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Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit
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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Yeah, Its one of the healthiest Cockoach's in the room for fuks sake
This is a common practice in banks in France.... Société Générale is one of them. HSBC is just under scope now, but they all pry in our privacy...
“Banks are out to steal your money.”
What’s Happening Out There | LewRockwell.com
By Bill Sardi January 25, 2014
With the average household carrying $15,000 of debt on their credit cards and plunging retail store traffic (see below) it is becoming clear there is no economic recovery and whatever remains is being generated by expanded credit.
The crunch is coming in grocery store closures.
Stater Brothers, the largest grocery store chain in Southern California (37th largest in U.S.) with 167 stores, reports it made $10 million net profit on $968 million in sales in its most recent quarterly report. That is a 1% profit margin or only about $60,000 per store per quarter, ($240,000/year). That is profit of only about $657/day. That means just this store chain in teetering and is just 1% away from insolvency or having to borrow to have a future.
Albertson’s is closing 26 stores in Southern California and elsewhere. Safeway, owner of the Chicago-based Dominick’s store chain, couldn’t find a buyer for this chain of 72 stores and closed them, resulting in 6000 lost jobs. Ralph’s chooses to announce store closings one by one, to blunt the negative effect. Recent store closures have been announced in Castaic, CA, Glendale, CA, San Dimas, CA, and Long Beach, CA.
Who will be left standing in the grocery business? Answer: the big box stores (Sam’s Club, Costco).
Meanwhile, there were $325 billion of home equity lines of credit issued in 2005 that are about to reset. Then mortgage holders may have to come up with a balloon payment or just go into a default. If the homes appreciated in value, some will be able to survive. Watch for another round of home mortgage defaults.
The bankrupt federal government is searching for new sources of revenue and they are targeting low-income workers and small restaurants. First, if a restaurant adds automatic tips for waiters onto their bill, that is now going to be deemed as taxable income (payroll tax withholding) to the restaurant. Second, direct sources inform me that restaurant waiters are required to report their tips on a monthly basis and the government takes 8% anyway because reporting is difficult to obtain. But with so many meals being purchased with credit cards, when diners add a tip to their credit card slip that is now being tabulated in full. So what waiters were pocketing that exceeded 8% is now going to be taxed, and that represents a pay cut for these low-income workers. The average annual income for a high-end waiter, including tips, was $35,000 as of 2013
Banks are out to steal your money. A story has been relayed to me of a woman who was within days of dying who was driven to a bank parking lot and a bank employee came out to her car and had her sign papers transferring ownership of a $160,000 IRA to her son-in-law. After her death that bank played stupid and referred the family to an office on the east coast. No one answers that phone. You just perpetually leave messages. The bank employee who facilitated the transfer of the IRA account now says she is being pressured by her employer and cannot remember the details of what documents were signed that day in the parking lot.
In another instance, a man died and his house was sold, but there were no family heirs and his home was left to a friend. The proceeds from the home sale were placed in a bank (Morgan Stanley) for safe keeping while the probate court searched to find if there were any remaining family members who might be heirs. Three years later the bank is still holding the money, creditors demanding payment on bills submitted to the estate are left empty-handed, as the court is playing footsy with this insolvent bank. Bankers have friends in high places. Who knows how many of these probate accounts banks hold in perpetuity while the court pretends to be searching for heirs.
(see chart – Permanent Shutdown? - on total retail foot traffic for November and December; and amount of new retail space opened annually):
http://www.lewrockwell.com/2014/01/bill-sardi/banks-are-out-to-steal-your-money/
>>>>searching for heirs.
This is exactly why EVERYONE needs their HIPAA in order & a Trust.
Ha!
"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."
In facism/socialism/communism/crony capatilism the money is always THEIRS not yours.
What's theirs is theirs, however, they have grown very fond of yours... Its an "other peoples money" world we live in, Bitchez!
Actually, it IS their money. They, the Fed, issued it as they have their name across the top of each note. They can't help it if you accept their money as payment or fail to redeem their notes for lawful money.
So yes, it IS their money. You just don't have to accept it. Redeem your FRNs at your local Federal Reserve Bank. And no, you don't need an account with them either. See 12 USC 411.
BullShit!
Tylers just posted -
China Halts Bank Cash Transfershttp://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash...
"you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
There people go confusing what is the case with what should be the case again (self-described "progressive"s are especially adept at this, it seems).
If people simply understood fractional reserve banking and money-as-debt they'd immediately appreciate that once your money is deposited, what you own isn't "your money" but a promise to pay an equivalent amount - and now they're not doing that because, obviously, while they're sitting on cash, much of which they got for a far cheaper rate than they get by parking it at the fed, a blatant and outright theft, they're overleveraged, again....
The rate you get is so bad, it would be criminally insane to deposit your money in a bank, especially one of the big 5 or 6, if you had a safe or safe deposit box - but now it's pretty clear that safe deposit boxes aren't safe.
Because "terror".
Anyway, people were predicting "glitches" 2 years ago as the sign of coming trouble. If you have any money at a large bank you should take it all out - put it in a small bank, bury it in your yard, or buy a little land in Montana. I'm sure this is largely preaching to the choir around here, but you guys may have ceased to appreciate just how uncommon your knowledge and insight really is.
I told a friend 3 years ago to buy gold and he snickered at me. Said it was in a bubble. Last year, admittedly late, I amended that to say physical only, preferably coins, and it was the same thing - he's doing better with stocks, gold is still over-valued.... I explained that this wasn't an "investment" but a means of preserving wealth, and that in the longer view, i.e. over 10 or certainly 15 years, there was no real question the purchasing power of the dollar would decline relative to gold...
smart guy, probably even smarter than me {toot toot} but I don't think he understands what should be simple - a government that is printing alot of a currency as it continues to accrue debt is accelerating the erosion of the dollar's value which is a mathematical function of fractional reserve lending and the interest function as it is. I asked him to point me to a fiat currency that lasted more than the dollar already has...
So, fuck 'im. It's like people who would "never vote for Ron Paul" because they have some pet issue. Single issue voters, and people who get all their news from the same small group of mega corporations. These people certainly aren't worth fighting for, they cling to their ignorance like the Evangelicals cling to the Old Testament.
None of them are worth saving. Save yourselves if you can.
And smoke 'em if you got 'em. Yellen (i.e. the Fischer regime) is a pale horse....
p.s. Brandy is the elixir of the gods, gentlemen. I encourage you to revisit the glowing warmth of brandy's warming glow.
.... Sell
.... You don't suppose "the Market" got a wiff of this? Maybe a couple days ago? Right before it barfed up those monster red candles?
Reality TVs next big thing, "The Wankers's Panic of 2014" live from Wall Street.... Only one cure for a Panic and we have been doing it since the last one started. Print MOAR
At some point, probably soon, they in fact stop the printing, the rug gets pulled out, and all that cash parked at the Fed will go on a spending spree for real assets.
On the bright side, you might be able to rent a room in that nice home you used to own.
+1
For... the whole damn thing.
But we disagee about this: None of them are worth saving.
No, at the end of the day I do agree with you there. I am not a gold bug in the same way many at ZH are, insofar as while a gold standard would be better than what we have now, it still has some problems.
What I don't understand is people who have advanced degrees disagreeing with the premise that the dollar will lose its purchasing power relative to a unit of, for example, gold, irrespective of volatility in the shorter term.
And now, of course, evidence for manipulation is overwhelming. I admit I was slow to appreciate it, mainly because I assumed that level of extreme fraud could not be hidden. Naive, in hindsight.
Apparently the "big lie" theory of propaganda is accurate... and pervasive.
And an advanced degree does not make one smart, or experienced. Nor is it a substitute for intellectual curiosity and logical thinking. One of the more interesting philosophers is Eric Hoffer (The Ordeal of Change, The Passionate State of Mind, The True Believer), a self-educated migrant worker.
I don't know much about finance, which is one reason I started reading ZH in the first place, to learn more. Interesting place. Full of contradictions. I like that. It's just like life -- full of cock and bull.
Thanks for the reminder about brandy.
it's OK. Some could shit on your for it but I won't and here's why: I saw 3 buildings fall to their footprint and a story that should not be believed was the official story. And I'm not shitting you, until about 2004 I believed it too. Just didn't dig far enough. Once I put 2+ 2 together, fire+steel+fuel air explosives + thermite, researching them all for other reasons, I looked back at 9/11 and realized that's impossible.
No one "woke me up" to it.
Then in 2009 I started watching gold. Been watching stocks since 1994 but gold I had only briefly looked at around 400 before the drop to 260 and never even cared at all.
It was in 2010 I made my first purchase having done so because of the fraud, the manipulation, having researched it skeptically, concluded it was true & realized that if 3 buildings, 2 of which are over 100 stories tall can be dropped in full world public view & that can be covered up, sure, a little fraud in trading gold can easily be covered up.
I don't care about the cover up much. I don't complain about it being manipulated. If it wasn't so manipulated I probably wouldn't have bought any to start with so why complain now?
China Halts Bank Cash Transfers
The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash... RUT ROH!!!!Wait, wut?
In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.
The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.
A better explanation is that the country’s banking system is running dry. Yes, there is an increased need for money in the run-up to and during the Lunar New Year holiday, but that is only a small factor. After all, central bank officials knew this spike in demand was coming—it occurs every year at this time—and a core function of central banks is to manage seasonal liquidity fluctuations. Moreover, the holiday has not started yet, and the PBOC, as that institution is known, could have added more liquidity to meet cash needs.
So what’s really going on? This crunch follows similar incidents in June and December of last year. In June, for instance, the central bank used the excuseof a “system upgrade” to allow banks to shut down their ATMs and online banking platforms. As a result, they conserved cash and thereby avoided a nationwide meltdown.
SUM TING is definitely WONG
Did Corzine go to work at HSBC?
Hold on hold on...here's another distraction for ya...quick...look over there...while we prepare to steal you blind over here.
The rottenchildkiller bankster beast says to the slimy underling tentacle: "Gurgle...burp...slobber...Ommm shalom...send in the warmaker...to make peace."
http://en.ria.ru/world/20140125/186896486/US-Will-Stand-With-the-People-...
What does it say in the crypt of the 322?
WAR!!!
http://www.youtube.com/watch?v=zJO4Chs7-lg
Why?
http://www.youtube.com/watch?v=p-0BPMwgKNA
This is an outrage. How the hell are we supposed to launder our drug money now?
Possession is 9/10ths of the law..... so they will keep 9/10ths of your money.
Those who first wake and run live to fight and run another day.
YoYo... duck!
Yolbourn ducked.....
BTC has been range-bound over the last month. http://bitcoin.clarkmoody.com/
A slight upward bias with xau. BTC like gold seems to be watching very closely, international monetary policy.
I see a double top forming in BTC, or possible "break out". I see a definite upward trend forming in gold.
doubletop triplebottom cup-and-handle mean nothing. These patterns all fail back-testing.
we will make you safer dept...
they just want to compare notes with NSA
I know one major Australian bank many years ago used to keep all their data backed up in different cities. So EMP might fry the hardware/mainframe.....the data should survive.
Now an EMP over NSA facilities.....
Report: Ukraine protesters seize Justice building
http://www.usatoday.com/story/news/world/2014/01/26/kiev-protests-ukrain...
I am not in favour of a run on any major bank....as it will immediately bring in capaital controls supported by govts on ALL major banks in all countries
new:
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash...
Much appreciated.
Good thing banks suddenly halting cash & one changing its mind hasn't coincided with the gold price rising, you'd think that's some kind of nefarious coincidence or something.
... oh wait...
Another news flash:(SCMP 27/1/14)
'The first scientific ocean drilling expedition led and sponsored by China sails from Hong Kong tomorrow into the South China Sea - the subject of territorial disputes between Beijing and neighbouring countries.
Thirty-one geologists will drill at three sites for sediment and rock cores during the 62-day international expedition aboard the American scientific drill ship Joides Resolution.
The ship will pass through and drill in regions claimed variously by China, the Philippines and Vietnam. Operated by the National Science Foundation, the ship has received permission from Manila and Beijing but is awaiting a response from Hanoi to drill at a site in the southwest of the South China Sea.
Xinhua yesterday reported that three People's Liberation Army naval vessels patrolled the James Shoal, 80 kilometres off the coast of Malaysia's Sarawak state and 1,800 kilometres from the Chinese mainland. The shoal is also claimed by Malaysia and Taiwan. Troops aboard the ships - an amphibious landing craft and two destroyers - held "an oath-taking ceremony to safeguard the area's sovereignty".'
(Edit my fat fingers)
SO, wearing a troll-face shirt & saying "well, it's not for the Sinaloa Cartel", you still get your large withdrawal, right?
After all, we all know that transfers to Iran or Sinaloa go INTO HSBC, they're not withdrawals.
yes
Ask those that are upset about the HSBC policy how they voted in the last so many elections. How much of this have they brought upon themselves?
I don't know about the rest of you, but these layoff notices hitting the MSM lately have an ominous resemblence to what happens prior to every major downturn in the economy and now there are no backstops.
People are starting to concentrate on the basics, food, shelter and clothing. The rest is all icing on the cake. I am no one percenter in the economic game and I don´t like what I am seeing lately.
The optimistic economic bullshit the government issues every week does not explain the recent downturns in CAT and the Baltic index. When these go down, along with store closing and lay off notices, watch out, your life may be headed for a major change soon.
There seems to be a problem getting a price quote from PMBEAR tonight.
all the notes belong to the central banks.
look at them, it says so right on the notes.