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HSBC imposes restrictions on large cash withdrawals
01-25-2014, 02:54 PM (This post was last modified: 01-25-2014 02:56 PM by JPMsecretagent.)
Post: #1
HSBC imposes restrictions on large cash withdrawals
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24 January 2014 Last updated at 14:59 ET

By Bob Howard


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A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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.

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 customer letter
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


http://www.bbc.co.uk/news/business-25861717

JPMsecretagent, proud member of Realist News since Jun 2011.
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01-27-2014, 01:10 AM
Post: #2
RE: HSBC imposes restrictions on large cash withdrawals
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HSBC faces £70bn capital hole, warn Hong Kong analysts

By Harry Wilson | Telegraph – Thu, Jan 16, 2014 13:37 GMT

Research firm Forensic Asia calculates that HSBC has overstated the value of the assets on its balance sheet by more than £50bn

HSBC could have overstated its assets by more than £50bn and ultimately need a capital injection of close to £70bn before the end of this decade, according to an incendiary report published by a Hong Kong-based research firm .

Forensic Asia on Tuesday began its coverage of Britain’s largest banking group with a ‘sell’ recommendation, warning the lender had between $63.6bn (£38.7bn) and $92.3bn of “questionable assets” on its balance sheet, ranging from loan loss reserves and accrued interest to deferred tax assets, defined benefit pension schemes and opaque Level 3 assets.
The broker’s note is written by two of its senior analysts, Thomas Monaco and Andrew Haskins .
Mr Monaco is a former senior bank examiner at the Federal Reserve Bank of New York and previously worked as a fund manager at FrontPoint Partners, the hedge fund that spotted the US subprime bubble. As well as this, he has also spent a decade as a banks analyst at various leading investment banks.

Mr Haskins previously worked at HSBC for 15 years, mainly as a telecoms analyst, and also co-ran Japanese bank Mitsubishi UFJ’s Hong Kong-based research team.

In the report, the analysts apply what they describe as a “moderate stress test” to the balance sheets of HSBC’s major subsidiaries. From this analysis they conclude that even using a low-end estimate, the assets of the bank’s Hong Kong division, for instance, are overstated by about $15bn, while those of its UK subsidiary could be overvalued by $17bn.
Taking the analysis further, the report sets out the impact of incoming Basel III capital rules and says HSBC could be required at a minimum to raise close to $60bn in new capital by 2019 and potentially as much as $111bn.

“In our view, HSBC has not made the necessary adjustments, during the quantitative easing reprieve. Rather, it has allowed legacy problems to linger as new ones in emerging markets gather pace. The

http://uk.finance.yahoo.com/news/hsbc-fa...05984.html

JPMsecretagent, proud member of Realist News since Jun 2011.
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