Last Updated 25 | 01 | 2014 at 19:00

Business & Technology

HSBC imposes restrictions on large cash withdrawals

Article By: news

Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.

A number of customers are frustrated with the fact that when they call the call-centres say it’s fine for them to withdraw and later they receive a call from a branch staff member who gives them the opposite answer. Charges are also being implemented without customers being advised.

HSBC has said that following customer feedback, it was changing its policy: "We ask our customers about the purpose of large 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 show us evidence of what the cash is required for."

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

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Well let's see... because it's MY DAMN MONEY! Is that reason enough?!!

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