Kklim Supercharged January 26, 2014 Share January 26, 2014 http://www.bbc.co.uk/news/business-25861717 HSBC imposes restrictions on large cash withdrawals ↡ Advertisement Link to post Share on other sites More sharing options...
Vid Hypersonic January 26, 2014 Share January 26, 2014 At least they still let you withdraw if you have a reason. Can't say the same for our CPF 4 Link to post Share on other sites More sharing options...
Evillusion Supersonic January 26, 2014 Share January 26, 2014 On 1/26/2014 at 7:29 AM, Vid said: At least they still let you withdraw if you have a reason. Can't say the same for our CPFdont say like that lar...the gov has our interest at heart when they disalliw us from withdrawing our hard-earned money. They are scared that we will spend our money on things we dont need in Batam, Bintan , Vietnam etc. Our dear leaders are thinking of our well-being thats all. 5 Link to post Share on other sites More sharing options...
Vid Hypersonic January 26, 2014 Share January 26, 2014 On 1/26/2014 at 7:39 AM, Eviilusion said: dont say like that lar...the gov has our interest at heart when they disalliw us from withdrawing our hard-earned money. They are scared that we will spend our money on things we dont need in Batam, Bintan , Vietnam etc. Our dear leaders are thinking of our well-being thats all. That is so kind(!) We have great leaders Link to post Share on other sites More sharing options...
Mcf777 Turbocharged January 26, 2014 Share January 26, 2014 Wah biang ...... more than 3K pound withdrawal must give reason. simi lang jiao bank Is it HSBC run out of money? 1 Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged January 26, 2014 Share January 26, 2014 Haha, hsbc is one bank I never will have an account with... Link to post Share on other sites More sharing options...
Evillusion Supersonic January 26, 2014 Share January 26, 2014 On 1/26/2014 at 7:50 AM, Vid said: That is so kind(!) We have great leaders ahhhh....thats the way! We should also shout....wan xuei wan xuei....wan....wan xuei! 1 Link to post Share on other sites More sharing options...
Myxilplix Turbocharged January 26, 2014 Share January 26, 2014 Cannot withdraw ah? Close account lor. Link to post Share on other sites More sharing options...
D3badge 6th Gear January 26, 2014 Share January 26, 2014 guys HSBC is doing their job, it for Anti Money Laundering (AML) purposes. Link to post Share on other sites More sharing options...
Darthrevan Supercharged January 26, 2014 Share January 26, 2014 On 1/26/2014 at 10:23 AM, Myxilplix said: Cannot withdraw ah? Close account lor. so drastic? just self-issue a cash cheque with the amount u desired 1 Link to post Share on other sites More sharing options...
Nullifi3d 4th Gear January 26, 2014 Share January 26, 2014 On 1/26/2014 at 10:25 AM, D3badge said: guys HSBC is doing their job, it for Anti Money Laundering (AML) purposes. Generally large cash withdrawals/deposits above SGD10K will require a Currency transaction report. If money launderers want to evade having a CTR filed on them they usually structure their deposits/payments in amounts of slightly less than 10K e.g. 9,800 or 9,990. However knowing HSBC paid out the 1.9billion fine in 2012 for AML deficiencies, its not surprising that they have adopted a zero-risk tolerance with respect to money laundering controls. 1 Link to post Share on other sites More sharing options...
Othello Supersonic January 26, 2014 Share January 26, 2014 what crap ?!?! I need to give reason for taking out MY money ???? WTH ?!? If me, I will close my account on the spot AML activities include pre-determining account holder + look out for irregularities, not restricting people from withdrawing money ... On 1/26/2014 at 10:59 AM, Darthrevan said: so drastic? just self-issue a cash cheque with the amount u desired he he. sometimes have to kick such big corporations in their backside before they wake up their idea. A local bank once wanted to charge my uncle for changing ATM card though no fault of his. Card worked intermittently. My uncle said " ok, if that is what you insist I will terminate my account,rejoin the Q and open a new account. Just to get the free ATM card" The teller promptly waived the charge. Of course if got peope every month replace ATM card then by all means charge lah ..... he with the bank > 30 years, last card change was dunno how many donkey years ago ..... Link to post Share on other sites More sharing options...
Mustank Hypersonic January 26, 2014 Share January 26, 2014 I was holding on to the retro POSB card , don want I change But the bank make it cannot work, force me change Sianzzzz On 1/26/2014 at 11:44 AM, Othello said: what crap ?!?! I need to give reason for taking out MY money ???? WTH ?!? If me, I will close my account on the spot AML activities include pre-determining account holder + look out for irregularities, not restricting people from withdrawing money ... he he. sometimes have to kick such big corporations in their backside before they wake up their idea. A local bank once wanted to charge my uncle for changing ATM card though no fault of his. Card worked intermittently. My uncle said " ok, if that is what you insist I will terminate my account,rejoin the Q and open a new account. Just to get the free ATM card" The teller promptly waived the charge. Of course if got peope every month replace ATM card then by all means charge lah ..... he with the bank > 30 years, last card change was dunno how many donkey years ago ..... Link to post Share on other sites More sharing options...
Super7 Turbocharged January 26, 2014 Share January 26, 2014 On 1/26/2014 at 7:39 AM, Eviilusion said: dont say like that lar...the gov has our interest at heart when they disalliw us from withdrawing our hard-earned money. They are scared that we will spend our money on things we dont need in Batam, Bintan , Vietnam etc. Our dear leaders are thinking of our well-being thats all. LOL, I don't know what to say..... Link to post Share on other sites More sharing options...
LoverofCar 6th Gear January 26, 2014 Share January 26, 2014 SMLJ....my money...I want to withdraw must give reason? Siao si bo...knn Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic January 26, 2014 Share January 26, 2014 KNN SMLJ??? I put in 100k u no stop me, i withdraw 10k u kpkb, knnccb ur mahney isit??? Link to post Share on other sites More sharing options...
Super7 Turbocharged January 26, 2014 Share January 26, 2014 On 1/26/2014 at 8:06 AM, Eviilusion said: ahhhh....thats the way! We should also shout....wan xuei wan xuei....wan....wan xuei! 万岁万万岁!!!! Next NDP, thousands of us will knee n bow to the emperor!!! Link to post Share on other sites More sharing options...
Viceroymenthol 6th Gear January 26, 2014 Share January 26, 2014 http://uk.finance.yahoo.com/news/hsbc-faces-70bn-capital-hole-133705984.html http://www.bbc.co.uk/news/business-25861717 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. 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." 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." Money Box is broadcast on Saturdays at 12:00 BST on BBC Radio 4 and repeated on Sundays at 21:00 BST. You can listen again via the BBC iPlayer or by downloading Money Box podcast. What has your experience been of trying to withdraw a large sum of cash from your bank? Let us know your views. ↡ Advertisement 2 Link to post Share on other sites More sharing options...
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