Just Jack Posted January 26, 2014 Share Posted January 26, 2014 You now need permission to withdraw your own money at HSBC.... HSBC imposes restrictions on large cash withdrawals http://www.bbc.co.uk/news/business-25861717 NOTE : £5,000 is about $8250 US Dollars Link to comment Share on other sites More sharing options...
Koko78 Posted January 26, 2014 Share Posted January 26, 2014 Interesting way to get sued for breach of fiduciary duty. If my bank denied me access to my account and demanded I prove why I wanted to withdraw my money, they would very quickly lose a customer forever. Link to comment Share on other sites More sharing options...
ICanSleepWhenI'mDead Posted January 26, 2014 Share Posted January 26, 2014 If my bank ever asks me to prove why I need to withdraw my $1.50 I'm takin' it elsewhere! Link to comment Share on other sites More sharing options...
TakeYouToTasker Posted January 26, 2014 Share Posted January 26, 2014 This is about bank runs, and the drastic undercapitalization that the fractional reserve system creates. Link to comment Share on other sites More sharing options...
DC Tom Posted January 26, 2014 Share Posted January 26, 2014 This is about bank runs, and the drastic undercapitalization that the fractional reserve system creates. It probably also has to do their pitiful attempts at implementing money-laundering controls after the trouble they've been in. Link to comment Share on other sites More sharing options...
B-Man Posted January 27, 2014 Share Posted January 27, 2014 THAT DIDN’T TAKE LONG: Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit. Probably worried that the news would lead to a run, but I imagine they’ll see some large cash withdrawals anyway. Link to comment Share on other sites More sharing options...
Recommended Posts