If you’re keeping your money at the HSBC in UK and you need to make a large withdrawal, don’t get your hopes high, since their new policy will most likely shock you rather than help you.
According to official reports, the HSBC embraced a new withdrawal policy in November 2013. Any customer willing to make a withdrawal larger than £5,000 ($8,253) will have to provide a good enough evidence about his spending needs in order to get the cash. Stephen Cotton, one of the bank’s customers, recently tried to withdraw nearly $11,000 in order to pay back his mother some previously loaned money. However, the bank refused to give him the money without evidence, like a letter from Cotton’s mother. The man then asked to withdraw half of the money and the bank still refused.
According to a HSBC spokesperson, the bank’s policy is in favor of the customers. HSBC thinks it will help customers avoid financial crime. The bank also states that failing to give a legit evidence isn’t always the reason behind the bank’s refusal to give withdrawal.