HSBC makes large cash withdrawal an issue for its UK customers.

The sanctity of my money lies with my bank.  Rest assured, I know that as and when I need the money, my bank is ready to assist me. HSBC is perhaps one bank that is at the very top when it comes to successful banking. Its one of the few banks that is international, has a great network, excellent customer service and above-all is a seasoned bank.

Imagine that if you went to withdraw say GBP 7,000 in cash from your own account in UK, you could be denied that privilege. Yes, you could very well be told by your friendly HSBC Teller that it is not possible to give you your own money from your own bank account without further proof of where you need to spend this money.

I posted the same on my Facebook, and sure enough a distant connection had experienced this.

The original story was covered by BBC and can be read here. HSBC’s explanation:

The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced. 

This page was last updated on January 25, 2014.

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