, .. but its been this way a LONG TIME.
THIS IS NOT FUCKING 'NEWS' BOYS. This is old shit, that somebody is trying to ENGINEER or make it appear that CHINA has problems.
The FACT that ZH has promoted this relentlessly is telling in the last few days.
Again, I would focus your 'eye of sauron' back towards the USA
"PENIS IMPLANT".
"Not once have they ever followed up."
They probably knew you were telling the truth.
The British sound even more cowed than Amerikans...
The UK has always been 15 years ahead of the USA on the NAZI death cycle.
Britain: the proving ground of the Anglo-American police state.
if every use of 'CHINA' was substituted with 'USA', then the entire weeks narrative on ZH would make a lot of sense.
Va-China
Va-USA
No.
While i agree with the sentiment that it is your money if it were your senile grandmom taking out all of her money to pay a phony roof repair bill you'd wish they'd ask the question.
Bullshit article. No banks are suppressing withdrawals. Sorry, guys.
Can we please stay focused on real stuff?
If you read the article it stated that the staff was demanding proof of that the money was for.
I do not understand what your definiton of suppression is but a requirement of proof is suppression by my standards.
If what the staff was doing was all okie dokie why did they change the policy?
Why do banks get to engage in ongoing criminal acitivity and no one goes to jail but they only pay a fine for a small percentage of what was stolen? HSBC took millions in drug money wanna bet they never asked those customers for proof for their withdrawls?
But they guy that has a 20 grand needs special treatment, right?
China threatens the US banksters.
Now the US banksters will collapse China.
Brilliant, instead of China fighting Japan the Chinese central planners will be fighting their own people.
The US helps trigger a Chinese meltdown.
Being a unsecured creditor to the bank thru your deposits has been going on for centuries. The sleepy global community is finally catching on.
If you put money in a bank it is their money legally. You have to read the contract.
China,
Want to mess with the US and Japan, no problem we'll help collapse your banks, then the people will attack the government.
LMAO. You funny, funny man.
It sounds like it's going to be tough times for bank robbers as well.
Story line feels like Lehman 2.0
CUI BONO BITCHES!!
Maybe all that fucking obnoxious HSBC advertising will finally dissappear from the loading bridges at most international airports around the world. A bit tired, personally, of seeing banker-scum advertising on publicly owned infrastructure.
This is just the beginning. This will become policy for the largest banks.
WOW!!!!!!!!!!!!!!!!!!!!!!!
Guys, this explains soooooooooooooo much!
Last Saturday, Jan 18th, I walked into my bank branch here in Toronto and asked to withdraw $8600 from my chequing account. I was met with the answer "Sorry sir, I can't do that. I am only allowed to dispense $3000 per customer per day". He went on to mention that in order to take out this much money in cash, I would need to place an "order" and wait 1 business day in order to get my money. I told him "Look, it's my money, I've got a balance in excess of $15,000 in this account (In addition to 2 others I have also flush with cash). I'm not here asking you for $50,000 and I'm not asking you for a cash advance on a credit card or line of credit. I'm asking you for a pitiful $8600 which is free and clear in my account.
Needless to say, they only upped the withdrawal amount to $4300 and called another branch to let them know I was gonna be there in 15 minutes to grab the other $4300.
This is a joke. It's a fucking bank for Christsakes. Give me my money you pricks!!!!!!
In anycase, I feel there are gonna be problems in the banking system pretty soon.
Cash is going the way of the dodo bird.
Limitations on OTC cash withdrawals have been in place in the UK for quite some time. It varies from bank to bank but GBP2-3,000 OTC is typical. If you want more, it has to be ordered for collection in 2-3 days time.
Their excuse is simply that the bank doesn't carry that amount of cash on site. And of course as we now see with HSBC, unless you can explain why you need the cash, the bank may still refuse to give it to you.
In September last year I had zero problems taking out £9k with no advanced warning from the HSBC in my small town - no waiting, no questions at all.
Monday will be a different story I expect.
Hillariously Cameron is appointing the chairman of HSBC ( a Mr Fink) as a special business advisor and envoy. He will be joining Mr Wigley (ex Chair of Hibu plc) - Mr Wigley seems to be a real piece of work, and Cameron incapable of making sound judgement about the people he surrounds himself with.
the fallacies of fractional reserve banking on full display...the criminal banksters knew what they were doing was criminal which is why they refused to announce it to their slaves....
a bail-in is coming to a bank near you....hsbc is just the tip of the iceberg....deutsche bank is in severe danger as is morgan stanley and jpm, the latter stil reeling from its london whale trade which continues to wreak damage....
all of this financial intrigue is to consolidate all banking into one mega satan bank.
Banks, institutions going the way of the newspapers.
and it's about goddamn time
If you keep large amounts of cash in the bank or have more cash in the bank to pay your monthly bills, you deserve everything you get.
YUP!! Use these fuckers. Direct deposit and then pay bills eletronically as soon as you can. Keep balance to absolute minimum. Stay as far ahead of the wolf as you can. Excess cash stays at home or is spent on the necessities. Plenty of food, tp, laundy detergent on hand. Stack a few more pieces of silver. Gas/diesel/propane tanks full. Cheap whiskey/ vodka will be a great barter tool When this bitch blows, ITs gonna knock the wind out of the muppets in the US when they hear the banks have been shut down as a circuit breaker.
Depositors world wide are about to discover what they thought was their money, is now the banks money. Anyone who trusts these MFers deserves what they get. WHEN YOU HAND OVER YOUR MONEY TO THIEVES {POLITICIANS/BANKSTERS}, WHAT DO YOU EXPECT?
Simple way to resolve it.
Ask in a loud and clear voice if th money in the account is thier money or your money.
When they reply yes it is yours, say speak up, I would like everyone here to hear that. Again loudly.
Then say wel I suggest that unless you give me my money that we both agree is in fact my money, then unless you return it to me right mow, I have to assume that you no longer have it.
So I want you to go right now and tell the manager that it has come to my attention via you, the teller, that it is becoming apparent that HSBC is attempting to withhold and deprive the righttful owner of my property.
That is theft.
And that if do not get what belongs to me I will be going online, speaking to the newspapers and suggesting to all my friends that you , are in fact insolvent.
That can be the ONLY possible explanation as to why you refuse to hand over what I entrusted to you.
That means I will do everything in my power to persuade everyone I know that your bank is no longer to be trusted as a safe place to keep money.
That means a bank run, and that is precicely what I intend to do my utmost to foster, in order to help my friends and others who made a mistake by banking with yu.
Now go and tell the manager what I have just told you.
They will taze you bro.
damicol, I had to down vote you.
Do NOT ever say in public 'that means a bank run, and that is precicely what I intend to do.." They can use that to prosecute you.
It is illegal in many (most?) countries to publicly call for a bank run. I know isuch laws apply here in Australia and also in most states in the US (California for example has had such a law since 1917).
What's a "large cash" withdrawl?
Over 5k in US.
Edit: IRS flag. Just tell them you’re a second cousin of Eric Holder & the first generation relative of Valerie Bowman Jarrett family.
/heeehee
When you deposit your money, it becomes a liability for the bank. When you swipe a card or transfer funds within the country, they don't care. They just borrow it back from the bank it's going to and pay a tiny bit of interest on it. Taking cash OUT of the system though, scares em to death. Pulling cash out over here via the BoA->CCB link to avoid all fees. Do it enough and they suddenly slap limits on it. Follow the limits and enjoy random account freezes, for your own security of course, lock going into effect 5 minutes prior to close of US business hours, please call support in the middle of your night to unfreeze it. Odd, that never happens here, for any amount of money. Go to the ATM, gank out $5000, no problem. Go to the counter and take out $100k in cash? They'll even give you a nice little cloth bag for it all. Forex? Ok, need to schedule ahead for more than a few thousand at most branches. A main branch though? No problem. Can't speak much for small local banks, but for the big-4 and major privates, no problemo, ever.
I mean, no problem. They don't care what the money's for. No forms to fill out for "security". A massive cash deposit? If anything they'll take you over to the VIP area and boost your account status. Account fees? At most you're looking at about $1.50 annually for the card if your balance is under a few grand. Online is secure as hell, most of it requiring physical tokens for any non-trivial amount. Payment gateways tend to go through the bank itself for processing with fun things like SMS verification codes.
About a year back I did some consulting work with the Fed and US banks. Even the mention of anything like this was met with remarks of disbelief, shock and awe. Mainly because their major concerns are still things like check fraud, which is just hilarious. Check fraud over here, sure it happens, but good luck faking one. First off, basically no one uses checks. Secondly, ya gotta use a registered stamp to certify it. Sure, there are fake stamps, but all stamps have minor imperfections and pitting, this is what is used to compare. Good luck faking that!
"the banks are to be stuffed to the gills with paper for the lunar New Year." what happens after this celebration is over will become quite obvious in my view.
Literally the same exact thing that happens every year after CNY is over. There's no real ability to compare the two. In the US and most of the west, you're looking at deep-seeded systemic problems that can bring it all down in an instant once the house of cards starts to wobble. In China, what you're basically seeing right now is cherry-picked reporting to serve reporting agendas. As long as you can point and wave your finger at someone else and spend allday long extrapolating theoretical scenerios, then hyping them as fact... you can ignore your own very real problems.
Here's what we're looking at:
A very small community bank overextended itself and lacks the tools to compensate.
A small branch of a major bank offered a high-risk uninsured product that was sold to rich people and shockingly, it won't be paying out in the failure of said uninsured high-risk investment.
Bitching and whining about high speed rail debts, which can easily be nationalized at any point allowing them to pay out using the massive new freight revenue figures rather than relying on the passenger segment which has always been subsidized by freight.
Actually, in all those liquidity crunches in China, what's happening is the big-4 are just getting more powerful. The shitty banks are the ones paying out high interest, the majors are well-funded. There are far too many banks to be honest and killing off some of the weaker privates isn't a bad thing.
Just wait till there are a couple of bank runs.
Slap this on (someone posted this link a couple days ago): http://timesofindia.indiatimes.com/business/india-business/Reserve-Bank-...
And you can get some interesting ideas.
+ BK's Red Money http://www.zerohedge.com/article/red-money-conspiracy-theory-11
Sue the bank, they deserve it.
There's probably a clause somewhere in the account opening docs' fine print that clients blindly signed off that states they can do something like this.
Though the lawyer will say you've got a winning case fo$ho.
HSBC is not the only UK bank that now demands to know why you want to withdraw your money.
I had to go thru exactly the same procedure with the UK NatWest Bank back in October when I pulled a large sum of cash out. In fact, the manager had a 3-page form which took two meetings and three hours to complete.
It's blatantly obvious that this new procedure is to discourage people - or even deny them - from pulling their cash out in situations like we now see with HSBC.
I wonder where the bank stands under law ...if the law applies to banks any more.
Carr vs Carr - 1811
Google it. They are completely within their rights.
I used to make int'l transfers to a GoldMoney.com account from BB&T. I had to go in person to a branch to execute these small transfers. The last time I did it, (last summer) they grilled me, demanding to know why I was sending money, and even exactly what kind of metal I was going to buy (silver? gold? etc). When I declined to say, they refused to execute the transfer. They said transfers to that entity were being "flagged" because so many of them were occurring (from BB&T accounts to GoldMoney.com) I later went to another branch, and was able to execute the transfer, but this individual confirmed that transfers to GoldMoney.com were being flagged and I had to wait after he called one person after another.
If you aren't doing anything illegal, then why should you care if they won't let you have your money? Or monitor the GPS in your phone? Or listen to your phone conversations? Or limit your grocery purchases? Or spy on your kids? Man this stuff is so old by now.
THESE ARE THE FUCKERS WHO LAUNDER DRUG CARTEL MONEY
TAKE YOU MONEY OUT AS FAST AS YOU CAN
HSBC UK is like a fucking joke.
Why are we even talking about UK?
*
HSBC UK rolled over to Tony Blair and fucked their customers a long time ago.
Is anybody even still using HSBC-UK?
It's an entirely different company than HSBC ASIA or HK...
only drug dealers and human traffickers looking to launder money....and maybe a few corrupt politicians to clear bribes and such.
No honestly didn't tony blair run all the ex-pats out of these hsbc tax-havens? Didn't all this get cleaned out years ago?
The USA certainly fucking Switzerland over these tax-avoidance offshore banks?
HSCB-UK was one of the first to roll over and play dead and that was years ago?
What people don't understand is, when you deposit your paycheck/federal reserve notes at your local bank (lets use chase as an example) you are not really asking them to hold your money, what you are really doing is exchanging your federal reserve notes/paychecks for "Chase Dollars or Chase Coins".
Chase Dollars are accepted everywhere because people "believe" chase controls enough dollars to pay them and allow them to redeem their "chase coins" for cash.
Chase has no money, the money "deposited" was not deposited.
Simply put when you "deposit" your money with chase bank or the like, you are not depositing your money , you are buying "chase coins" and hoping that "chase coins" are spendable for goods.
The entire banking system is a scam.... in the actual sense not metaphorical.
The dollar you deposited don't belong to you, the "chase coins" belong to you though, and there is no guarantee that "chase coins" will always be valuable.
As soon as you deposit your money the bank sees it as if you purchase credit on account, not redeemable for anything with no guarantees.
This is one of the reasons for the credit crunch, no bank wanted to take another banks credit (chase coins) for fear that those credits would in-fact be worthless in short-order.
quite frankly
http://cdn.memegenerator.net/instances/500x/45211520.jpg
Read the U.C.C. statements on your deposit slips.... they don't use micro-print for no reason.
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.
"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."
Hey HSBC Depositors! Here is a suggestion! The least you can do for yourselves is open an account in another bank and transfer your funds to that bank. Then if HSBC tries to keep you in their clutches by saying you owe them any outstanding fees or some kind of strange regulation, scream, run or go crazzy until your previous account with HSBC is closed. This was the trick pulled by good old Fleet bank of Boston until it merged with the AntiChrist of finance of America known as Bank of America. When Fleet was around, they would keep people with them by claiming that they owed some kind of outstanding fee or they had to comply with a really strange regulation. I suspected that Fleet bank was lacking in liquidity and just wanted to keep the peasants and their duckets in their coffers.
Imagine that! And here I always thot it would be Ben (or Janet) who would be saying, "and just what do you need this money for, Barack?"
PNC Bank, America's 8th largest, has limited cash withdrawals to $10,000 or less for some time.
This article is about our favourite pirate bank. However the 'world's local bank' needs to comply with local banking as well as international rules. After all, they just had their dirty laundry exposed and fined though no hanging out to dry.
As for the wild and inaccurate speculations concerning bank withdrawals it may vary from one legal jurisdiction to another.
The withdrawal limits have always been in place since internet banking (and sorry but banks always ask questions about large deposits and withdrawals). One could set the limits online for transfers an easy process. What has changed is the reset last year (the year of the hands caught in the till) where depositors had to fill out a form to increase the limits on their banking withdrawals. Cumbersome but doable. An extra layer of regulation and control due to compliance. Personally, therefore an apochrphal story, I have withdrawn hundreds of thousands of HKD at a pop, no problem. But then my bank has my limits set by me.
The UK HSBC has a reputation for sharp practices but just my experience again.
"you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
In the Netherlands that is actually not true. The bank is legitimate owner of the fiat.
Very nice since you are also obliged to use a bank account for your salary payment.
Cash payment is not possible only for special occasions.
Well there you have it. Shortages of paper money in some places and shortages of toilet paper in other places.
Forget Bitcoin and gold. It looks like toilet paper is the new currency. And the unit of currency will not be a roll of toilet paper but a sheet of toilet paper.
How is this not slavery ? And is gold, silver and bitcoin not self-ownership ?
a big bank trying to minimise the opportunity for financial crime. the irony, it burns.
+1 a big bank, particularly HSBC, trying to minimize the opportunity for financial crime. the irony, it burns.
You can deposit your money here, but you can't take out any until we say so.
More carnage to follow.
How many times will the banksters refuse to allow depositors to withdraw their money, irking those depositors to then drag the banksters out to the streets and begin to hang them from lamp posts?
It might not take much more.
I have an account with Butterfield in the Cayman Islands. Never any problem. They alwasys have loads of cash and will always give you what you want when you want it. They also let you make wire transfers online. It's the easiest place I've ever banked.
How about, "because I don't trust you mother fuckers anymore". It's a reason, and a damn good one.
That is the exact reason.
Let's place the blame where it belongs.
Didn't HSBC just get prosecuted by the uS government for money laundering?
And I heard recently from a very reliable source that an American in a foreign country was just given an unsolicited check by HSBC for the balance of his account and told they didn't need his business.
Now check out how many forex brokers won't take Americans any longer.
Now, put the fuckin blame where it belongs.
we are banks so we know best how to use money
I love the Jimmie Stewart photo---
"No, no, you folks are thinking about this thing all wrong. Your money isn't here, it's in Fred's airplane and Bill's year end bonus."
Very common misunderstanding about what exactly a bank is.
Eh? Um. No. It's NOT your money.
When you put your money into a bank, you are loaning the money to them. Once deposited, it is their money. You have an investment in the bank, they owe you the amount deposited, but they don't have to give it back on demand, there are terms and conditions involved with the account.
What YOU get is a bank account. Which is basically a book keeping entry with in the bank's accounts. A bank account is not currency, it is Bank credit. When you deposited your money, the first thing any bank would do is loan it out to someone else just as fast as they can. That is how banks make money. Put another way... THE MONEY ISN'T YOURS, AND THE BANK DOESN'T HAVE YOUR MONEY ANYWAY.
Is that a little clearer?
fact is the banks DONT HAVE THE CASH and if they had to produce it the entire system would collapse..... maybe a good thing.
HSBC is the money launderer of choice for the cartels... do they get letters when someone backs a semi up and unloads 20 tons of C notes... 1.92 billion in fines is just good business...
It would be an awful shame if the executive board was drawn and quartered in the street in front of the main offices; a terrible shame indeed.
Lets hope the peasants see the greater wisdom of having complete strangers tell them what they can and cannot do with their own money.
Hope fixes everything.
http://www.youtube.com/watch?v=JEvwQgQPkF0&feature=player_embedded
Sort of off topic but of interest
http://rt.com/shows/sophieco/banks-globe-stream-economy-875/
Terrorism funding just one thing big banks are getting away with - whistleblower Everett Stern...
Full video and interview at website, supposedly he went to the MSM over this and they wouldn't publish his allegations or evidence.
He worked at HSBC.
Some of the transcript to get an idea what he is getting at.
ES: Correct. First I was a candidate for the clandestine service and then, while I was in the business school and then I joined HSBC in October 2010, right after this Cease Order came into effect, and I was hired as anti-money-laundering compliance officer and put in charge as a specialist on Middle Eastern transactions, also I was part of anti-terrorism financing team there, but really while I was there I saw the blatant criminal actions that were occurring and just how HSBC defrauded the US government.
SS: I just would like to get to the point when you started detecting suspicious activities. I gather from your earlier interviews, you said it was basically a team of former debt collectors re-hired to become an anti-money-laundering unit. None of them was experienced in that unit, including yourself. Then how were you able to detect all of these suspicious activities, if you weren’t really sure what you’re doing?
ES: Ah, that’s a good question. So what happened was that when I joined, there were maybe 15 compliance officers in the entire department in Newcastle, Delaware. I knew immediately that I really had no idea of what I was doing, so I went to University of Delaware library, I checked out a whole bunch of books and I would spend mornings and nights reading and teaching myself about money laundering and terrorist financing. And then what happened, it was maybe about three weeks in, that’s when I saw a first suspicious activity with the company called Crossbar FX and I that was my first email to the CIA. It was on November, 12 of 2010.
So three weeks after I started, I started passing information to the CIA, I felt there was a national security risk. First, of course, I went to management of HSBC, which of course was nowhere, but what ended up subsequently happening was that HSBC had a huge credit card division in the same building and they needed to show the government that they improved the program by hiring all these anti-money-laundering compliance officers. So they fired all of their debt-collectors, they sold off the credit card division to capital one and then re-hired debt collectors and anti-money-laundering compliance officers. They’re still there now, approving transactions, it’s absolutely disgusting, and they have no idea what they are doing.
SS: But, technically, how did you detect it technically? How does it happen? How did you detect suspicious transaction that could be linked to terrorism or drug cartels?
ES: It was so obvious. It’s because I have two brain cells in my brain and can do simple internet Google searches. This was not rocket science. For instance OFEC has a list of companies that the US cannot do business with, an OFEC sanction list, and so, for instance, Caribe Supermarkets, Tajco, the Tajideen Brothers, which were all linked to Hezbollah. Caribe Supermarkets is a supermarket chain based out in Gambia, and they are owned by Tajco, which is owned by Tajideen Brothers, which are based out in Beirut, and are financiers of Hezbollah. There were transactions going through HSBC and I saw it.
What’s interesting is that it’s not that it was hard to find the transactions, it was very easy. The real disturbing part is how they were doing it because these transactions, that were supposed to be stopped in the wire filter, were actually going through. They were going through because what HSBC employees were doing was adding dots and dashes and different numeric codings to the actual payments. The FBI later called it “stripping the payments”. So the computer system…there wasn’t a match with the transactions and they would go through. It was just blatantly obvious what they were doing, it just took me I guess just little extra effort to see how they were criminally allowing the terrorist funds to go through.