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HSBC imposes restrictions on large cash withdrawals

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Mark
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« on: January 26, 2014, 06:43:59 am »

HSBC imposes restrictions on large cash withdrawals

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.
New rules

Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box: "When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved."

Mr Cotton says the staff refused to tell him how much he could have: "So I wrote out a few slips. I said, 'Can I have £5,000?' They said no. I said, 'Can I have £4,000?' They said no. And then I wrote one out for £3,000 and they said, 'OK, we'll give you that.' "

He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.

He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. "As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change," HSBC wrote.

Frustrated customers

rest: http://www.bbc.co.uk/news/business-25861717
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« Reply #1 on: January 26, 2014, 07:21:14 am »

HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent

Concerns about an imminent bank crash were further fuelled today at news that HSBC are restricting the amount of cash that customers can withdraw from their own bank accounts.  Customers were told that without proof of the intended use of their own money, HSBC would refuse to release it.  This, and other worrying signs point to a possible financial crash in the near future.
HSBC Collapse

 

HSBC is scrambling to manage a seemingly terminal liquidity crisis (a lack of hard cash) that could see the bank become the next Northern Rock – and trigger a bank crash.  The analyst’s advice is for shareholders to sell HSBC investments, and customers to move their accounts elsewhere before the crash.

This from the Telegraph:

Forensic Asia on Tuesday began its coverage of Britain’s largest banking group with a ‘sell’ recommendation, warning the lender had between $63.6bn (£38.7bn) and $92.3bn of “questionable assets” on its balance sheet, ranging from loan loss reserves and accrued interest to deferred tax assets, defined benefit pension schemes and opaque Level 3 assets.

According a report by the BBC’s MoneyBox Programme, HSBC customers have gone to withdraw cash from their accounts, only to find HSBC would not release the funds.  Customers were told to make a bank transfer instead, unless they provided documentation proving the intended use of the money. Stephen Cotton attempted a withdrawal and told the programme:

“When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”

Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ “

He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.

As this was not a change to the Terms and Conditions of your bank account we had no need to pre-notify customers of the change”

He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. “As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change,” HSBC wrote.

Mr Cotton is not alone, with other customers seeking to withdraw cash amounts over £3,000 facing the same obstacles.  While HSBC argue there is comes customer security interest here, the story simply doesn’t add up.  Customer identification is required for large withdrawals, not customer intentions – a person’s cash is theirs to withdraw and place wherever they so wish.  Instead, HSBC has been found to have a capitalization black hole (gap between actual cash and obligations) of $80bn.  The message is simple, get your money out now.
The Gold Rush

The major banks and states appear to be preparing for impending crisis, while pretending to the public that the economic situation is improving.

There is a gold rush underway, with Banks and States frantically buying up as much gold reserve as they can, stoking fears that confidence in currency is at an all-time low.  In recent months and weeks, banks like HSBC and JP Morgan, and states such as the US, Germany and China have joined the gold rush, making vast purchases of stocks.

Investment analysts at Seeking Alpha have been monitoring the strange activity on the COMEX, stating:

“keeping track of COMEX inventories is something that is recommended for all serious investors who own physical gold and the gold ETFs (SPDR Gold Shares (GLD), PHYS, and CEF) because any abnormal inventory declines may signify extraordinary events behind the scenes.”
Another Bank Crash? Why?

 

The crash is in come ways a replay of the last one.  The US dollar is a fiat currency (as is the pound sterling, the euro and most other major currencies).  This means, it is monopoly money.  There is no gold reserve that its values are pegged to.  It is simply made up.  So how does money get made? A private, for profit central bank prints it and lends it to the government (or other banks) at an interest rate.  So the Central Bank prints $100, and gives it to the government on the basis that it returns $101.  You may have already spotted the first flaw in this process.  The additional $1 can only ever come from the Central Bank.  There is never enough money. The second issue is that all money is debt.

This used to be the way pretty much all of the money in circulation came to be.  That is, until Investment and Retail Banks got tired of this monopoly on debt based currency, and kicked off the commercial money supply.  You might assume that when you take out a loan or other form of credit, a bank gives you that money from its reserves, and you then pay back that loan to the Bank at a given interest rate – the Bank making its profit on the interest rate.  You would be wrong. The Bank simply creates that loan on a computer screen.  Let’s say you are granted a loan for $100,000.  The moment that loan is approved and $100k is entered on the computer – that promise from you to the bank creates $100k for the bank, in that instant.  This ledger entry alone creates the $100k, from nothing. Today, over 97% of all money that exists, is made this way.

This is what drove the dodgy lending practises that created the last crisis.  But since then, the failure to regulate the markets means that while bailouts hit public services and the real economy – banks were free to continue the same behaviour, bringing the next crash.

The world’s second richest man, Warren Buffet warned us in 2003 that the derivatives market was ‘devised by madmen’ and a ‘weapon of mass destruction’ and we have only seen the first blast in this debt apocalypse.

The news that should have us all worried is: the derivatives market contains $700trn of these debts yet to implode.

Global GDP stands at $69.4trn a year.  This means that (primarily) Wall Street and the City of London have run up phantom paper debts of more than ten times of the annual earnings of the entire planet.

Not only can the Bankers not pay it back, the combined earning power of the earth could not pay it back in less than ten years if every last cent of our productive power went solely to pay off this debt.

This is why answering the issues with our currencies, our banking practices and economic system are not theoretical or academic – they are a matter of our very survival.

http://iacknowledge.net/hsbc-bank-on-verge-of-collapse-second-major-banking-crash-imminent/
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« Reply #2 on: January 26, 2014, 02:44:22 pm »

Lloyds and TSB banks are experiencing problems with cash machines, debit cards and online banking services - @SkyNewsBreak

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« Reply #3 on: January 26, 2014, 03:21:54 pm »

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« Reply #4 on: January 27, 2014, 03:56:20 am »

Forbes has pulled this story from their site. Google will reference it but it is no longer on Forbes itself.

China Halts Bank Cash Transfers: Forbes

According to this breaking story from Forbes.com, China has halted all bank cash transfers as shared in the story below. WHY would China’s central bank ORDER commercial banks to put an end to cash transfers? Is this the next step in the global currency war? Could this lead to WW3 as is now being argued by some?

With America already practically ‘owned’ by China and getting more in debt every year, this can’t be a good thing. Video reports on China’s money problems also below.

The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.

The specific reason given—“system maintenance” at the central bank—is preposterous.  It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.

A better explanation is that the country’s banking system is running dry.  Yes, there is an increased need for money in the run-up to and during the Lunar New Year holiday, but that is only a small factor.  After all, central bank officials knew this spike in demand was coming—it occurs every year at this time—and a core function of central banks is to manage seasonal liquidity fluctuations.  Moreover, the holiday has not started yet, and the PBOC, as that institution is known, could have added more liquidity to meet cash needs.

rest: http://beforeitsnews.com/economics-and-politics/2014/01/china-halts-bank-cash-transfers-forbes-2461052.html
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« Reply #5 on: January 27, 2014, 04:49:43 am »

Quote
There is a gold rush underway, with Banks and States frantically buying up as much gold reserve as they can, stoking fears that confidence in currency is at an all-time low.  In recent months and weeks, banks like HSBC and JP Morgan, and states such as the US, Germany and China have joined the gold rush, making vast purchases of stocks.

Investment analysts at Seeking Alpha have been monitoring the strange activity on the COMEX, stating:

“keeping track of COMEX inventories is something that is recommended for all serious investors who own physical gold and the gold ETFs (SPDR Gold Shares (GLD), PHYS, and CEF) because any abnormal inventory declines may signify extraordinary events behind the scenes.”

I think the behind the scenes part is simple; people are manipulating the gold and financial markets in a way to make it appear one thing is taking place, when reality is that it's something else.

If people have the impression that something has value, they are more willing to pay for it, and tend to pay more for those things that they believe to be of limited availability. The whole "supply and demand" thing, which these days, it's all an illusion.

It's curious timing that with these apparent latest defaults, they rush to "shore up" their positions with buying gold, which just so happens to have recently gone through a fairly significant drop in price. In the commodities world, it's all about price movement, up or down, but that movement must take place for them to make a profit on the difference. So gold will be going back up shortly, and then back down, and then...
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« Reply #6 on: January 27, 2014, 06:23:49 am »

Eco Collapse: Are We On the Verge Of a Massive Emerging Markets Currency Collapse?

This time, the Federal Reserve has created a truly global problem.  A big chunk of the trillions of dollars that it pumped into the financial system over the past several years has flowed into emerging markets.  But now that the Fed has decided to begin "the taper", investors see it as a sign to pull the "hot money" out of emerging markets as rapidly as possible.  This is causing currencies to collapse and interest rates to soar all over the planet.  Argentina, Turkey, South Africa, Ukraine, Chile, Indonesia, Venezuela, and other emerging markets...

http://theeconomiccollapseblog.com/archives/are-we-on-the-verge-of-a-massive-emerging-markets-currency-collapse
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« Reply #7 on: January 29, 2014, 11:41:27 am »

Bank Run Fears Escalate as Russian Lender Bans Cash Withdrawals

Fears of bank runs have escalated with the news that Russian lender ‘My Bank’ has banned all cash withdrawals until next week.

“Bloomberg reports that ‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakened to 4-month wides at 192bps,” reports Zero Hedge.

The source of the story is a person working inside the ‘My Bank’ call center, although officials for the bank have refused to comment.

On Saturday it emerged that HSBC was restricting large cash withdrawals for UK customers from £5000 upwards, forcing them to provide documentation of what they plan to spend the money on, a form of capital control that more and more banks are beginning to adopt.

This was followed by the story, which subsequently turned out to be false but caused market jitters nonetheless, that China’s commercial banks had been instructed to suspend cash transfers.

An IT glitch that prevented thousands of Lloyds Banking Group customers from withdrawing cash at ATMs in the UK also contributed to the concerns.

As we reported back in November, Chase Bank also recently imposed restrictions which prevent its customers from conducting over $50,000 in cash activity per month, as well as banning business customers from sending international wire transfers. Financial expert Gerald Celente said the news was a sign that Americans should prepare for a bank holiday.

Questions were already being asked of Chase after an incident last year when customers across the country attempted to withdraw cash from ATMs only to see that their account balance had been reduced to zero. The problem, which Chase attributed to a technical glitch, lasted for hours before it was fixed, prompting panic from some customers.

In November it was also reported that two of the biggest banks in America were stuffing their ATMs with 20-30 per cent more cash than usual in order to head off a potential bank run if the US defaults on its debt.

http://www.infowars.com/bank-run-fears-escalate-as-russian-lender-bans-cash-withdrawals/
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« Reply #8 on: May 02, 2014, 04:16:50 am »

HSBC Demands to Know How Customers Spend Their Money

Banks are becoming spies for the state

Who needs tax authorities keeping tabs on people when banks are increasingly taking on a similar role?

An HSBC customer who wrote to economist Martin Armstrong related how the bank, which itself was culpable of acting as a conduit for “drug kingpins and rogue nations” in 2012, is now interrogating its account holders on how they earn and spend their money.

    I just got a call from HSBC Jersey conducting a ‘risk assessment’. They wanted to know why I had 6 different currency a/c’s & where all the money came from as well as how much money I earn in Asia & how I spend the cash. The funny thing is I only keep GBP 1,000 in the HSBC a/c’s anyway!!!!

    I managed to speak to a ‘manager’ & asked if he knew how much HSBC were sued for last October, he had no idea HSBC even had a case brought against them. Accordingly every expat is being interrogated as to what they use their money for while HSBC can continue it’s blatant misuse of funds.

The story is yet another illustration of how major banks are beginning to function more and more as spies for the state, quizzing their customers on their income and spending habits while demanding paperwork and explanations for them to take out their own cash.

In January it emerged that HSBC was restricting large cash withdrawals for UK customers from £5000 upwards, forcing them to provide documentation of what they plan to spend the money on, a form of capital control that more and more banks are beginning to adopt.

As we reported back in November, Chase Bank also recently imposed restrictions which prevent its customers from conducting over $50,000 in cash activity per month, as well as banning business customers from sending international wire transfers.

In the same month it was also reported that two of the biggest banks in America were stuffing their ATMs with 20-30 per cent more cash than usual in order to head off a potential bank run if the US defaults on its debt.

The recent spate of unusual banker suicides and mysterious deaths has also prompted concerns that the financial system isn’t as healthy as it is being portrayed by the mass media.

When journalists Pam Martens and Russ Martens attempted to uncover whether the deaths, which seem to be concentrated amongst JPMorgan Chase employees, were a statistical anomaly, they were told by the Office of the Comptroller of the Currency (OCC) that the information was being withheld because it pertained to “trade secrets”.

http://www.prisonplanet.com/hsbc-demands-to-know-how-customers-spend-cash.html
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