HSBC restricting cash withdrawals in UK

[retrend]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

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[meanig]

Banks in the UK have had cash withdrawal policies like this for years. Getting out anything over £500 is a pain.

[lucaso]

Such policy is just good for money - bank money. But I think you could find a bank in UK that doesn't have such policy, so in case like that I would change my bank - instantly.

To be honest its same for Bitcoin, miners can confirm your transaction when they decide you paid enough fee. Intention is same.



 

[HairyMaclairy]

My grandmother had Parkinson's disease (reduced her ability to think clearly) and was nearly scammed out of her savings by cold callers.  Only the family intervened in time.

There do need to be protections for people with low mental ability.  Nigerian scams still take in 100s of millions every year.

There are a lot of dumb people out there that need protecting.  HSBC overstepped the mark here though.  It's a tough balance to achieve.

[empoweoqwj]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

Banks are funny. They don't get the concept of it being our money not theirs ..... another good reason to eliminate them, especially HSBC.

[2bfree]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

Banks are funny. They don't get the concept of it being our money not theirs ..... another good reason to eliminate them, especially HSBC.

Let me break it to you it's not your money it's their money and if they want they will take it and not give it to you! It happened over and over and over again! This is why I don't keep money in the bank just the bare minimum I know dozens of people where the bank just took the money and said p#@$# off! I'm not kidding! Think it can't happen in the UK, then remember this post in a few years.

[empoweoqwj]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

Banks are funny. They don't get the concept of it being our money not theirs ..... another good reason to eliminate them, especially HSBC.

Let me break it to you it's not your money it's their money and if they want they will take it and not give it to you! It happened over and over and over again! This is why I don't keep money in the bank just the bare minimum I know dozens of people where the bank just took the money and said p#@$# off! I'm not kidding! Think it can't happen in the UK, then remember this post in a few years.

No its legally my money. Banks just like to think its theirs.

[aminorex]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

Banks are funny. They don't get the concept of it being our money not theirs ..... another good reason to eliminate them, especially HSBC.

Let me break it to you it's not your money it's their money and if they want they will take it and not give it to you! It happened over and over and over again! This is why I don't keep money in the bank just the bare minimum I know dozens of people where the bank just took the money and said p#@$# off! I'm not kidding! Think it can't happen in the UK, then remember this post in a few years.

No its legally my money. Banks just like to think its theirs.

Whose name is on it?  Bank of empoweoqwj?

[empoweoqwj]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

Banks are funny. They don't get the concept of it being our money not theirs ..... another good reason to eliminate them, especially HSBC.

Let me break it to you it's not your money it's their money and if they want they will take it and not give it to you! It happened over and over and over again! This is why I don't keep money in the bank just the bare minimum I know dozens of people where the bank just took the money and said p#@$# off! I'm not kidding! Think it can't happen in the UK, then remember this post in a few years.

No its legally my money. Banks just like to think its theirs.

Whose name is on it?  Bank of empoweoqwj?

So legally you don't own the money you have in a bank. Is that what you are saying? Show me a law saying that.

[tabnloz]

http://www.bbc.co.uk/news/business-25861717

Refusing to give customers the cash unless they provide an adequate reason.  People suitably unimpressed at having less control of their money in a bank than they thought.

Banks are funny. They don't get the concept of it being our money not theirs ..... another good reason to eliminate them, especially HSBC.

Let me break it to you it's not your money it's their money and if they want they will take it and not give it to you! It happened over and over and over again! This is why I don't keep money in the bank just the bare minimum I know dozens of people where the bank just took the money and said p#@$# off! I'm not kidding! Think it can't happen in the UK, then remember this post in a few years.

No its legally my money. Banks just like to think its theirs.

Whose name is on it?  Bank of empoweoqwj?

So legally you don't own the money you have in a bank. Is that what you are saying? Show me a law saying that.

I'm guessing he means a Cyprus style event.

[Peter R]

So legally you don't own the money you have in a bank. Is that what you are saying? Show me a law saying that.

You certainly don't own the money used to purchase any GICs you hold with your bank, and you don't really even own the money in your checking account--you just have an agreement with the bank that you are guaranteed cash on "demand" provided you give the bank sufficient time to prepare any large withdrawals you may request.

When you deposit money at the bank, the asset side of the bank's balance sheet increases by an amount equal to the cash you turned over, while the liability side of their balance sheet increases by the same amount, reflecting the bank's obligation to you.  

If the bank goes bust, you just become an unsecured creditor in the bankruptcy proceedings (albeit insured against loss to some extent by the FDIC, but that's really a separate issue).  Our fractional reserve system can only function if the money you deposit legally becomes the bank's asset, so that the bank has the right to lend it out and accept the risk of loss should the loans go sour.

Also, if it was your money, you'd have to pay the banks to take care of it.  

[Lethn]

Bitcoin user not affected

p.s. I'm calling a bank run scare, somethings definitely up if the other banks start behaving the same way, it's going to start becoming more and more difficult to get your money out because the system is collapsing in on itself and everybody in charge doesn't want people to know.

http://en.wikipedia.org/wiki/Bank_run

[knightcoin]

money printer lp0 on fire ... 

http://en.wikipedia.org/wiki/Lp0_on_fire

[pening]

Bitcoin user not affected

p.s. I'm calling a bank run scare, somethings definitely up if the other banks start behaving the same way, it's going to start becoming more and more difficult to get your money out because the system is collapsing in on itself and everybody in charge doesn't want people to know.

http://en.wikipedia.org/wiki/Bank_run

Then you'd be alarmist and un-informed.  It quite normal in UK banks to ask you to notify them of large cash withdrawals in advance.  Seems the only issue here is the bank has made some internal procedure change and not properly communicated it to bank staff, and a few (come on, three stories for one of the largest banks) have found staff applying the procedure oddly.  

The root of this is that banks don't like cash and like to have vast stacks of cash at branch "just in case".  Its a pain in the arse for them, they'd much rather you move money around electronically and make it easy to do so.  Most allow instant inter-bank transfers for free.

And trying to turn Bitcoin to cash in the UK... doubt localbitcoins can back a £10k withdrawal.

[LiteCoinGuy]

and that is why there will never be a bank run - they just dont hand out your money - sick world  . these laws are made for the next crysis.

[MatTheCat]

No its legally my money. Banks just like to think its theirs.

It is legally the banks money.

You have loaned it to them and are relying on their legal obligation to pay you it back upon demand, but the goalposts of their obligation are liable to shift.

[h3rlihy]

What do you even need cash to pay for? I have never had to withdraw a large amount of cash.. ever...

[knightcoin]

£1
ow
w

such measure

[lnternet]

Proof of spending. I see a new alt in the making.


But yeah this is more or less normal. One time I've been to 4 branches of the same bank in one day to withdraw the amount I needed. They often don't have 10k at hand (or they do, but would risk running low in the evening or before the next schedules cash delivery).

[skivrmt]

Banks in the UK have had cash withdrawal policies like this for years. Getting out anything over £500 is a pain.

Many people don't realize banks in the US are not obligated to give you a large amount of cash either, they can simply refuse, even if have a large balance with them.  They is no law on the books, they can't legally make you answer questions to why you need the cash, but they can simply say, no, we don't have that much on us.  Nothing you can do about it except request a smaller amount.  Sometimes its $5k, sometimes its $10k, varies bank by bank and by individual branch with cash reserves on hand.