• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit

Tyler Durden's picture




 

Following the quiet update that HSBC had decided to withhold large cash withdrawals from some if its clients - demanding to know the purpose of the withdrawal before handing over the customers' money - it appears the anger among the over 60 thousand readers who found out about HSBC's implied capital shortfall just on this website, has forced HSBC's hands.

The bank issued a statement (below) this morning defending their actions - it's for your own good - but rescinding the decision - "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." After all the last thing the bank, which over the past few years has been implicated in aiding an abetting terrorists and laundering pretty much anything, wants is an implied capital shortfall to become an all too explicit one.

Via HSBC - Statement On Large Cash Withdrawals

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.

Indeed, as one HSBC customer exclaimed, "you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."

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Sun, 01/26/2014 - 14:26 | 4368610 williambanzai7
williambanzai7's picture

..

 

By:  @blumaberlin

Sun, 01/26/2014 - 14:28 | 4368623 Richard Chesler
Richard Chesler's picture

Bank run motherfuckers!

Sun, 01/26/2014 - 14:31 | 4368635 Oh regional Indian
Oh regional Indian's picture

They need retail customers only for penny fleecing. Their big business os everything black, laundering...weapons deals, drugs deals, dictator deals...

Bad bank....bad bad bank...

ori

http://aadivaahan.wordpress.com/2014/01/26/the-homo-sexual-oxymoron-dis-...

Sun, 01/26/2014 - 14:36 | 4368644 So Close
So Close's picture

HSBC - Trying to make our problems your problems.  Trying to make your money our money

Sun, 01/26/2014 - 14:41 | 4368657 johngaltfla
johngaltfla's picture

Imagine that; wanting your own money back. Just leave it in the bank and let the central banksters' inflation erode it like the rest of us do.

Sun, 01/26/2014 - 14:53 | 4368704 kliguy38
kliguy38's picture

now the real bank run will begin.............

Sun, 01/26/2014 - 15:01 | 4368725 WarriorClass
WarriorClass's picture

Diversity:

Eventually, Americans will realize that we haven’t had a representative government since 1860, when big business got Lincoln into office and then declared war on the States. Free market capitalism died at the same time, we just didn’t realize it until 1913 when the Bankster cartel formally took over the Federal monopoly on power and money. We’ve had a fascist dictatorship since then and your vote has meant exactly squat. The only way to return to a Jeffersonian Representative Republic is the way our Founders did it in 1775.

Eventually, when Americans find that every person in the world is entitled to a job in the USA, except for them – all in the name of diversity. When they find themselves a dirt poor minority in the country their fathers founded. When they find out that diversity is not THEIR strength, but the strength of their enemies.

Eventually, but not today. Today many Americans will go to work at their corporate jobs chanting the mantra, “Diversity is our strength;” until it isn’t.

And it’s too late.

 

Supply and Demand:

The law of supply and demand dictates that an increase in supply results in a lower price.

An increase in the supply of labor, results in lower wages.

If you want to cut wages in half, double the workforce.

Almost half of the US population is here due to the Immigration Reform Act of 1965 and its subsequent iterations. Add to that the massive amount of work visas, student visas, and refugee visas, and you have doubled the labor market.

Comprende?

http://americandictators.blogspot.com/2013/07/legal-immigration-and-immi...

Sun, 01/26/2014 - 15:27 | 4368793 strannick
strannick's picture

HSBC Q: "why do you want to withdraw your dollars?"

Depostitor A: " None of your @#%& business. But since you asked, to buy silver"

Sun, 01/26/2014 - 15:32 | 4368808 Pinto Currency
Pinto Currency's picture

 

From the article above: "you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."

That is wrong.  Bank depositors are unsecured creditors.  The money is the bank's and that is part of the problem.

 

HSBC depositors were probably starting to close accounts and that is probably why they changed their policy.  Don't want the muppets voting with their feet or the bank's feed.

Sun, 01/26/2014 - 15:41 | 4368833 fonestar
fonestar's picture

fonestar's chequing account is $14 overdrawn as we speak.  Savings account is $0.

If Stephen Poloz so chooses, he can bail it in.

Sun, 01/26/2014 - 16:16 | 4368930 wintermute
wintermute's picture

Meanwhile surveillance-bankster-government cash transaction limits of 1500 euros persist in continental Europe.

Sun, 01/26/2014 - 16:36 | 4368971 Oracle of Kypseli
Oracle of Kypseli's picture

This story shows us the power Zerohedge. I bet someone at the bank was really scared of a trigger for a bank run. If not in singapore or HK, maybe in the UK

Sun, 01/26/2014 - 16:40 | 4368995 knukles
knukles's picture

Regardless, it's still Bush's Fault

Sun, 01/26/2014 - 16:52 | 4369017 Deo vindice
Deo vindice's picture

Read their statement carefully. It is crafted with deliberate intent to deceive. They do not say that you are guaranteed to get your money out if you ask / demand it.

What they said is:

"... 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."

IOW - they can still refuse to give their customers their money for other reasons than "failure to show evidence" of why they want it!!

Sun, 01/26/2014 - 17:01 | 4369044 knukles
knukles's picture

Or just because you're a customer.

Sun, 01/26/2014 - 18:08 | 4369173 kaiserhoff
kaiserhoff's picture

Lately, the world seems to be full of bankers who have no understanding of the banking function.  Someone needs a trip to the wood pile.

Sun, 01/26/2014 - 18:26 | 4369221 TruthInSunshine
TruthInSunshine's picture

There should be an organized, concerted effort by HSBC customers to withdraw almost their funds.

Let 'The Great Run On The Wankin' Phukin' Bankers Of 2014' kick off with HSBC & spread like wildfire from there.

Sun, 01/26/2014 - 19:05 | 4369332 ayanni
ayanni's picture

Fuck HSBC.  When you Webster "predatory global bank" HSBC is what you find.  A decade ago their strategy to gain exposure additional exposure to the USA was to purchase Household - speaking of predatory...

http://www.nytimes.com/2002/11/15/business/hsbc-to-buy-a-us-lender-for-1...

Sun, 01/26/2014 - 19:07 | 4369333 ayanni
ayanni's picture

Fuck HSBC.  When you Webster "predatory global bank" HSBC is what you find.  A decade ago their strategy to gain additional exposure to the USA was to purchase Household - speaking of predatory...

http://www.nytimes.com/2002/11/15/business/hsbc-to-buy-a-us-lender-for-1...

Sun, 01/26/2014 - 19:39 | 4369401 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

"There should be an organized, concerted effort by HSBC customers to withdraw almost their funds."

 

I've counted so many events that should have been trigger points for just that, that I've given up.  The idea that this game will end becauase the man in the street says so seems hopelessly naive to me (even though I still think it should happen).

 

Anyway, the reason it doesn't happen in this case, I think, is because the number of westerners in a position to withdraw $10,000 in cash is so vanishingly small that even if they all did just what you suggest it wouldn't have any effect.  

 

So the bank treats them worse than the guy with $10 in his account and *much* worse than the mortgage payer with the same amount since both people are likely huge revenue sources for the bank.  Those who do such things as save 6 months emergency expenses are so far outside the norm that we now suspect them of being drug dealers when we find out about their stash.  

 

"Well, isn't that sad?  You are whining about your troubles taking large amounts of cash while the rest of us are paying 25% on a CC.  Cry me a river."  I think this is the more likely response of the masses to the story above.

 

Yeah, I was outraged by it too.   But most of the people who are not me could give a shit.

Sun, 01/26/2014 - 17:02 | 4369049 jbvtme
jbvtme's picture

nice work, TD.  and i still have a complete load in my magazine.

Sun, 01/26/2014 - 19:45 | 4369412 TruthInSunshine
TruthInSunshine's picture

News Headline Summary

PBoC has ordered commercial banks to halt cash transfers

Says:
- 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.

Full article: http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash...

*So many COINCIDENCES lately.

Sun, 01/26/2014 - 17:31 | 4369111 knukles
knukles's picture

Or just because you're a customer.

Sun, 01/26/2014 - 17:19 | 4369078 WillyGroper
WillyGroper's picture

I or II ?

Sun, 01/26/2014 - 18:31 | 4369233 DutchR
DutchR's picture

Hippy

Sun, 01/26/2014 - 17:24 | 4369088 HobbyFarmer
HobbyFarmer's picture

Fonestar says his chequing account is $14 overdrawn.

You're growing on me, kid.

Mon, 01/27/2014 - 00:17 | 4370208 i-dog
i-dog's picture

Coincidentally, that is also the positive balance in his BitCon wallet. He's a veritable mogul!

Sun, 01/26/2014 - 19:09 | 4369342 Spanky
Spanky's picture

-1

For...

fonestar's chequing account is $14 overdrawn as we speak.  Savings account is $0.

Then fonestar is not objective about bitcoin, and all his observations and pronouncements are prejudiced.

Sun, 01/26/2014 - 15:45 | 4368845 akak
akak's picture

Maybe every depositer with HSBC should ask the teller before making their deposit: "Now WHY do you want my money, and what are you going to do with it?".

Sun, 01/26/2014 - 16:44 | 4369003 nmewn
nmewn's picture

Sounds very reasonable ;-)

Sun, 01/26/2014 - 18:04 | 4369170 logicalman
logicalman's picture

Great idea, I think, if I had a bank account, I'd ask that one for sure!

Sun, 01/26/2014 - 18:09 | 4369176 BoNeSxxx
BoNeSxxx's picture

Techincally depositors are unsecured creditors only on deposits in excess of the FDIC (in the US) insured limit, no?

^^^^ This is not to say the the FDIC is solvent ^^^^

As an aside, it is possible for a family of 4 to insure about $2,000,000 via creative account dispersal.  Husband, Wife, Husband and Wife, Husband custodian for Kid1, Husband custodian for kid2, etc...

Mon, 01/27/2014 - 01:32 | 4370354 BuddyEffed
BuddyEffed's picture

Shouldn't it be, or isn't it such that the money is yours unless the bank is under duress and there is some emergency action or enforcement action in effect?

Sun, 01/26/2014 - 18:11 | 4369188 Lumberjack
Lumberjack's picture

HSBC Q: "why do you want to withdraw your dollars?"

 

A: To short your stock.

Sun, 01/26/2014 - 15:30 | 4368803 Pinto Currency
Pinto Currency's picture

-

 

 

 

Sun, 01/26/2014 - 18:19 | 4369205 DutchR
DutchR's picture
( . )( . )

 

see if i gett more up votes ;)

Mon, 01/27/2014 - 00:52 | 4370291 OldPhart
OldPhart's picture

\_/  at times like these, beer is better

 

Sun, 01/26/2014 - 15:31 | 4368814 Simplifiedfrisbee
Simplifiedfrisbee's picture

Because immigration is only for those who can successfully invade, destroy, conquer, and legislate.

The war has never been from the world in. Rather it has been from within.

Sun, 01/26/2014 - 20:08 | 4369476 chemystical
chemystical's picture

and let us not forget the other voting block

those who work for their living are being squashed by those who vote for their living.

my observation and the accompanying anger and disappointment demonstrate the success of the divide and conquer crowd. 

Exactly who is it that funds and directs those efforts to twist and pervert our souls? 

the 1st link is a nauseatingly lengthy list of Who's Who (rhymes with Who's Jews) in the LBGT agenda. 

http://stopcg.wordpress.com/2013/06/09/the-homosexual-agenda-is-jewish/

http://www.timesofisrael.com/us-jews-among-the-most-supportive-of-gay-marriage/

http://www.jpost.com/Jewish-World/Jewish-News/Jewish-Boy-Scouts-of-America-leaders-support-gay-rights-312760

Civil Rights in the US?  Ironic that the same kosher nostra that imported the Negro slaves should later name themselves palladin of Negro rights.  NAACP was distinctly kosher and didn't have a black leader until nearly 60 years after its founding.  Guess the Jews know best and can't trust them darkies to run their own affairs.  (Some things never change: see the Democratic Party).  At least half the instigators in Mississippi in 1964 were Jews.  2500% over-representation, hmmm.  Sow them seeds.

Wanna know who's behind the agenda to teach kid as young as 8 that touching themselves and eachother is fun?  Or that it's cool for Bobby to have 2 daddies?  Or that abortions are hunky dory?  (Gotta let that goy blood flow).  Yeah, right, take a wild fucking guess.

http://www.enquirer.com/editions/1998/10/25/loc_sexed25.html

"The training sessions...teach how to persuade "resistent audiences," including Catholics, parents, communities and others."  Hmm, more brainwashing like the kind that AG Eric Holder admitted was in his "guns are bad" agenda.

Yeah, I'm divided and conquered alright.  Conquered by good, and separated from evil pieces of filth.

Sun, 01/26/2014 - 21:48 | 4369845 StychoKiller
Sun, 01/26/2014 - 15:05 | 4368742 Looney
Looney's picture

HSBC's ATMs should be called Landromats. Bitchez! ;-)

Looney

Sun, 01/26/2014 - 17:22 | 4369084 WillyGroper
WillyGroper's picture

I kinda like "Washateria"

Sun, 01/26/2014 - 15:19 | 4368779 Wile-E-Coyote
Wile-E-Coyote's picture

Yeah anyone with money in HSBC would be a mug to leave it there.

Sun, 01/26/2014 - 16:15 | 4368932 EscapingProgress
EscapingProgress's picture

HSBC customer: "...you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."

HSBC banker: "...you shouldn't have to explain to your customer why they can't have that money. It's not theirs, it's ours."

The muppets are always wrong. What purpose is there in keeping money at a bank anyway? Slightly less negative negative real returns compared to stuffing it in your mattress in your underground bunker?

Mon, 01/27/2014 - 01:41 | 4370374 cynicalskeptic
cynicalskeptic's picture

Given HSBC's record of laundering drug money you THINK they'd be asking questions when someone is looking to deposit a few million in cash.... but NOOOOOOOO........   

they're only worried if one of the peasants wants to withdraw a few thousand?

Sun, 01/26/2014 - 15:41 | 4368828 wee-weed up
wee-weed up's picture

 

 

Yep, this time was just a trial run...

Next time it will be armed guards and locked doors!

Sun, 01/26/2014 - 16:25 | 4368955 XenoFrog
XenoFrog's picture

I sure hope none of you have anything of value in those safety deposit boxes. Prepare to say goodbye.

Sun, 01/26/2014 - 23:59 | 4370179 fedupwhiteguy
fedupwhiteguy's picture

for those of you that need a safe deposit box, look for a private entity in your city that offer that service. As an example:

 

http://www.bluevaultsecure.com/safe-deposit-boxes.php

 

http://www.securityvaultinc.com/

 

the later even lets you register as an anonomous entity!!!! for $10 per box per year!!!

 

These private entities are not affiliated with any federal or state banking institution.

Sun, 01/26/2014 - 17:12 | 4369063 LMAOLORI
LMAOLORI's picture

 

"now the real bank run will begin"

 

Your comment made me wonder if HSBC is considered too big too fail (TOO BIG TO JAIL) list. I should have guessed as much..

 

FSB pushes JPM and HSBC into the top of the too big to fail table

http://www.forexlive.com/blog/2013/11/11/jpm-and-hsbc-into-the-top-of-th...

 

Guess who else they want to add to that friggin list now - Crony Buffet's Berkshire-Hathaway!

 

Dad, Someday Can I Grow Up to Be Too Big to Fail?

http://www.bloomberg.com/news/2014-01-23/dad-someday-can-i-grow-up-to-be...

Sun, 01/26/2014 - 14:44 | 4368675 TeamDepends
TeamDepends's picture

At HSBC, our state-of-the-art laundering facilities ensure that your filthy money will be returned to you as clean as a whistle.

Do NOT follow this link or you will be banned from the site!