Waldo Posted January 26, 2014 Share Posted January 26, 2014 What about cases where it's your dear old Granny who is under the influence of crooks who have taken her to the bank to withdraw fund they're conning from her? Surely having some checks in place for large cash withdrawals isn't all bad? Link to comment Share on other sites More sharing options...
Cyclone Posted January 26, 2014 Share Posted January 26, 2014 They can ask, but they cannot require documentation. Link to comment Share on other sites More sharing options...
Waldo Posted January 26, 2014 Share Posted January 26, 2014 They also need to be pretty sure it's not someone posing as you, who came across some of your documents and decided to withdraw funds from your account! I'm thinking, the more security measures they have in place, the better. Or am I missing something? Link to comment Share on other sites More sharing options...
Cyclone Posted January 26, 2014 Share Posted January 26, 2014 They also need to be pretty sure it's not someone posing as you, who came across some of your documents and decided to withdraw funds from your account! I'm thinking, the more security measures they have in place, the better. Or am I missing something? Your bank card, your passport and if they really feel the need, they could check the pin (not directly, but they could have you put it into the machine and check that you can get up a balance or take out £10 or something). Link to comment Share on other sites More sharing options...
I1L2T3 Posted January 26, 2014 Share Posted January 26, 2014 They also need to be pretty sure it's not someone posing as you, who came across some of your documents and decided to withdraw funds from your account! I'm thinking, the more security measures they have in place, the better. Or am I missing something? I think you've got confused. An identity check is perfectly reasonable as a security measure but in the vast majority of cases it is not reasonable to demand to know what the money is for. Verifying identity (i.e. basic banking security) and demanding to know what the money is for are two entirely different things. It is not reasonable to treat every customer who wants a large amount of (their own) cash as a potential criminal. Link to comment Share on other sites More sharing options...
Jim Hardie Posted January 26, 2014 Share Posted January 26, 2014 Apparently its because HSBC are in trouble. Remember Northern Rock stopped people getting their money & all the banks in Greece. They are on the brink of asking for a bailout. Im switching my accounts today. Good luck with that - it's Sunday. Link to comment Share on other sites More sharing options...
Waldo Posted January 26, 2014 Share Posted January 26, 2014 I think you've got confused. An identity check is perfectly reasonable as a security measure but in the vast majority of cases it is not reasonable to demand to know what the money is for. Verifying identity (i.e. basic banking security) and demanding to know what the money is for are two entirely different things. It is not reasonable to treat every customer who wants a large amount of (their own) cash as a potential criminal. Accepted. Yes, there are different issues involved and reasons why banks may choose to query withdrawals, some reasons more legit than others. Can't remember the last time I withdrew cash from a bank, I do most of by banking electronically, and my primary concern is online security (safe and secure password, phishing, malware or key logging s/w on my PC that may capture and transmit online banking login credentials etc). Is there any evidence to suggest there is more to this than meets the eye? For example, as CS suggests, that HSBC are in trouble? Would be the first I've heard, if they are... Link to comment Share on other sites More sharing options...
Andy Posted January 26, 2014 Share Posted January 26, 2014 Your bank card, your passport and if they really feel the need, they could check the pin (not directly, but they could have you put it into the machine and check that you can get up a balance or take out £10 or something). Most banks have Chip & PIN terminals at the counter now, for this exact reason. ---------- Post added 26-01-2014 at 15:22 ---------- Is there any evidence to suggest there is more to this than meets the eye? For example, as CS suggests, that HSBC are in trouble? Would be the first I've heard, if they are... Not that I've seen. And as I mentioned a few posts ago, even if they were in trouble, restricting a very small proportion of withdrawals in this way wouldn't help. What I think has happened is HSBC got their fingers burnt with their $1.9 bn fine so have decided to tighten up their anti-money laundering procedures with this 'belt and braces' approach. Link to comment Share on other sites More sharing options...
dosxuk Posted January 26, 2014 Share Posted January 26, 2014 It is not reasonable to treat every customer who wants a large amount of (their own) cash as a potential criminal. Although that's exactly what they do until they have confirmed your identity. Link to comment Share on other sites More sharing options...
Clown Shoes Posted January 26, 2014 Share Posted January 26, 2014 It doesn't specifically, but how else can the demonstrate that they have fulfilled their obligations under the Money Laundering Regulations 2007? They shouldn't be asking for it in every case - but in some circumstances it will be needed. If a bank employee has 'concerns' about a transaction, they have two options: (1) Seek additional information so that those 'concerns' do not become suspicion or (2) Conclude that the transaction is suspicious, and request consent from the authorities to procees. But some people here have said they would not even answer reasonable questions about what the transaction was for. In those cases the bank really have no choice but to report their suspicions and block the transactions until they get the green light. Which may take some time as there are over 200,000 reports made to the authorities every year. As I said, blame the drafters of the legislation, not those who are trying to stay out of jail. ---------- Post added 26-01-2014 at 12:17 ---------- Yes because if they're in trouble, keeping an extra £10k or so on their balance sheet is really going to help. Northern Rock never stopped anyone getting their money. The queues were because of the logistics and amount of cash held in their small branches. Electronic transfers out carried on regardless. I dont trust banks and im pretty confident that im not on my own on that one.. Here's couple of stories you might wanna read that came out this weekend. http://iacknowledge.net/hsbc-bank-on-verge-of-collapse-second-major-banking-crash-imminent http://uk.news.yahoo.com/hsbc-70bn-capital-black-hole-revealed-forensic-asia-080816470.html#1KiKHG6 Link to comment Share on other sites More sharing options...
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