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    Senior Member AirborneSapper7's Avatar
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    Bank-Run Fears Continue; HSBC Restricts Large Cash Withdrawals

    Bank-Run Fears Continue; HSBC Restricts Large Cash Withdrawals

    Submitted by Tyler Durden on 01/24/2014 21:31 -0500

    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."

    Via The BBC,

    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...


    http://www.zerohedge.com/news/2014-0...sh-withdrawals
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    Senior Member AirborneSapper7's Avatar
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    24 January 2014 Last updated at 14:59 ET

    HSBC imposes restrictions on large cash withdrawals

    By Bob Howard Reporter, Money Box



    HSBC customers requiring large cash withdrawals may be asked what they want the money for

    Continue reading the main story Personal Banking





    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.
    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.
    Continue reading the main story “Start Quote
    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”
    End Quote HSBC customer letter
    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."
    Continue reading the main story “Start Quote
    In a sense your money becomes pocket money and the bank becomes your parent”
    End Quote Douglas Carswell MP for Clacton
    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.

    http://www.bbc.co.uk/news/business-25861717
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    Senior Member AirborneSapper7's Avatar
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    ....... Mr. Potter's giving 10 cents on the Dollar

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    Second Major Banking Crash Imminent : HSBC Bank

    Saturday, January 25, 2014 8:45
    (Before It's News)

    By Susan Duclos

    Recent HSBC Bank actions are fueling concerns about a second imminent bank crash after they started restricting cash withdrawals from customers’ own bank accounts by informing them they had to provide proof of what they intended to use their own money for.
    According a report by the BBC’s MoneyBox Programme, HSBC customers have gone to withdraw cash from their accounts, only to find HSBC would not release the funds. Customers were told to make a bank transfer instead, unless they provided documentation proving the intended use of the money. Stephen Cotton attempted a withdrawal and told the programme:
    “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.’ “
    According to the article over at IACKNOWLEDGE, the major banks and states are preparing for a major crash as they buy up as much gold reserve as they can, indicating currency is at an all-time low.

    Read there rest HERE.








    Susan Duclos owns/writes Wake up America


    http://beforeitsnews.com/economy/201...k-2589488.html
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    Senior Member AirborneSapper7's Avatar
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    Prove it: Bank blocking some customers from making large withdrawals without ‘evidence’ of spending need

    Saturday, January 25, 2014 22:12
    (Before It's News)

    Prove it: Bank blocking some customers from making large withdrawals without ‘evidence’ of spending need

    By Eric Pfeiffer*

    http://news.yahoo.com/blogs/sideshow/prove-it–bank-blocking-customers-from-making-large-withdrawals-without–evidence–of-spending-need-222425920.html

    If you bank at HSBC in England, don’t plan on making any large cash withdrawals. At least not without a good explanation. Or, maybe even a permission slip.

    That’s because a previously unannounced change in banking policy is blocking some customers from making large withdrawals without “evidence” explaining why they need the money from their accounts.

    The policy affects customers attempting withdrawals for amounts as little as £5,000 ($8,253).

    HSBC says it’s all done in the name of customer protection.
    “The reason being we have an obligation to protect our customers, and to minimize the opportunity for financial crime,” HSBC said in a statement. “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.”

    The change in approach comes after the BBC aired reports from multiple HSBC customers who said they were denied in their recent attempts to make cash withdrawals.

    Banking customer Stephen Cotton says he attempted to withdraw approximately $11,000 to repay a loan from his mother but was blocked from doing so.

    “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,” he told the BBC. “They wanted a letter from the person involved.”

    Cotton says the bank wouldn’t even tell him how much he was allowed to withdraw under the new policy, which was not announced to customers when taking affect last November.

    “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.' “

    In the U.S. there have been rumors of similar restrictions that major banks such as Citibank have denied. After the massive security breach at Target retail stores in December, JP Morgan did place a temporary limit on how much cash customers could withdraw from Chase ATM’s at Target stores and how much they could spend on their debit cards at one time. But that limit has since been removed.

    A Conservative member of the British Parliament said the change in policy “infantilizes the customer.” However, the head of retail at the British Bankers Association defended the policy.
    “I can understand it's frustrating for customers,” Eric Leenders told the BBC. “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.”

    BBC
    Margaret Jay was a producer & presenter for the BBC, and is a member of the House of Lords.

    Note: House of Lordsis a house in the British Parliament.
    BBC is the governing body for the BBC Trust.
    Christopher Patten is the chairman for the BBC Trust, was a member of the House of Lords, and a co-chair for the International Crisis Group.
    George Soros is a board member for the International Crisis Group, the founder & chairman for the Open Society Foundations, was the chairman for the Foundation to Promote Open Society, a founding sponsor for the Institute for New Economic Thinking, and a benefactor for the Human Rights Watch.
    Open Society Foundations was a funder for the Human Rights Watch, the Atlantic Council of the United States (think tank), and the Institute for New Economic Thinking.
    Foundation to Promote Open Society was a funder for the Human Rights Watch.
    Syrian Electronic Army reportedly hacked the Human Rights Watch, and the BBC.
    Bashar al-Assad is supporting the Syrian Electronic Army a hacker group, and the president of Syria.
    John J. Studzinski is a director at the Atlantic Council of the United States (think tank), a director at the Human Rights Watch, and was a co-head of investment banking for HSBC Holdings plc.
    Rachel Lomax is a director at the HSBC Holdings plc, and was the deputy governor for the Bank of England.
    Adair Turner was a director at the Bank of England, and is a governing board member for the Institute for New Economic Thinking.
    Anatole Kaletsky is a governing board chair for the Institute for New Economic Thinking, and the editor-at-large for the Times of London.
    Winston Churchill II was a foreign correspondent for the Times of London, a member of the House of Commons, and Winston Churchill’s grandson.
    House of Commons is a house in the British Parliament.
    Winston Churchill was Winston Churchill II’s grandfather, the prime minister for the United Kingdom, and a member of the Order of Merit.
    Nelson Mandela was an honorary member for the Order of Merit, and the founder & honorary elder for The Elders.
    Martti Ahtisaari is a member of The Elders, and the chair emeritus for the International Crisis Group.
    Kofi A. Annan is the chairman for The Elders, and a board member for the International Crisis Group.
    Lakhdar Brahimi is a member of The Elders, and was a board member for the International Crisis Group.
    George Soros is a board member for the International Crisis Group.
    Christopher Patten was a co-chair for the International Crisis Group, a member of the House of Lords, and the chairman for the BBC Trust.
    House of Lords is a house in the British Parliament.
    BBC is the governing body for the BBC Trust.
    Margaret Jay was a producer & presenter for the BBC, and is a member of the House of Lords.

    Source: http://thesteadydrip.blogspot.com/2014/01/prove-it-bank-blocking-some-customers.html

    http://beforeitsnews.com/opinion-con...d-2795834.html
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    Bank Run Fears: Customers Being Forced to Provide Evidence For Why They Need Cash

    Posted by SHTF Plan on Jan 26, 2014 in American Culture

    In early 2013 the country of Cyprus locked down private banking accounts and restricted access to depositor funds. It was the first widely documented instance of a “bail-in,” as bank officials and European regulators determined that bad loans taken on by the banks were now the responsibility of the banks’ customers.

    This led to a country-wide confiscation of 10% or more of all customer funds. In the heat of the Cyprian financial panic banks limited cash withdrawals to around $300 and ramped up security to prevent angry Cypriots from breaking down the doors.

    What happened in Cyprus was big news all over the world, but within a few news cycles, once European and American officials assured the people it was a limited-scope event, the general population swept potential fears under the rug. No one really reported on the fact that the European Union quickly instituted new regulatory policies that would force bail-ins across the entire continent should such a crisis take hold again. Likewise, Federal Reserve Chairman Ben Bernanke assured Americans that the crisis in Cyprus and Europe posed no risk to the US financial system, citing FDIC insurance for U.S. bank depositors as the safety net that would prevent a similar situation in the United States.

    The United States, Europe, China and all of the world’s developed economies are, if officials are to be believed, completely immune to what happened in Cyprus. The current belief by the best and brightest is that these countries are simply too big to ever be faced with a total collapse of their banking systems.

    But what if they were wrong? What if private debt reached such obscene levels that the loans taken on by lenders could never be repaid? What if a country like China, which holds trillions of dollars in cash reserves and has modern central banking regulations, did face such a problem?

    Couldn’t happen, right?

    It turns out, that’s exactly what is happening right now, as Chinese banks struggle to cope with nearly $23 trillion worth of potentially bad loans.

    Yes, that’s Trillion, with a “T.” The Chinese, it appears, have mimicked the exact set of circumstances that led to the 2008 crisis in America. Remember all of those empty cities and malls in China – they housed no people or shopping venues, yet cost billions of dollars to develop? It looks like all those bridges to nowhere are catching up with the Chinese. And the panic has begun, as evidenced by capital controls and restrictive withdrawal policies now being implemented by one of the largest banks in the world all across China.

    Want to know how a bank run starts? Look no further:
    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.”
    “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.”

    Via: Zero Hedge

    As in China, the debt party in the United States has returned in force. We are now very close to the same levels of personal and commercial debt as we saw prior to the crash of ’08, but rather than being concerned the experts say don’t fight it, embrace it.

    But as is the case in China, the debt party will soon be coming to an end in the United States as tens of millions of Americans see their wealth and jobs wiped out. Like the people of China who took on loans they can’t repay, Americans are under the gun. And in the near future, the same credit problems that gripped the world before will do so again. And this time we’ll be footing the bill directly from our bank accounts (rather than the Federal Reserve’s printing presses).

    We may not yet have official regulatory or bank policies for restricting cash withdrawals here in the USA, but just try to head to your local bank and withdraw $5000 or $10,000 and see what happens. You will invariably be met with stares from bank employees and questions about your intentions and why you need that much cash.

    We’ve already seen how fast they can lock down the entire banking system. It’ll only take a push of a button and everything you think you have in your personal bank account could be seized.

    But then again, as Ben Bernanke has said previously, there is no risk to the financial system. Moreover, the FDIC has insured your money, so if something does go wrong with the American banking system, all of your losses are totally covered by the roughly$50 billion in FDIC reserves. That should be plenty of money to handle the $9 trillion in US-based domestic customer deposits, plus the $300 trillion in derivatives bets made by the banks.

    So, no need to worry, because the government’s got your back (and they would NEVER think of using your deposited funds to offset any bank losses).

    But even though it is impossible to conceive that such a thing might happen we recommend preparing for it just in case. We know FEMA will be there to provide emergency cash, food and recovery tents. But in the off chance the credit system locks up again, ATM’s are limited to minimal withdrawals, and the banks do seize your money you might want to have some food, supplies, gold, and reserve cash on hand.

    We realize such a thing could never happen – not in the world’s most developed and richest economy. Ben Bernanke, Janet Yellen, government officials and TV pundits say it can’t. So, these extra supplies would be just for fun and entertainment – something to show friends and family when they come over so you can have a laugh about all these crazy Doomsday scenarios.

    http://joeforamerica.com/2014/01/ban...nce-need-cash/
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