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.
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.
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.