Author Topic: HSBC imposes restrictions on large cash withdrawals (UK News)  (Read 657 times)

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Offline Gazoo

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HSBC imposes restrictions on large cash withdrawals (UK News)
« on: January 25, 2014, 03:52:56 PM »
« Last Edit: January 25, 2014, 03:55:46 PM by Gazoo »
"The Tea Party has a right to feel cheated.

When does the Republican Party, put in the majority by the Tea Party, plan to honor its commitment to halt the growth of the Federal monolith and bring the budget back into balance"?

Offline Gazoo

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #1 on: January 25, 2014, 03:59:56 PM »
There is only one reason to do this.  Is this story accurate?

"The Tea Party has a right to feel cheated.

When does the Republican Party, put in the majority by the Tea Party, plan to honor its commitment to halt the growth of the Federal monolith and bring the budget back into balance"?

Offline EC

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #2 on: January 25, 2014, 06:37:30 PM »
« Last Edit: January 25, 2014, 06:42:36 PM by EC »
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Offline Oceander

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #3 on: January 25, 2014, 06:54:49 PM »
who knows.  since it seems that hsbc are just now enforcing this long-standing rule, i smell a bank with a liquidity problem

Offline EC

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #4 on: January 25, 2014, 06:58:29 PM »
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Offline Oceander

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #5 on: January 25, 2014, 07:01:22 PM »

Offline EC

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #6 on: January 25, 2014, 07:08:03 PM »
I'm thinking they got over-strained in the Far East. They are the biggest UK bank in China, Hong Kong and Japan, none of who's economies are exactly stellar right now.
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Offline Gazoo

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #7 on: January 26, 2014, 10:09:02 AM »
Okay, maybe I have not had enough coffee or something but bringing in a note for proof of what the money is needed for means they are trying to curb a run on the bank? The one example in the article gave the proper notice and they said over the phone all was well. Then they did not give them the money. Yet no where in the article does it show where a customer asked for a cashiers check? This scenerio is not good as they are lacking in the funds; and or, are trying to stop bank runs?

Morale of the story...can any of us live without the almighty debit card? So spoiled... paying bills/shopping online and all.
« Last Edit: January 26, 2014, 10:37:50 AM by Gazoo »
"The Tea Party has a right to feel cheated.

When does the Republican Party, put in the majority by the Tea Party, plan to honor its commitment to halt the growth of the Federal monolith and bring the budget back into balance"?

Offline EC

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #8 on: January 26, 2014, 10:33:26 AM »
Okay, maybe I have not had enough coffee or something but bringing in a note for proof of what the money is needed for means they are trying to curb a run on the bank? The one example in the article gave the proper notice and they said over the phone all was well. Then they did not give them the money. Yet no where in the article does it show where a customer asked for a cashiers check? This scenerio is not good as they are lacking in the funds; and or, are trying to stop bank runs?

Morale of the story...can any of us live without the almighty debit card? So spoiled... paying bills/hopping online and all.

Never had one. I pay cash for everything. I only accept cash.

It's actually becoming a thing here. Makes the tax accounting more difficult - but it is still legal. And yes, I pay my tax in cash.
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Offline Chieftain

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #9 on: January 26, 2014, 10:44:47 AM »
« Last Edit: January 26, 2014, 10:45:16 AM by Chieftain »

Offline EC

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #10 on: January 26, 2014, 11:12:50 AM »
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Offline Oceander

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Re: HSBC imposes restrictions on large cash withdrawals (UK News)
« Reply #11 on: January 26, 2014, 10:21:56 PM »
That does make sense, and it is significant that this is taking place in the UK, not the US, and out banking laws are different.

I must point out though, that any cash transaction in excess of $5000, in or out, is reported by banking officials here in the US, primarily as a means of combating the illegal drug trade.  This is also a major reason why new marijuana related businesses in Colorado and Washington are unable to get business checking accounts.  A week or so ago I read an article about one grower in Colorado who packed $53,000 in twenty dollar bills into the local tax collector to make a payment, because he cannot get a checking account for his marijuana dispensary business.



The $5k threshhold generally only applies to cash transactions - as opposed to, e.g., checks - where there is some other indicia of illegality that the bank is, or reasonably ought to be, aware of.  Cash transactions that don't involve some other indicia of illegality only have to be reported if the sum involved - either in one go or in a series of related goes - is $10k or more.

That being said, I would suspect that most US banks will file an SAR on any cash transaction over $5k, regardless of whether there really are any other indicia of illegality, unless they happen to know the person and his/her business well.


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