HSBC imposes restrictions on large cash withdrawals

2012: What's the 'real' truth?

By Bob Howard, Reporter, Money Box
BBC Business News
January 24, 2014

HSBC bank sign

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

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A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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…

View original post 658 more words

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