Prove it: Bank blocking some customers from making large withdrawals without ‘evidence’ of spending need
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.Now, yes, this is happening in England, where they have funny ideas about "freedom" and the role of government in daily lives. They have abdicated a good portion of their freedom in favor of an overreaching nanny state, so it's only natural that they would have a "ho hum" approach to a bank deciding that they need a reason to withdraw their own money.
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).
"Because I want to put it in a pile and roll in it" should be the only acceptable response. It is, quite simply, no business of theirs why someone would like to retrieve their own money. I can't think of anything the bank could do that would make the end of banking come sooner, I really can't. You want me to prove that I need MY OWN DAMN MONEY??? OH HELL NO. Interest rates are hovering somewhere between pittance and "you're joking" - it's not worth the chance of them deciding your cause isn't worthy to have the small amount in checking.
Hopefully this will stay on that side of the Atlantic, but I'd be prepared anyways...
That is all.