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Whose money is it anyway?

Community Veteran
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Registered: 08-01-2008

Whose money is it anyway?

HSBC imposes restrictions on large cash withdrawals:
http://www.bbc.co.uk/news/business-25861717
So, are they 'looking after the customer's interests', 'preventing financial fraud' or just 'being awkward'?
Call me 'w23'
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24 REPLIES
Community Veteran
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Registered: 21-03-2011

Re: Whose money is it anyway?

That would cause me to question why I use that banking company. I'd move to another Bank, having made sure the existing bank has lost my custom.
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Mayfly
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Re: Whose money is it anyway?

Not the only time I've heard this - a Building Society manager friend of mine once told me it common practice but in the main is done very subtly such as asking if you are going on holiday or what are you spoiling yourself with.
Ever since then I've I've simply replied - 'I just fancy a spending spree'. I know a lot of banks require notice when withdrawing large amounts but any that refused me because I wouldn't tell them what I wanted it for would soon lose my business.
Community Veteran
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Re: Whose money is it anyway?

Note to self, move bank immediately!
nadger
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Re: Whose money is it anyway?

I know there are rules regarding how much cash one can carry when going abroad - in particular when travelling to outside the EU.
When I bought car a couple of years ago I paid by debit card rather than withdraw a large amount of cash.
I was born with HSBC ( Then Midland) and I guess I'll die with them having had account for over 78 years  Cool
Community Veteran
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Re: Whose money is it anyway?

I can see this from both the customer and bank side.  So often you hear of people being coerced into drawing out large sums to pay rogue builders etc. I think the bank could have been a little more sensitive in the way it handled the matter.
Community Veteran
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Re: Whose money is it anyway?

Slightly 'off topic' tried a web-search to no avail
I recently heard that a new brand of ATM machines have implemented 'bank note serial number tracking software', in that the banknote serial number is recorded against the ATM card.
Anyone else heard this?
nanotm
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Re: Whose money is it anyway?

unless you provide 28 days notice the bank doesn't have to let you take cash out over the counter above 2grand regardless of the amount in your account, under anti corruption guidelines there supposed to challenge any withdrawal above £500 to ensure your not acting under duress or coercion, and the money laundering regulations require them to have a reason for any cash withdrawal tagged against it and reported to BoE for any sum over £3000.00 it was all stuff including in the finance act 2003 that became a legal requirement back in 2012 with enforcement from Sept 2012 (to give banks enough time to implement the correct systems), it doesn't apply to account transfers because every amount over 250 is reported electronically anyway as are smaller denominations that form a regular pattern which is part of the money laundering regulations also from a 2003 act of parliament....
so whilst it may be inconvenient to provide an answer you shouldn't be surprised to be asked the question and refused if you fail to provide an answer, HSBC was fined under money laundering regulations a few years ago so there probably keen not to repeat the process.....
just because your paranoid doesn't mean they aren't out to get you
RichAllen
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Re: Whose money is it anyway?

I've been with Yorkshire Bank nearly 20 years and have never had a problem.
Not even that time I got hacked and had to change my Bank details.
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Re: Whose money is it anyway?

Finding a definitive answer to how much you can withdraw at one time, from Barclays website anyway, isn't easy.
What I did find in the T&C's is
Quote
Limits on your account
We may apply financial and other limits to your instructions (for example, we may set limits for payments using contactless technology). We will tell you what these limits are and may change them from time to time,as we explain in section 4.
To manage our risk, we also apply internal controls, including limits, to certain types of payment. We change these as necessary but, for security purposes, we do not disclose them.
We may refuse your instruction

Quote from: nadger
When I bought car a couple of years ago I paid by debit card rather than withdraw a large amount of cash.

Apparently when my dad bought his Ford Anglia (new) using cash he had been saving over the years back in 1964 (I understand it was somewhere between £450-£600) he had a letter from the IR asking him where he obtained the cash.

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Community Veteran
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Re: Whose money is it anyway?

Quote from: nanotm
unless you provide 28 days notice the bank doesn't have to let you take cash out over the counter above 2grand regardless of the amount in your account, under anti corruption guidelines there supposed to challenge any withdrawal above £500 to ensure your not acting under duress or coercion, and the money laundering regulations require them to have a reason for any cash withdrawal tagged against it and reported to BoE for any sum over £3000.00 it was all stuff including in the finance act 2003 that became a legal requirement back in 2012 with enforcement from Sept 2012 (to give banks enough time to implement the correct systems), it doesn't apply to account transfers because every amount over 250 is reported electronically anyway as are smaller denominations that form a regular pattern which is part of the money laundering regulations also from a 2003 act of parliament....
so whilst it may be inconvenient to provide an answer you shouldn't be surprised to be asked the question and refused if you fail to provide an answer, HSBC was fined under money laundering regulations a few years ago so there probably keen not to repeat the process.....

So how on earth are lottery winners supposed to enjoy their winnings?
Thats destroyed my plans for the future lol.
I need a new signature... i'm bored of the old one!
RichAllen
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Re: Whose money is it anyway?

Lottery winnings are tax free.
So the tax man doesn't need to know.
Thunderclap
Grafter
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Registered: 08-09-2008

Re: Whose money is it anyway?

If the State monitors every small personal transaction, knowing that anyone who spends over 600 squid cash is a criminal, how did they manage to miss the billions/trillion the bankers vanished through fraud? And let us not forget the tax evading oligarks who know London is a very safe haven for their opaque transactions. Real criminal and terror networks gave up using cash in 90's - For them it's assets, favours, gems and untraceable bitcoins on memory sticks.
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Re: Whose money is it anyway?

Quote from: nanotm
unless you provide 28 days notice the bank doesn't have to let you take cash out over the counter above 2grand regardless of the amount in your account,
Reference please as I haven't seen anything to that effect
Community Veteran
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Re: Whose money is it anyway?

The present official concern about large lumps of cash is it might be drug/terrorism related funding which is reasonable. Banks and other cash handling organisations should ensure records are kept of large cash transactions to facilitate enquiries by the proper authority. However it does not give the banks any right to limit cash withdrawals.
You don't have those problems with a Private Bank account. However you tend to pay for such facilities (indirectly/directly).  The banks charge smaller businesses about 3% for handling cash - they just love to take their slice.
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