[Ed. – When did Obama start signing executive orders affecting English banking?]
If you bank at HSBC in England, don’t plan on making any large cash withdrawals. At least not without a good explanation. Or, maybe even a permission slip.
That’s because a previously unannounced change in banking policy is blocking some customers from making large withdrawals without “evidence” explaining why they need the money from their accounts .
The policy affects customers attempting withdrawals for amounts as little as £5,000 ($8,253).
HSBC says it’s all done in the name of customer protection.
“The reason being we have an obligation to protect our customers, and to minimize the opportunity for financial crime,” HSBC said in a statement. “However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologize to any customer who has been given incorrect information and inconvenienced.”
The change in approach comes after the BBC aired reports from multiple HSBC customers who said they were denied in their recent attempts to make cash withdrawals.