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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHSBC - New York Based Bank Imposes Restrictions on Cash Withdrawals in the UK
http://www.nationofchange.org/hsbc-new-york-based-bank-imposes-restrictions-cash-withdrawals-uk-1391094428If the government bails you out, then you arent too big to fail, you just have some really big thugs who have your back in the case of an all-out robbery. This has been the case with big banks from the US to Great Britain, and from Cypress to China. People the world over have been stolen from. Now, banks are getting more overt in their practice of pilfering. Recently, HSBC customers have been prevented from withdrawing their own money from accounts because they could not provide evidence of why they needed it. Are banks really too big to fail or just too big for their britches?
During the Emergency Economic Stabilization Act of 2008 banks were bailed out in the trillions. Taxpayer money meaning, our hard earned cash is what allowed banks to stay afloat why illegal interest rates were fixed, and libor scandals popped up all over the map exposing tactics of the super rich to get richer off our ignorance. The libor scandal alone affected more than $350 trillion in derivatives, so whats $10,000 to a bank customer? It seems the lines are blurring between what is ours and what is the 1 percents
Since banks only hold our money it isnt theirs after all, why do they need any reason for a withdrawal? It doesnt matter if it is a request for a nickel or a million dollars, customers should have access to their money at all times, no matter the amount, right?HSBC recently changed their banking policy this past November without informing customers. And according to them, sufficient evidence must be provided before people can get heir hands on their own money.
Ichingcarpenter
(36,988 posts)Banking giant HSBC is dumping some of its small business clients in favour of those with more internationally-oriented profiles.
Linda Bryan is the owner of a small pharmacy in White Rock, B.C., who has been banking with HSBC for 17 years. Recently, she received a letter from the bank informing her she has 60 days to transition to another financial institution.
"We will be closing the accounts listed above, along with all additional business accounts associated with this relationship," reads the HSBC letter addressed to Bryan.
She says she was stunned.
http://www.cbc.ca/news/canada/british-columbia/hsbc-dumps-small-businesses-for-international-profiles-1.2515068
HSBC Said to Plan Sale of Swiss Private Banking Assets in Geneva
HSBC Holdings Plc (HSBA), Europes largest bank, is planning to sell parts of its Swiss private bank as some foreign lenders retreat amid a crackdown on bank secrecy and rising regulatory scrutiny, four people with knowledge of the situation said.
HSBC is selling a largely Geneva-based business with about $15 billion in assets under management, according to three of the people, who asked not to be identified because talks are private. Documents for the business, which includes wealthy clients in France, have been sent to potential buyers and it may be sold in parts, though no sale is guaranteed, they said.
http://www.businessweek.com/news/2014-01-31/hsbc-said-to-plan-sale-of-swiss-private-banking-assets-in-geneva
Bad HSBC Policy Raises Specter of Bank Run
NEW YORK (TheStreet) -- The term "bank run" conjures up all kind of bogeyman images, and right now it's rearing its ugly head in the U.K.
That doesn't mean a bank run is imminent here in the U.S., but in the age of global digital media, what's happening in England has American bankers thinking the once unthinkable.
The story starts in London, where customers of HSBC complained last week they couldn't withdraw large sums of money from local bank branches without asking for what amounts to a "permission slip."
According to the British Broadcasting Co., customers were being told by bank staffers they could not withdraw more than 5,000 in British pounds (or $8,253 in U.S. dollars) without having a "good reason" for making the withdrawal.
HSBC admits the policy was in place, but has reversed course on making customers explain why they need to withdrawal the money:
"We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.
http://www.thestreet.com/story/12276141/1/bad-hsbc-policy-raises-specter-of-bank-run.html
HSBC is slashing its variable rate to the lowest among the retail banks
THE nation's billion-dollar home loan war has intensified with HSBC slashing its variable rate to the lowest among the retail banks.
The cutting of their variable rate loan by 0.59 of a percentage point to 4.75 per cent days ahead of the Reserve Bank of Australia's first monthly meeting next Tuesday has signalled that the mortgage war is on.
The rate is the lowest of any branch-based retail bank.
http://www.news.com.au/finance/business/hsbc-is-slashing-its-variable-rate-to-the-lowest-among-the-retail-banks/story-fnkjidjt-1226813222718
What these stories add up to is ...... one of the largest banks in the world ....major realignment because of internal problems... I smell something deeper.
DeSwiss
(27,137 posts)WHAT begins?
Ichingcarpenter
(36,988 posts)But I found the three banker suicide in the past week some what coincidenta
to something going on in the banking system.
A third banker has committed suicide within the space of a week, once again prompting speculation that some kind of financial collapse could be just around the corner.
Mike Dueker, the chief economist at Russell Investments, was found dead at the side of a highway that leads to the Tacoma Narrows Bridge in Washington state, according to the Pierce County Sheriffs Department. He was 50, reports Bloomberg.
Dueker fell down a 50 foot embankment in what police are describing as a suicide. He was reported missing on January 29 by friends, who said he had been having problems at work.
Duekers apparent suicide follows those of London banking executives Gabriel Magee and Bill Broeksmit.
Magee, a 39-year-old senior manager at JP Morgans European headquarters, jumped 500ft from the top of the banks headquarters in central London on Tuesday, landing on an adjacent 9 story roof.
Maybe its just a coincidence but sometimes its Synchronicity which is the experience of two or more events as meaningfully related, where they are unlikely to be causally related
Berlum
(7,044 posts)DeSwiss
(27,137 posts)eridani
(51,907 posts)--people weren't paying attention to the other half of what was going on.
muriel_volestrangler
(101,321 posts)with a significant presence elsewhere, such as Hong Kong (that's what the 'H' stands for).
pangaia
(24,324 posts)Ichingcarpenter
(36,988 posts)HSBC Holdings plc is a British multinational banking and financial services company headquartered in London, England, United Kingdom. It is one of the world's largest banks.
http://en.wikipedia.org/wiki/HSBC
but you are right on the abbreviations.
pangaia
(24,324 posts)I had never looked into that.
DeSwiss
(27,137 posts)...so I suppose that's why they think it's theirs.
- They just loan some to us from time to time to stave-off the inevitable class wars skirmishes....
K&R
Helen Borg
(3,963 posts)So, no problems with transferring 50K out of your account online, but they have a problem with withdrawing 5K cash?
sendero
(28,552 posts)yourmovemonkey
(267 posts)Why would a bank undermine peoples faith in banking? Will there be sales on security mattresses?
Rafale
(291 posts)fasttense
(17,301 posts)They immediately started charging for personal checking and savings accounts and increased ATM fees at the local machines.
We immediately moved our money out. Do people really pay to keep their own money in banks? With practically NO interest paid on savings or checking accounts, it's smarter to keep your money under the mattress then to pay a bank to hold it for you. In addition to no cost checking and savings accounts, our current bank even gives us free checks and local ATM withdrawals.
I don't understand why people would use a bank that charges them to hold their money let alone demand explanations when withdrawing their own money. How do they stay in business?
dipsydoodle
(42,239 posts)its difficult here in the UK to get bank to transfer more than £10000 anyway. HSBC have obviously lowered that bar.
freshwest
(53,661 posts)woo me with science
(32,139 posts)lindysalsagal
(20,692 posts)It's a lousy bank with horrible "customer service." Everyone, get out NOW.
Nasty, nasty bank.