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Thread: Banks refusing to give you your money..

  1. #1
    Super Moderator LivinLOS's Avatar
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    Banks refusing to give you your money..

    I have to admit, I hate HSBC with a passion, had a hellish time dealing with HSBC in singpore for a private and corporate banking setup. Was painful to the point of being ubsurd and I wont ever put another dollar in one of thier banks... But this takes the cake.

    Bank refuses to give customers their money unless they can prove why they need it | The Daily Caller

    International bank HSBC has been restricting its customers from withdrawing large sums of cash if they can’t provide a good enough reason for why they need it.

    The policy was brought in to effect in November 2013 , but customers were not notified of it. The rule was uncovered after the BBC’s “Money Box” program began investigating complaints by customers that they were being refused access to their accounts unless they could demonstrate a need for their money.

    One customer, Stephen Cotton, who wished to withdraw $11,000 to repay his mother said, “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.”

    According to Cotton, nobody at the bank would tell him how much he could withdraw just that he could not have the $11,000. “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.’ “ Cotton was told that he could not return the same day to withdraw the same amount and that if he wanted anymore cash he would have to return the following day.

    Angry, Cotton complained to HSBC and was told, “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.”

    Another customer who did not want to be identified related his story to “Money Box.” He wanted to withdraw $16,000 for travel expenses and to repay his sons. He even contacted the bank in advance to make sure that the cash would be on hand. A day later, he was contacted by HSBC with a request that he pay his sons by electronic bank payment and that he provide proof of his travel expenses for the remainder.

    A third customer wished to pay her builder for some construction work but was informed that she would have to provide the builder’s invoice.

    Conservative Member of Parliament Douglas Carswell said, “All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilizes the customer. In a sense your money becomes pocket money and the bank becomes your parent.”

    HSBC, in the face of the ensuing backlash, has now rescinded its policy, saying that, “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.”

    In the second part of it’s statement, HSBC appears to apologize for its requirements from customers, saying, “The reason being we have an obligation to protect our customers, and to minimize 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 apologize to any customer who has been given incorrect information and inconvenienced.”
    Last edited by LivinLOS; 30th May 2014 at 10:30.

  2. #2
    Senior Member marc26's Avatar
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    Man...my bookie would not have been happy about this rule back in the day 555

    Sorry bud....The bank wont give me the money 555

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    Idiot bankers

    I had committed to buy a property, after their pre approval, and was then presented with ridiculous lengths of paperwork I was obliged to come up at short notice. Couldn't believe how a bank could be this incompetent and make money and pay the multi million fines/settlements they have been levied for what could be shonky behaviour

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    Senior Member Dodger's Avatar
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    Was in UK last month, one of my friends asked me how much cash I'd brought with me. He then explained they have a new rule that you are not allowed to have more than 1,000 pounds in cash unless you can prove you withdrew the money recently and prove what you intended to spend it on. He said if you could not prove these two things then you forfeited your cash. He said it had happened to a friend who was a car trader, he had 24k in cash as his buy and sell money in his safe, when they (not sure who the they are?) found this on a check he couldn't prove when he had taken the money from his account, as it had accumulated over years, so he lost it to them.

    This evidentally was just one of thousands of new rules that have been implemented in the UK in the last 4 or 5 years and people wonder why I live in the Third World!!!!!
    Custard should be a colour...cos I could then paint over the mess I've just made!!!

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    Senior Member marc26's Avatar
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    Quote Originally Posted by Dodger View Post
    Was in UK last month, one of my friends asked me how much cash I'd brought with me. He then explained they have a new rule that you are not allowed to have more than 1,000 pounds in cash unless you can prove you withdrew the money recently and prove what you intended to spend it on. He said if you could not prove these two things then you forfeited your cash. He said it had happened to a friend who was a car trader, he had 24k in cash as his buy and sell money in his safe, when they (not sure who the they are?) found this on a check he couldn't prove when he had taken the money from his account, as it had accumulated over years, so he lost it to them.

    This evidentally was just one of thousands of new rules that have been implemented in the UK in the last 4 or 5 years and people wonder why I live in the Third World!!!!!
    Wow
    On a few occasions i have taken over 10k into the US from Canada( one time to pay the aforementioned bookie, another help my sis)
    The 1st time i did it i was worried they would grill me....all i had to do was fill out a form... I dont recall if they even asked the reason


    And Thailand is a developing country not 3rd world mister...... well it was until......Not even going to go there 555

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    Quote Originally Posted by Dodger View Post
    He then explained they have a new rule that you are not allowed to have more than 1,000 pounds in cash unless you can prove you withdrew the money recently and prove what you intended to spend it on.
    Sounds very much like an urban legend.

  7. #7
    Super Moderator LivinLOS's Avatar
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    I actually think its 10k.. As an actual limit.

    But if they have suspicion its from illegal activity, drugs usually, I think they can confiscate on suspicion alone at much lower amounts..

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    Senior Member geir's Avatar
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    I don't think you're allowed to leave Norway with more than 2k (English) worth in cash.......
    A blowjob is better than no job!!

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    Senior Member Snakebite911's Avatar
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    Quote Originally Posted by geir View Post
    I don't think you're allowed to leave Norway with more than 2k (English) worth in cash.......
    2,5 K without declaring it (25KNOK). No limits on declared cash.
    Last edited by Snakebite911; 30th May 2014 at 14:00.
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    Quote Originally Posted by Greatdane View Post
    Sounds very much like an urban legend.
    It's an 'anti-terror' law designed to stop people leaving the country with large amounts of cash and taking it to the blokes who make bombs etc.

    Dodger's friend's story sounds very plausible for current UK climate. I would have to ask why 'they' were looking in his safe to find all that cash in the first place though, there is no agency currently carrying out random safe checks over here...

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    Senior Member kaptainrob's Avatar
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    Quote Originally Posted by Steve@thaib View Post
    It's an 'anti-terror' law designed to stop people leaving the country with large amounts of cash and taking it to the blokes who make bombs etc.

    Dodger's friend's story sounds very plausible for current UK climate. I would have to ask why 'they' were looking in his safe to find all that cash in the first place though, there is no agency currently carrying out random safe checks over here...
    You're living in a fascist state Steve 555
    Cheers, Rob.

  12. #12
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    Quote Originally Posted by kaptainrob View Post
    You're living in a fascist state Steve 555
    Bugger, bang goes democracy again...

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    Quote Originally Posted by Dodger View Post
    Was in UK last month, one of my friends asked me how much cash I'd brought with me. He then explained they have a new rule that you are not allowed to have more than 1,000 pounds in cash unless you can prove you withdrew the money recently and prove what you intended to spend it on. He said if you could not prove these two things then you forfeited your cash. He said it had happened to a friend who was a car trader, he had 24k in cash as his buy and sell money in his safe, when they (not sure who the they are?) found this on a check he couldn't prove when he had taken the money from his account, as it had accumulated over years, so he lost it to them.

    This evidentally was just one of thousands of new rules that have been implemented in the UK in the last 4 or 5 years and people wonder why I live in the Third World!!!!!
    Sounds like undeclared profits by a dodgy car dealer. Who is ''they''? In order to look in someone's safe on their property, would a search warrant not be required. Maybe the VAT/HRMC man came calling.

    I know that if you try leaving the country with more than 1k in cash and you cannot account for it, then that can be confiscated. I get the cashier at my bank to print off a full statement including my holiday money withdrawal just in case I get a tug at the airport. They are attempting to clamp down on tax dodgers and money made on illegal activities. Sounds good to me.
    Steve@thaib likes this.

  14. #14
    Senior Member Pablo's Avatar
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    Quote Originally Posted by Sirgezza View Post
    Sounds like undeclared profits by a dodgy car dealer. Who is ''they''? In order to look in someone's safe on their property, would a search warrant not be required. Maybe the VAT/HRMC man came calling.
    In the USA now, if THEY label someone a "terrorist" (or racist), THEY can do whatever they want to with them.

    No court order or warrant required...just a "nod" from the secret government court.

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    Quote Originally Posted by Pablo View Post
    In the USA now, if THEY label someone a "terrorist" (or racist), THEY can do whatever they want to with them.

    No court order or warrant required...just a "nod" from the secret government court.
    That is the land of the free for you.

  16. #16
    Senior Member Pablo's Avatar
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    Quote Originally Posted by Sirgezza View Post
    That is the land of the free for you.
    555555....exactly!

    My advice is to buy all the gold you can, renounce your citizenship, and move to St. Kitts!

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    Quote Originally Posted by Pablo View Post
    555555....exactly!

    My advice is to buy all the gold you can, renounce your citizenship, and move to St. Kitts!
    LIL has been saying that for years. Is it a worldwide policy that HSBC has with restricting customers getting their cash? The article mentions $$$$$, but quotes a member of Parliament.

  18. #18
    Senior Member geir's Avatar
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    Quote Originally Posted by Sirgezza View Post
    Sounds like undeclared profits by a dodgy car dealer. Who is ''they''? In order to look in someone's safe on their property, would a search warrant not be required. Maybe the VAT/HRMC man came calling.

    I know that if you try leaving the country with more than 1k in cash and you cannot account for it, then that can be confiscated. I get the cashier at my bank to print off a full statement including my holiday money withdrawal just in case I get a tug at the airport. They are attempting to clamp down on tax dodgers and money made on illegal activities. Sounds good to me.
    Can you account for your bills at KaToys Are Us?? 555
    A blowjob is better than no job!!

  19. #19
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    Quote Originally Posted by Steve@thaib View Post
    It's an 'anti-terror' law designed to stop people leaving the country with large amounts of cash and taking it to the blokes who make bombs etc.

    Dodger's friend's story sounds very plausible for current UK climate. I would have to ask why 'they' were looking in his safe to find all that cash in the first place though, there is no agency currently carrying out random safe checks over here...
    I am aware of the laws for taking money out of the country - the amount is 10,000 Euro. If you need to carry more, you only have to register them, as mentioned earlier in the thread.

    What Dodger wrote is something very different, and I simply do not believe it to be true - well, his friend may believe it, but that does not make it the law. I don't think there is a maximum amount for what you are allowed to carry around inside the country, and if there is it surely is not 1,000.

  20. #20
    Senior Member Geespot's Avatar
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    Quote Originally Posted by Greatdane View Post
    I am aware of the laws for taking money out of the country - the amount is 10,000 Euro. If you need to carry more, you only have to register them, as mentioned earlier in the thread.

    What Dodger wrote is something very different, and I simply do not believe it to be true - well, his friend may believe it, but that does not make it the law. I don't think there is a maximum amount for what you are allowed to carry around inside the country, and if there is it surely is not 1,000.
    So over 1000 you can be challenged
    Over 10,000 Euros need to be declared


    For completeness, it should be noted that police and customs officers do have power under the Proceeds of Crime Act 2002 to seize 'cash' within the UK as well as at ports and airports.

    The officer must have reasonable grounds to suspect that the 'cash' is either 'recoverable property' (which means, broadly speaking, that it is, or represents, proceeds of crime) or that the 'cash' is intended to be used for a criminal purpose.

    As mentioned in the above article, 'cash' for this purpose includes cheques.

    'Cash' amounts of less than 1,000 will not be seized. There is no upper limit.

    The person from whom the 'cash' is seized can apply to the court for its return. The court will order the return of the 'cash' (with interest) if it is not satisfied, on the balance of probability, that it is either 'recoverable property' or intended to be used for a criminal purpose. On the other hand, if the law enforcement agency is able to satisfy the court that, on the balance of probabilities, its suspicions are well founded the 'cash' is forfeit to the Crown.

    This enables police and customs to damage and disrupt suspected criminal activities without needing to mount a prosecution or prove criminality beyond reasonable doubt. From their point of view it is a swift and cheap way to get a 'result'.

    'Cash' can be held for up to 2 years while investigations are carried out, before being either returned or forfeit.
    Last edited by Geespot; 30th May 2014 at 17:57.

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