What To Do If Customer Wants To Withdraw Money They Dont Have

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Some HSBC customers accept been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt. Listeners take told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £v,000 to £10,000.

HSBC admitted it has non informed customers of the modify in policy, which was implemented in Nov. The banking company says it has now changed its guidance to staff.

New rules

Stephen Cotton wool went to his local HSBC branch this month to withdraw £7,000 from his instant access savings business relationship to pay dorsum a loan from his mother. A yr before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this fourth dimension it was different, as he told Coin Box: "When we presented them with the withdrawal sideslip, they declined to give united states of america the money because nosotros could not provide them with a satisfactory caption 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 take: "And so I wrote out a few slips. I said, 'Tin I take £5,000?' They said no. I said, 'Can I have £4,000?' They said no. And and so I wrote one out for £3,000 and they said, 'OK, we'll give y'all that.' "

He asked if he could return afterward that solar day to withdraw another £3,000, but he was told he could not do the same affair twice in i twenty-four hours. He wrote to complain to HSBC about the new rules and also that he had not been informed of whatsoever change. The bank said it did not have to tell him. "Equally this was not a change to the Terms and Conditions of your bank business relationship, we had no need to pre-notify customers of the modify," HSBC wrote.

Frustrated customers

Mr Cotton cannot sympathise HSBC's attitude: "I've been cyberbanking in that bank for 28 years. They all know me in there. Y'all shouldn't accept to explain to your bank why y'all desire that money. It's not theirs, information technology's yours."

Peter from Wiltshire, who wanted his surname withheld, had a similar experience. He wanted to have out £10 000 greenbacks from HSBC, some to pay to his sons and some to fund his long-booty travel plans. Peter phoned upward the 24-hour interval before to give HSBC detect and everything seemed to be fine.

The side by side day he got a phone 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 take any booking receipts to show.

The post-obit twenty-four hours 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 irresolute its policy: "We ask our customers about the purpose of big 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 prove united states of america 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 criminal offence. However, post-obit feedback, nosotros are immediately updating guidance to our client facing staff to reiterate that it is not mandatory for customers to provide documentary prove for large cash withdrawals, and on its own, failure to evidence evidence is non a reason to reject a withdrawal. We are writing to apologise to any customer who has been given incorrect data and inconvenienced."

Coin Box asked other banks what their policy is on large greenbacks withdrawals. They all said they reserved the right to enquire questions about large cash withdrawals. But none of them said they would require testify of what the coin was being used for before paying out.

Douglas Carswell, the Bourgeois 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 coin becomes pocket money and the bank becomes your parent."

But Eric Leenders, caput of retail at the British Bankers Association, said banks were sensible to ask questions of their customers: "I can empathise it'due south frustrating for customers. Simply if you are making the occasional large cash withdrawal, the bank wants to make sure it's the right way to brand the payment."

Source: https://wearechange.org/bank-refuses-give-customers-money-unless-tell-bank-want/

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