Work From Home

Jack E. Kemp

Yesterday, in a discussion of the upcoming State of the Union Speech, Glenn Beck said in passing that HSBC Bank wanted to restrict withdrawals of over $10,000 by requiring a written explanation before they "gave you permission" to take out your own money. Public complaints lead to the back withdrawing the demand for an explanation of large withdrawals and now it is only a "voluntary request." It turns out that this happened in the United Kingdom and not the U.S. However, this is a trial balloon for the international banking world. HSBC is formerly the Hong Kong and Shanghai Bank and is located in 85 countries including the U.S., Europe, Asia, Africa and South America. http://en.wikipedia.org/wiki/HSBC_Bank_International_Limited

The NY Times confirms this story.

http://dealbook.nytimes.com/2014/01/26/hsbc-apologizes-after-cash-withdrawal-issue-in-britain/?_php=true&_type=blogs&_r=0

LONDON – The British bank HSBC has apologized after reports that some customers were prevented from withdrawing large sums of cash from their accounts.

 

HSBC said that, as part of a policy change put into effect in November, it began asking customers in some instances to show evidence of what they planned to do with large cash withdrawals.

END QUOTE

Let me tell you what happened with my former HSBC account in New York City a little over ten years ago.

I was moving some accounts around due to the death of my father. I got into a discussion with an HSBC bank officer about my credit card statement which I paid in full each month. He noticed that I had an expense of around $4000 on it and he lectured me on my spending habits. I just looked at him, not telling him that this expense was a required form of payment for my dad's funeral, and then made my decision on what to do next.

Over the course of the next two weeks, I opened a checking account in another bank and withdrew all my money in cash from HSBC to walk it over to the other bank. A woman teller actually voiced concern about my unspoken obvious act of leaving the bank. I believe she said something like "You don't care for us anymore?" and I refused to engage her in conversation. After getting a credit card at my new bank, I paid off my last credit card bill to HSBC and no longer was their client. Yes, as the teller surmised, I do not care for HSBC anymore. This news story from Great Britain confirms that HSBC doesn't care much for its customers either.

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Comment by Volunteer Patriot on January 29, 2014 at 7:57am

Comment by Catherine on January 28, 2014 at 4:59pm

The reason U.S. banks and credit unions were reporting cash withdrawals and deposits was supposedly to track possible illegal "drug money."  These rules have been around since the 80's for sure. 

Comment by sharon ostwinch on January 28, 2014 at 3:57pm

Banks getting brave they have the backing of the government.  Obama loves them regardless of what he says because he is always lying. 

Comment by Mangus Colorado on January 28, 2014 at 3:10pm

Right on Ron . . . 

50 to save ONE!

Comment by Ronald Sorrells on January 28, 2014 at 3:08pm

We have Fifty Independent & Sovereign States that should "Push Back on Unconstitutional Federal Overreach".

Semper Fi,

Ron

 

Comment by Victoria Thiel on January 28, 2014 at 2:07pm

Big corporations and government in the UK are used to a meek, submissive society.  I have a friend who explained that she was happy that her husband's cancer was not aggressive because at his age they won't give him any treatments with their wonderful national health care.  It's coming down the pike for us - if we are not vigilant and remain combative.

Comment by Mangus Colorado on January 28, 2014 at 2:02pm

English banking laws most likely prohibited the disclosure . . so permission was sought . . Parliament is a political body also and they were afraid that the people would get pissed if they passed a law.

This is one of the problems the US has with the WAR POWERS ACT . . as long as we are at war - [Korea] - Vietnam - and others that were nevered ended with a formal surrender of termination agreement war is on going. 

The President now has tremendous powers over some areas of our economy and our rights without our knowing. No war = no more power.

Comment by Jack Kemp on January 28, 2014 at 1:56pm

Magnus, you're not understanding me. I know the bank does the reporting for decades but without bothering the customer. It is just now in England that they want to bother the customer with their own bank form to fill out - and they probably want to do it in the US, if they could get away with it.

Comment by Mangus Colorado on January 28, 2014 at 1:52pm

Jack,

The reporting is not a option for the banks - it is and has been required for many years - the banks did not tell people but sent in a report - name and account info IMO . . Most likely trying to track cash activities for tax purposes would be my guess . . many getting unemployment and welfare work extra for CASH . .  so if someone is taking out a lot of cash they are now identified. 

Maybe this was not allowed overseas but has been done here for decades.

Comment by Steve Merkel on January 28, 2014 at 1:44pm

Watch this clip from "Marry Poppins" on YouTube! Yikes! Fifty years later and it isn't fiction anymore?

http://www.youtube.com/watch?v=C6DGs3qjRwQ

 

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