Getbig Bodybuilding, Figure and Fitness Forums
December 20, 2014, 08:34:30 PM *
Welcome, Guest. Please login or register.

Login with username, password and session length
 
   Home   Help Login Register  
Pages: [1]   Go Down
  Print  
Author Topic: More Capital Controls Coming. The CFPB to the rescue... NOT!  (Read 1810 times)
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« on: October 17, 2013, 03:29:00 AM »

Even More Capital Controls Coming. The CFPB to the rescue... NOT!



More Capital Controls... coming soon, ...but it's not like I didn't try to warn y'all!

The path to tyranny is almost always paved with good intentions.

And so, enter stage left, the innocuously named Consumer Financial Protection Bureau (CFPB).

These government agencies with the catchy, high-sounding names are always the most dangerous. After all, it was the 'Committee for Public Safety' that was responsible for wanton genocide during the post revolution Reign of Terror in France.

Recently, the CFPB 'encouraged' retail banks in the Land of the Free to 'help' their customers regarding international wire transfers. And by 'help', they mean prohibit.

Of course it's all for 'consumer protection'.. So under the guise of safety and security, several banks will curtail retail customers' abilities to send international wire transfers.

Chase, for example, will start to limit cash withdrawals and ban business customers from sending international wire transfers from November 17 onward.

And starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!

This is the very nature of capital controls-- restricting the free flow of capital across borders until it is trapped inside the country and forcibly denominated in a rapidly devaluing currency.

And this is exactly how it starts... making it more difficult to move money abroad.

I've been writing for years that this would happen. This isn't some tin-foil hat conspiracy. This is reality.

Throughout history, bankrupt governments have almost always resorted to these same desperate tactics.

As the US government is hours away from crossing the fiscal Rubicon, it only seems appropriate. They are bankrupt, and they are desperate.

I've written so many times before that the US government fails to collect enough tax revenue to pay for mandatory entitlements gross interest on the debt.

In other words, they could eliminate practically everything we think of as government (like the military) and still be in the hole by tens of billions of dollars.

This is not a mark of a wealthy nation. And nearly every other government throughout history that reached this position resorted to plunder, confiscation, and destruction of liberty.

Every bit of objective data points to the same conclusion. And with this new information, it appears that the consequences of inaction are coming soon.

One day, perhaps just months from now, all of this will seem obvious... to everyone. People will look back and think 'duh, how did I not see that coming?'

But rest assured, when the masses figure it out, every window of opportunity to protect yourself from the negative consequences will be slammed shut.

Your instincts are probably telling you that something is wrong. It's time to trust them. And to take action.

But it's critical to have the right information to do that right now... to protect your savings, safeguard your family, and preserve what you have worked to build for your entire life.

Right now, there is still time to take some of these basic steps. And I really want to encourage you to take advantage of this time while the window is still open. The tiniest effort right now can make an enormous difference down the road as this trend continues to unfold.

Unless, of course, you trust your government. In which case I encourage you to do nothing and enjoy the ride.

Good Luck!
Report to moderator   Logged

w
Mr.1derful
Getbig IV
****
Gender: Male
Posts: 3389


Stephen Harper hides in broom closets.


« Reply #1 on: October 18, 2013, 04:28:56 PM »

Even More Capital Controls Coming. The CFPB to the rescue... NOT!



More Capital Controls... coming soon, ...but it's not like I didn't try to warn y'all!

The path to tyranny is almost always paved with good intentions.

And so, enter stage left, the innocuously named Consumer Financial Protection Bureau (CFPB).

These government agencies with the catchy, high-sounding names are always the most dangerous. After all, it was the 'Committee for Public Safety' that was responsible for wanton genocide during the post revolution Reign of Terror in France.

Recently, the CFPB 'encouraged' retail banks in the Land of the Free to 'help' their customers regarding international wire transfers. And by 'help', they mean prohibit.

Of course it's all for 'consumer protection'.. So under the guise of safety and security, several banks will curtail retail customers' abilities to send international wire transfers.

Chase, for example, will start to limit cash withdrawals and ban business customers from sending international wire transfers from November 17 onward.

And starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!

This is the very nature of capital controls-- restricting the free flow of capital across borders until it is trapped inside the country and forcibly denominated in a rapidly devaluing currency.

And this is exactly how it starts... making it more difficult to move money abroad.

I've been writing for years that this would happen. This isn't some tin-foil hat conspiracy. This is reality.

Throughout history, bankrupt governments have almost always resorted to these same desperate tactics.

As the US government is hours away from crossing the fiscal Rubicon, it only seems appropriate. They are bankrupt, and they are desperate.

I've written so many times before that the US government fails to collect enough tax revenue to pay for mandatory entitlements gross interest on the debt.

In other words, they could eliminate practically everything we think of as government (like the military) and still be in the hole by tens of billions of dollars.

This is not a mark of a wealthy nation. And nearly every other government throughout history that reached this position resorted to plunder, confiscation, and destruction of liberty.

Every bit of objective data points to the same conclusion. And with this new information, it appears that the consequences of inaction are coming soon.

One day, perhaps just months from now, all of this will seem obvious... to everyone. People will look back and think 'duh, how did I not see that coming?'

But rest assured, when the masses figure it out, every window of opportunity to protect yourself from the negative consequences will be slammed shut.

Your instincts are probably telling you that something is wrong. It's time to trust them. And to take action.

But it's critical to have the right information to do that right now... to protect your savings, safeguard your family, and preserve what you have worked to build for your entire life.

Right now, there is still time to take some of these basic steps. And I really want to encourage you to take advantage of this time while the window is still open. The tiniest effort right now can make an enormous difference down the road as this trend continues to unfold.

Unless, of course, you trust your government. In which case I encourage you to do nothing and enjoy the ride.

Good Luck!

You're right.  Sadly though, most will not listen and will find out the hard way.
Report to moderator   Logged
Mr.1derful
Getbig IV
****
Gender: Male
Posts: 3389


Stephen Harper hides in broom closets.


« Reply #2 on: January 11, 2014, 07:19:32 AM »

I can't say if it is bank policy, or simply the result of a rogue employee, but I know of someone who went to withdraw a mere $3000 from the Bank of Montreal and the bank initially refused to give him his money.  They claimed that they don't allow cash withdrawals in that amount.  Not until he aggressively protested, did they finally give him his cash.  Seems odd, as $3000 is not a lot of money.

 
Report to moderator   Logged
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #3 on: January 13, 2014, 03:52:32 PM »

I can't say if it is bank policy, or simply the result of a rogue employee, but I know of someone who went to withdraw a mere $3000 from the Bank of Montreal and the bank initially refused to give him his money.  They claimed that they don't allow cash withdrawals in that amount.  Not until he aggressively protested, did they finally give him his cash.  Seems odd, as $3000 is not a lot of money.

 

It is their policy. The maximum that can be withdrawn by bank machine is $1,000 per day

And the maximum that can be transferred via bill payments is also $1,000 per day.

Also the maximum that can be deposited via bank machine is $1,000 per day without a hold.

I discovered that one about 15 years ago when a cheque was returned. I had deposited $7 grand and change via a bank machine at Bay/Bloor, then proceeded to the Telus just outside the Manulife Centre to drop off a cheque for my cell phone payment... then off to Rogers video to drop a cheque for my cable etc., ... just dropping off cheques all the way home. Then 2 days later I got a call from Rogers, my cheque was returned. I couldn't understand why, but when I checked with my bank, I was informed the funds weren't cleared. This was news to me since my account had the highest rating. I could deposit and withdrawn instantly via bank machine without any holds  whatsoever. For all they know I could have deposited a sheet of toilet paper in the envelope, ...but apparently that's only to a maximum of $1,000.oo per day. Any funds over and above $1,000 in order not to be frozen for 2 business days has to be deposited in person at the teller. The same goes for online payments. So if paying a bill over $1,000, it's best to simply split payments, or do it just before midnight, and the rest after midnight.  Don't know if BMO has changed their policies since, but a lot of banks ...especially in the USA have quietly lowered the withdrawal limits, and transfer limits on customers' accounts without telling them.

If he attempted to withdraw funds at the branch with the teller, then there could be an issue here.
My understanding is they usually request advanced notice of withdrawals in excess of $5,000. But that is BS.

We've seen some of our colleagues who have been trying to acquire gold using their bank debit/credit cards, and despite contacting their banks ahead of time informing them that they would be making a purchase via Stuttgart Germany, they've had their cards blocked, or the amounts they can withdraw from their own bank accounts reduced.

Did you hear what happened to the elderly woman who tried to get her silver from Scotia Bank?
It took 6 months, and they had to wheel her in, in an ambulance, in her hospital bed, ...and even then they tried to dissuade her. I'm surprised the poor woman didn't die in the process for what they put her through.
Report to moderator   Logged

w
Mr.1derful
Getbig IV
****
Gender: Male
Posts: 3389


Stephen Harper hides in broom closets.


« Reply #4 on: January 18, 2014, 10:51:09 AM »

It is their policy. The maximum that can be withdrawn by bank machine is $1,000 per day

And the maximum that can be transferred via bill payments is also $1,000 per day.

Also the maximum that can be deposited via bank machine is $1,000 per day without a hold.

I discovered that one about 15 years ago when a cheque was returned. I had deposited $7 grand and change via a bank machine at Bay/Bloor, then proceeded to the Telus just outside the Manulife Centre to drop off a cheque for my cell phone payment... then off to Rogers video to drop a cheque for my cable etc., ... just dropping off cheques all the way home. Then 2 days later I got a call from Rogers, my cheque was returned. I couldn't understand why, but when I checked with my bank, I was informed the funds weren't cleared. This was news to me since my account had the highest rating. I could deposit and withdrawn instantly via bank machine without any holds  whatsoever. For all they know I could have deposited a sheet of toilet paper in the envelope, ...but apparently that's only to a maximum of $1,000.oo per day. Any funds over and above $1,000 in order not to be frozen for 2 business days has to be deposited in person at the teller. The same goes for online payments. So if paying a bill over $1,000, it's best to simply split payments, or do it just before midnight, and the rest after midnight.  Don't know if BMO has changed their policies since, but a lot of banks ...especially in the USA have quietly lowered the withdrawal limits, and transfer limits on customers' accounts without telling them.

If he attempted to withdraw funds at the branch with the teller, then there could be an issue here.
My understanding is they usually request advanced notice of withdrawals in excess of $5,000. But that is BS.

We've seen some of our colleagues who have been trying to acquire gold using their bank debit/credit cards, and despite contacting their banks ahead of time informing them that they would be making a purchase via Stuttgart Germany, they've had their cards blocked, or the amounts they can withdraw from their own bank accounts reduced.

Did you hear what happened to the elderly woman who tried to get her silver from Scotia Bank?
It took 6 months, and they had to wheel her in, in an ambulance, in her hospital bed, ...and even then they tried to dissuade her. I'm surprised the poor woman didn't die in the process for what they put her through.

He tried to get the money from a teller at the branch.  No, I had not heard about the Scotia Bank incident, but nothing surprises me.  Makes me more confident than ever in my distrust of the banks.
Report to moderator   Logged
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #5 on: January 19, 2014, 03:50:38 PM »

He tried to get the money from a teller at the branch.  No, I had not heard about the Scotia Bank incident, but nothing surprises me.  Makes me more confident than ever in my distrust of the banks.

Hmmm... That looks like a problem in the making.

The Scotia Bank issue was downright scandalous.

Many claim it was because they didn't have the silver, and were stalling for time in order to get it.

The woman was ill, had given her son POA to handle her affairs, and despite this, they were refusing to provide this woman with her silver. Numerous legal filings etc., etc., Numerous conversations with lawyers and doctors, including the woman herself, all stating she was ill, hospitalized and too sick to travel. Stalling went on for months.

Finally, in an act of desperation, they hired a private ambulance, brought the woman into the bank, IN HER HOSPITAL BED no less, hooked up to oxygen tanks etc., etc.,and had the newspaper flash the picture across the front page of the newspaper. They had to wheel the hospital bed into the vault.

Even when she finally got in there, bank personnel were trying to discourage her from taking her silver, demanding to know why she wanted it etc., etc., as if it was any of their business. The audacity of some people! 

This thing went viral. It was sad... very tragic. I remember pdf'ing a screen shot at the time, which I'm sure I have somewhere... in one of my computers or stand alone hard drives. If I stumble across it will let you know.

Since that time however, I've noticed the story has slowly been scrubbed from the internet.

I can just imagine how much money they had to fork out in order to get all the stories scrubbed.
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #6 on: January 23, 2014, 07:18:59 PM »

He tried to get the money from a teller at the branch.  No, I had not heard about the Scotia Bank incident, but nothing surprises me.  Makes me more confident than ever in my distrust of the banks.

Was talking to a colleague in TX the other night.
He can no longer make "out of country" purchases with his Chase debit credit card.

It's odd how tables turn.

A few years ago, it was the Africans who couldn't get int'l credit cards or send any money out of Africa.
Now Africans have int'l credit cards, are making out of country purchases, while it appears to be the Americans whose out-of-country purchases are being blocked.

I wonder how long it will take before they experience a sequestered domestic dollar for use within the USA, with a different exchange value from a US dollar outside the USA? ...just like they do in Cyprus with their Euro.
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #7 on: January 25, 2014, 04:26:40 PM »

HSBC Bank Refuses To Let Customers Withdraw Large Sums
Posted: 25/01/2014 12:27 GMT  |  Updated: 25/01/2014 17:59 GMT



HSBC have been accused of quizzing customers withdrawing large sums on cash on what they want to spend it on - and demanding proof of what they will purchase.

Several customers told BBC Radio 4's MoneyBox programme that when they attempted to withdraw certain sums, between £5,000 and £10,000, they have been asked to provide proof of why they need the money.

HSBC said it was a change in policy, implemented in November, which would now be reviewed.

Stephen Cotton told MoneyBox that he wanted to withdraw £7,000 from HSBC to pay a loan back from his mother.

"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," he said.

"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.'

"I've been banking in that bank for 28 years. They all know me in there. You shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."

The BBC said numerous others had reported problems, including a man being asked to provided booking receipts for his holiday, and quotes from builders, before they could get cash.

Last week, a reader contacted the Daily Mail's This Is Money to complain about the policy. "HSBC will not let me take out anything over £1,000 cash over the counter. I gave them warning, but they say they must know what I will use it for - they want to see evidence of hotel bookings etc.

"In short, they refuse to give me my cash. HSBC say it is new internal rules to help prevent money laundering. But for example, what if I want to buy a £5,000 car? It said I’d have to put down a deposit and show them the receipt first."

The new policy has had a furious reaction on social media:

Any bank that asks me the reason I want my own money can piss right off. Won't be opening my business a/c with HSBC, then.
— Le Creuset Fiend (@LeCreusetFiend) January 25, 2014



*sigh* this HSBC scare is reminding me that we're on a knife edge where societal stability is concerned.
— Ivor Tymchak (@ivortymchak) 7:19 AM - 25 Jan 2014




HSBC said in a statement: "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."

"The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. 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 apologise to any customer who has been given incorrect information and inconvenienced."
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #8 on: January 25, 2014, 04:32:07 PM »

HSBC imposes restrictions on large cash withdrawals
By Bob Howard
Reporter, Money Box
24 January 2014 Last updated at 14:59 ET

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

Mr Cotton cannot understand HSBC's attitude: "I've been banking in that bank for 28 years. They all know me in there. You shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."

Peter from Wiltshire, who wanted his surname withheld, had a similar experience.

He wanted to take out £10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.

Peter phoned up the day before to give HSBC notice and everything seemed to be fine.

The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.

The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the £10,000.

Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder's quote.

Customer protection

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."

"The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. 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 apologise to any customer who has been given incorrect information and inconvenienced."


Money Box asked other banks what their policy is on large cash withdrawals.

They all said they reserved the right to ask questions about large cash withdrawals.

But none of them said they would require evidence of what the money was being used for before paying out.

Douglas Carswell, the Conservative MP for Clacton, is alarmed by the new HSBC policy: "All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent."

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."

Money Box is broadcast on Saturdays at 12:00 BST on BBC Radio 4 and repeated on Sundays at 21:00 BST. You can listen again via the BBC iPlayer or by downloading Money Box podcast.
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #9 on: January 25, 2014, 06:59:00 PM »

HSBC won't give me more than £1k over the counter even after I warned them I needed it – can they block me from my own cash?
By LEE BOYCE
PUBLISHED: 15:16 GMT, 16 January 2014 | UPDATED: 18:00 GMT, 16 January 2014

A strange thing has happened in the last few days. I went to withdraw £10,000 cash from my HSBC account in Swindon which is in credit by about £50,000

However, HSBC will not let me take out anything over £1,000 cash over the counter. I gave them warning, but they say they must know what I will use it for - they want to see evidence of hotel bookings etc.

In short, they refuse to give me my cash. HSBC say it is new internal rules to help prevent money laundering. But for example, what if I want to buy a £5,000 car? It said I’d have to put down a deposit and show them the receipt first.




I find this outrageous and an invasion of privacy – why do HSBC get to decide what I do with my money?
In the meantime I can take out only £1,000 per day until I shut my account which I shall do and all that time they will be investing my money and gaining interest from it. P.H.D, via e-mail.


Lee Boyce from This is Money says: It would be logical for a bank to have a cap on the amount you can withdrawal over the counter without notice – if dozens of people went in asking for large sums, especially in smaller branches, they would risk running out of cash stocks.
Calling up a day in advance and giving notice of the amount of cash needed, then entering the branch with a passport and another form of ID should be sufficient. However, in your case, Swindon branch staff have not allowed this and wanted more information.

I understand you feeling that it’s your money and that you should be able to have access to it how you see fit.
But I can also understand HSBC doing what it can to prevent fraud – there has been a rise in the number of sophisticated scams duping people out of their money in recent times.

Last year saw the rise of courier scams which work by hoodwinking customers into withdrawing money from their bank – and handing it over to a fraudster pretending to represent the bank.
However, if you give sufficient notice and want a large sum of cash out and can prove who you are surely the bank has to give it you? It is your money after all.

I asked HSBC if this is the case and whether its policy has changed.
A spokesman from HSBC said: ‘We may ask about the purpose of a cash withdrawal when the transaction is large, unusual and out of keeping with the normal running of a customer’s account.

‘In these instances we may also ask the customer to show us evidence of what the cash is required for. The reason for this is twofold, as a responsible bank we have an obligation to our customers to protect them, and to minimise the opportunity for financial crime.

‘Transactions involving large sums of cash have inherent security issues and leave customers with very little protection should things go wrong.

‘So it’s only correct that, when appropriate, we ask customers the right questions and explore whether an alternative payment method might be safer and more convenient for them.

‘There is no restriction on the amount a customer can to withdraw from their accounts electronically, via cheque or banker's draft.’

Report to moderator   Logged

w
Mr.1derful
Getbig IV
****
Gender: Male
Posts: 3389


Stephen Harper hides in broom closets.


« Reply #10 on: January 26, 2014, 05:28:34 PM »

HSBC won't give me more than £1k over the counter even after I warned them I needed it – can they block me from my own cash?
By LEE BOYCE
PUBLISHED: 15:16 GMT, 16 January 2014 | UPDATED: 18:00 GMT, 16 January 2014

A strange thing has happened in the last few days. I went to withdraw £10,000 cash from my HSBC account in Swindon which is in credit by about £50,000

However, HSBC will not let me take out anything over £1,000 cash over the counter. I gave them warning, but they say they must know what I will use it for - they want to see evidence of hotel bookings etc.

In short, they refuse to give me my cash. HSBC say it is new internal rules to help prevent money laundering. But for example, what if I want to buy a £5,000 car? It said I’d have to put down a deposit and show them the receipt first.




I find this outrageous and an invasion of privacy – why do HSBC get to decide what I do with my money?
In the meantime I can take out only £1,000 per day until I shut my account which I shall do and all that time they will be investing my money and gaining interest from it. P.H.D, via e-mail.


Lee Boyce from This is Money says: It would be logical for a bank to have a cap on the amount you can withdrawal over the counter without notice – if dozens of people went in asking for large sums, especially in smaller branches, they would risk running out of cash stocks.
Calling up a day in advance and giving notice of the amount of cash needed, then entering the branch with a passport and another form of ID should be sufficient. However, in your case, Swindon branch staff have not allowed this and wanted more information.

I understand you feeling that it’s your money and that you should be able to have access to it how you see fit.
But I can also understand HSBC doing what it can to prevent fraud – there has been a rise in the number of sophisticated scams duping people out of their money in recent times.

Last year saw the rise of courier scams which work by hoodwinking customers into withdrawing money from their bank – and handing it over to a fraudster pretending to represent the bank.
However, if you give sufficient notice and want a large sum of cash out and can prove who you are surely the bank has to give it you? It is your money after all.

I asked HSBC if this is the case and whether its policy has changed.
A spokesman from HSBC said: ‘We may ask about the purpose of a cash withdrawal when the transaction is large, unusual and out of keeping with the normal running of a customer’s account.

‘In these instances we may also ask the customer to show us evidence of what the cash is required for. The reason for this is twofold, as a responsible bank we have an obligation to our customers to protect them, and to minimise the opportunity for financial crime.

‘Transactions involving large sums of cash have inherent security issues and leave customers with very little protection should things go wrong.

‘So it’s only correct that, when appropriate, we ask customers the right questions and explore whether an alternative payment method might be safer and more convenient for them.

‘There is no restriction on the amount a customer can to withdraw from their accounts electronically, via cheque or banker's draft.’



Remember though, people like you and I are crazy.  Nothing to see here.
Report to moderator   Logged
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #11 on: January 26, 2014, 09:44:16 PM »

Remember though, people like you and I are crazy.  Nothing to see here.

Never mind, I just went to the ATM machine tonight, and tried to pull out $400.oo and guess what, it wouldn't let me. It told me to contact my branch. The most it would give me was $300.oo I am not a happy camper. There's something going down as I type. There are bank runs going on in China. Seems quite a few farmers can't get their money out. Gonna do some more research and let you know what I find out.
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #12 on: January 27, 2014, 07:12:51 AM »

OK, I'm hearing that the Chinese have stopped all bank cash transfers for 9 days. People are getting hurt.

A reliable source in Shanghai tells me all the banks are closed, ...but it's just for their Spring Festival.

I find this peculiar because I know they didn't close down for their Autumn Festival.

Forbes.com is saying they expect a major Chinese default on Jan. 31st, however a friend in Costa Rica is saying this is old news already, and has been rumoured to occur for the longest time. Supposedly, the Chinese gov't is going to let a major default occur, because they believe it will be a manageable one, and will send a huge message to the markets that they had better manage risk because the Central Gov't will not be bailing them out. Who knows? I'm just gonna keep on stackin' till I can't anymore.
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #13 on: January 27, 2014, 09:26:16 AM »

Shutting Off The Money Tap
By Jeff Thomas


Recently, an HSBC depositor in Swindon, UK attempted to withdraw £10,000 from his account (which was in credit of about £50,000) and was told that he could withdraw no more than £1,000 without providing adequate proof as to how the funds would be used.

The depositor later stated:

“HSBC will not let me take out anything over £1,000 cash over the counter. I gave them warning, but they say they must know what I will use it for—they want to see evidence of hotel bookings, etc. In short, they refuse to give me my cash. HSBC say it is new internal rules to help prevent money laundering.”

An HSBC spokesman stated:

“In these instances we may also ask the customer to show us evidence of what the cash is required for. The reason for this is twofold, as a responsible bank we have an obligation to our customers to protect them, and to minimise the opportunity for financial crime.”

Further Developments

After less than a week of this policy having been implemented, it generated significant outcries from depositors—so much so that HSBC has already backed down. They had this to say:

“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 apologise to any customer who has been given incorrect information and inconvenienced.”

So… apparently, it was a mere misunderstanding. Some mid-level manager apparently became overzealous in exercising what he considered to be “reasonable caution.”

So, what are we to make of this? Well, the message is clearly that we are to say to ourselves, “Cooler heads have prevailed. Tempest in a teacup. Problem solved.”

But this is not so. Similar instances of refusal to return funds over £1,000 have taken place in HSBC branches in Wilshire and Worcestershire in the past week. This tells us that this was an HSBC policy decision—that it came from senior HSBC management.

This attempt at greater control over depositors’ funds has a broader significance. Over the years, we have predicted that as the Great Unravelling progresses, we shall observe the seizing of wealth and monetary control by governments and banks, acting in concert.

Over time, both wealth in general and the control over it will move inexorably into the hands of the banks and the political leaders. As this unfolds, we shall see numerous trial balloons, such as this one by HSBC and others. (The Cyprus bail-in was a similar but more successful trial balloon.)

Some will succeed, others will fail, but the central programme will move inexorably on. That programme will be driven by a new assumption—that the holding of wealth and the management of wealth are so central to national and international stability that only the central banks and governments can be entrusted with them. The individual cannot be trusted to control his own wealth.

The Bank Takes on the Role of a Regulatory Body

In floating this new policy, the banks have changed their traditional role as a monetary storage facility. They have now been granted the authority to refuse the return of funds that have been entrusted to them, based upon their authority to be satisfied that the money will be well spent by the depositor. If the depositor is, in effect, being expected to prove to the bank that he does not plan to perform a criminal act, the bank goes beyond its function as a business and becomes a regulatory body.

Without delving into conspiracy theories, there can be little doubt that the UK government has provided extraordinary latitude to HSBC (and presumably other banks)—latitude that, not long ago, would have been considered reprehensible.

However, throughout Europe, the US, and much of the rest of the world, we are seeing a growing tendency for governments to allow banks to control depositors’ funds.

As stated above, the 2013 Cyprus bail-in is a similar case—one in which the banks literally stole depositors’ funds with the tacit approval of the Cypriot government, and to much encouragement from the EU.

Since that time, Canada has passed legislation allowing its banks to do the same; and, more recently, the IMF has announced a similar plan for the EU.

As regular readers of this publication will know, we frequently publish reminders that, historically, when a nation is in the final stages of decline, the government invariably performs a last squeeze of the lemon—a final confiscation of the public’s wealth.

They tend to do this through whatever means they feel may succeed. As that is the case, in the future, we can expect to see increasing:
  • Confiscation: As we have already seen and will soon see on a larger scale, banks will be given the right to steal depositors’ funds, as stated above.
  • Capital Controls: This will take many forms, but of particular interest will be an increase in governmental control over the expatriation of individuals’ money.
  • Civil Forfeiture: Law enforcement authorities of all branches now have the authority to seize the assets of any individual who is under suspicion of a crime. (This is particularly the case in the US. It is not necessary that the individual be convicted or even charged.) This will be on the increase and has begun to reach the point of “shakedowns”—stopping people expressly to seize assets.
  • Freezing of Assets: In the EU and US, accounts are presently frozen for a variety of reasons—the client may be “suspected of a crime,” or his transactions may be deemed to be “inappropriate.” In the future, reasons for freezing assets will expand to “the threat of a possible run on the bank,” and “concern for the stability of the economy.” Governments will additionally simply use the nondescript blanket term, “temporary emergency measure.” (As Milton Friedman noted, “Nothing is so permanent as a temporary government program.”)

As these events unfold, the average depositor will be pressed to continue to function economically, but, as troubled as he might be, he will go along, as he really doesn’t have a choice. (Should he object too strenuously, he may well be investigated.)

Each of the above justifications for shutting off the money tap sound reasonable… It’s just that they happen to be a lie.

As stated above, when a nation is in the final stages of decline, the government invariably performs a last squeeze of the lemon—a final confiscation of the public’s wealth.

That process has now begun and will inexorably expand and continue until the confiscations have reached the point of greatly diminished returns or collapse of the governments’ power, whichever comes first.

If the reader sees this as even a 50/50 possibility, he would be wise to take steps to safeguard his wealth by removing it from a system that has become a threat to his continued ownership of his wealth.

Editor’s Note: The best way you can safeguard yourself and your savings from the measures of a desperate government is through internationalization. There are some very practical strategies you can implement from your own living room.
Report to moderator   Logged

w
24KT
Getbig V
*****
Gender: Female
Posts: 24462


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #14 on: January 29, 2014, 09:29:15 AM »

It's beginning to spread further now...

A friend in Costa Rica went to the store to purchase groceries for their family of 7.
They cashed out, and handed the clerk their Bank of America bank card and the transaction was REFUSED.

They called the bank  and were told because they were out of country, they were limited to only $200 a day on both cards and NO EXCEPTIONS. They spent about 1 hour on the phone  and were told too bad, ...even though they had several hundred thousand dollars in the savings account. Land of the free huh?  Roll Eyes
Report to moderator   Logged

w
Mr.1derful
Getbig IV
****
Gender: Male
Posts: 3389


Stephen Harper hides in broom closets.


« Reply #15 on: January 29, 2014, 07:05:52 PM »

It's beginning to spread further now...

A friend in Costa Rica went to the store to purchase groceries for their family of 7.
They cashed out, and handed the clerk their Bank of America bank card and the transaction was REFUSED.

They called the bank  and were told because they were out of country, they were limited to only $200 a day on both cards and NO EXCEPTIONS. They spent about 1 hour on the phone  and were told too bad, ...even though they had several hundred thousand dollars in the savings account. Land of the free huh?  Roll Eyes

People were warned.  Anyone that did not heed the warnings had better move quick, if it's not too late already.  Get your cash out of the banks now!
Report to moderator   Logged
Pages: [1]   Go Up
  Print  
 
Jump to:  

Theme created by Egad Community. Powered by MySQL Powered by PHP Powered by SMF 1.1.20 | SMF © 2013, Simple Machines Valid XHTML 1.0! Valid CSS!