So Now Banks are Demanding People Explain *Why* They Want to Withdraw "Large" Sums of Money

Mon, Jan 27, 2014 - 1:34am

In case you missed this news on a Sunday.... From the BBC News: HSBC imposes restrictions on large cash withdrawals - "restrictions" as in, they want a reason as well as documentation regarding your intended withdrawal.

Customers of HSBC have been stopped from taking out as little as £5,000, because the bank has been requiring that depositors give them a "satisfactory explanation" of what they intend to use the money for. In order to comply, customers were told in some cases they needed a letter or other form of documentation. For example, a "Peter from Wiltshire" was told he needed to provide "booking receipts" for his travel plans.

From the article: "Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder's quote."

The bank claims it is changing its policy due to customer complaints. The question is, why did they make such a policy in the first place? Can't cover the deposits? Or just the wannabe Big Brother corporate mega-state rearing its control freak head?

On a personal note: I don't have much money in the banking system, and I spread my money across two banks and one credit union. I recently had a problem where the state of California docked one of my bank accounts for a tax payment on a corporation I once co-owned and was shut down over 10 years ago. I thought we (my former business partner and I) had paid all the taxes owed. I realize this is partly my fault due to my aversion to bookkeeping, but I can't believe they took over 10 years to take care of this! The state of California somehow never found my Texas address to notify me of the back taxes, but magically discovered one of my bank accounts and took all the money they wanted out of it without my foreknowledge.

It was easy enough to call them to remove the lien and get on a payment plan, but I was very irritated they did not try to notify me first. Thanks, California, I now have a black mark on my credit report due to your inability to find an address. It turns out they were notifying me at an address I had not lived at since...get this...2001. My California driver's license, which is probably still valid, has my second to last California address on it. I also had been registered to vote at my last California address. It wouldn't be too difficult for them to find me...if they had really wanted to.

Clearly, California has to be desperate for money if it is going after defunct businesses for just a few thousand dollars in back taxes. I half wonder if they wanted to avoid finding me so they could justify taking over my bank account. Banks must also be getting pretty desperate, if they are trying to hold on to their funds as tightly as possible with all of these ridiculous rules and withdrawal limits. The bottom line is, I simply don't trust that any money I put in a bank account is going to be there or be accessible. If the bank doesn't take it, the government will.

I'm speaking to the choir here. You know the score. But I saw this news and wanted to post it up for your chewing fodder.

Stephanie blogs sporadically at a number of websites, including Freeople and Free Thinking Christianity.

About the Author


bullion only
Jan 27, 2014 - 2:15am

Early bird catches the worm

Maybe a sign like the popes doves?


Jan 27, 2014 - 2:16am

HSBC said

they didn't want their customers to be victims of fraud. I guess the bank hates competition.

bullion only
Jan 27, 2014 - 2:20am

I'm telling you

I'm telling you sooner or later they are going to replace bank tellers with TSA agents.

You will have to show ID to get into the bank then be groped to go to the teller, then prove you are not a terrorist to get cash out and like Venezuela and Argentina you will be limited to how little you can get and you better have a good reason you need cash in this cashless economy as only terrorist and drug dealers use cash.


and I'll second that

bullion only
Jan 27, 2014 - 2:23am

The banks viewpoint

"You lent us the money, we are not going to pay you interest and we will give it back when we have made enough money to cover our bonuses."

God this system pisses me off. Crash and die already!

Rant over.


Jan 27, 2014 - 3:14am

Shoot me down but is this not

Shoot me down but is this not part of the US hunting down accounts of their citizens to cough up taxes etc owed and threatening banks with penalties/sanctions doing business in The US etc if they do not comply under the guises of tax avoidance/money laundering etc ?

edit or has all that been sorted out now and it's unicorns and rainbow time ?

or is it they just aint got it ?



Too much weirdness going on in this world to the one I was bought up in that's for sure.

Jan 27, 2014 - 5:10am

"the wannabe Big Brother

"the wannabe Big Brother corporate mega-state rearing its control freak head"

This sums it up perfectly. Problem is for them when they get as obvious as this people start waking up quicker.

Theres a war on cash. The power elite dream of a global, electronic, fiat currency controlled by the central banks. Cash must be banned, and the wheels are in motion by many small stages.

Bitcoins and precious metals must be discredited.

I don't think they'll achieve their insidious plans though, too many people are aware of it.

Jan 27, 2014 - 5:17am

Sigh, is it really only a

Sigh, is it really only a mere 2 years ago now.........I think I'm going to miss im.

Ben Bernanke FOMC Statement January 25th, 2012. Translated.
Jan 27, 2014 - 7:10am

Mantis, I used to think the

Mantis, I used to think the same but then I came to the realisation that people have become resigned to it, have become apathetic to it, no longer contemplated it, it was what it was and it will be what it will be. They will get away with it alright, they always do.

That's why Larry Summers and business insider are effectively saying digital currency in t minus 3 years. We all have our lines in the sand though and that line is close for me now.

Jan 27, 2014 - 7:35am

In those days of old

well actually just a few short years ago, we withdrew some significant amounts of cash out our accounts from the group who uses those horse drawn wagons, anyways they asked in a friendly curious sort of manor, what we was up to with all those beautiful stacks of green (c-notes), all I remember telling them in a quick sort of matter of fact way was, "they require cashiers check or cash at the auctions we attend" The response was always "Oh, a , Ok" Oh thats fine sir.

I think their are even more auctions today being that this Obama economy is wringing out just about every nickel anyone ever put in the top drawer to save for a rainy day. Yea they ask for all of your ID, but when they ask you what you need all that cash for, I'll lay odds your quick response of the old auction line will work like a charm.

Jan 27, 2014 - 8:59am

Withdrawing cash

Is not hard, regular trips to the ATM where you withdraw your whole daily allowance does the job (unless you are in the middle of a bank run). No questions asked and in time you get as large a stash of cash as you feel you need under your mattress. Voila, its your money again, out of reach of your unfriendly banks grubby little paws. And you not losing any interest to speak of because the interest rates offered by banks are a joke.

Of course central banks can and do still devalue it, but thats another story.

Jan 27, 2014 - 9:02am


You might be right for example who'd have thought money could be completely decoupled from gold and silver. Yet it did, it was a process that took a long long time you could argue, starting with demonetisation of silver and completing with Nixon and collapse of Bretton Woods. However all that occurred in an era when people did not have access to information except for the propoganda issued by the tv, radio and print newspapers (all centralised)

I think people are attached to cash. To decouple money from cash will be difficult. Look at the pushback with HSBC they had to reverse policy because of customer complaints. Look at the fuss when Cyprus bailins happened. Events like that generate interest, people take notice. They start sharing information on social networks, they start becoming wiser and take more interest. Unless informatino becaome centralised again. But how can it? Then I think the powers that be are facing a losing battle this time. At least thats my hope.

Jan 27, 2014 - 9:09am

when holiday

day arrives, you will want to have some cash on hand, most will not have folding money in their pockets for bus fare, some may be desperate to get yours, the value of cash not stashed in some bank vault will be as liquid as gold, at least for a while until the sheeple rise from their slumber and break out their pitchforks and hoe handles.

Jan 27, 2014 - 9:23am

In Sweden...

...this has been going on for years. You cannot withdraw, and you cannot deposit money without stating a "credible" origin of the money.

The limits are laughable. You will be forced to answer questions for as little as $1000. How about them apples....

And if the bank cashier do not like your answer, she will flag your Sweden all people have a unique "serial number", the closest thing comparable is your social security number, its called "personalnumber" in direct translation. But this personalnumber is way more universal and widespread in Swedish society. Everything from retail business to healthcare can have your number, and this makes it very easy for the powers that be to trace your every activity.

Anyway, the cashier will then report your personalnumber to the authorithies, who then scrutinize your finances, and demanding answers for every deposit and withdrawal made by you for up to 10 years.

Jan 27, 2014 - 10:13am


Get your money the hell out of Kalifornia and that includes any bank that does business there.

I'd also do some checking around to make sure that Texas even honors liens from Kalifornia.

Jan 27, 2014 - 10:27am

Capital Controls in Canada????

I received a Christmas bonus this year. Deposited directly into my account at TD Canada Trust Bank. I thought this would be a good opportunity to hoard some cash for a rainy day so I went to the branch to get some.

I waited in line and as I came to the front I saw that I was going to be served by a douchbag who I am pretty sure is the manager. I have dealt with him once before when I bought some silver at the branch. He seemed confused and asked if I meant that I wanted some silver certificates or something. Anyway, today douchbag is a teller.

I went to the counter gave him my card and told him I wanted to withdraw $3000 from my account (balance easily covers that and more). Our conversation went something like this…

Me: Hi, I would like to withdraw $3k from my checking account.

DB: Can’t do it.

Me: Huh?

DB: We were very busy today, you know Christmas and everything.

Me: Huh?

DB: Well, we ask that our customers give us 2 days’ notice if they want more than $1500

Me: What?

DB: Yeah we are a little short right now.

Me: Are you saying that this is because you had a busy day or is this a policy?

DB: it’s a policy.

Me: Is this new?

DB: No

Me: I think it’s new.

DB: I’m not saying we don’t have the money or anything. We are just asking people to take it easy on us (nervous laugh).

Me: This is very scary.

DB: Blank stare of incomprehension.

I considered asking the douchbag if has ever seen “It’s a Wonderful Life” and see if I could get him to understand why somebody might be concerned that they can’t have their money when they want it. I also considered making a scene and trying to start a mini bank run but I decided that I have better things to do so I took the $1500 and went around to the back of the building and took another $1200 from the ATM, lol.



WineGuy Bsquash
Jan 27, 2014 - 11:23am

Re: Capital Controls in Canada ...

I've never had a problem at the Royal Bank Of Canada withdrawing large sums of cash. But, on occasion some tellers have asked me what I need the cash for and my answer is always the same. I just smile, look them in the eyes and say absolutely nothing. Sometimes they repeat the question like I'm deaf or something and I again smile while looking them in the eyes and say nothing. They always give me the cash. Deep down though I have this perverted desire that one day I wish one of these tellers would ask me a third time. The third time is the charm ... my answer would be It's none of your fucking business!

Bongo Jim
Jan 27, 2014 - 12:42pm


Last year, the state of Kleptofornia took a few hundred out of my Dads bank account for back registration fees on his motor home. He had taken the motor home to and registered it in Texas a year or two earlier, I guess he never told kleptoland. Then kleptoland did the same thing with a car that he gave to my brother, who didn't transfer the title (schmuck). I was able to get these things sorted out, but Kleptofornia will take anything it can from citizens so it can give illegal aliens free college educations. The land of fruits and nuts.

silver66 Bsquash
Jan 27, 2014 - 1:33pm

bsquash- capital controls

I told a similar story in late November here a TFMR. I now have a standard answer for the tellers when they ask what I am going to do with my money. With a straight face is say "hookers and blow" and flash a big grin, that tends to shut them up.

If you really want to mess up a teller, next time you cash a cheque strike out "to the order of" so the the cheque reads Pay bsquash.

that is a story for another day about the bills and exchange act in Canada


Pug Nuggets WineGuy
Jan 27, 2014 - 1:48pm


A friend of mine was owed thousands of dollars and finally got paid. When I asked her what she was going to buy with it, she said "bubble gum." I now know what I would say if any bank ever asked me what I need it for.

Bongo Jim
Jan 27, 2014 - 2:23pm

Kleptoland cont...

I forgot, they refunded the amount minus a "legal" fee for having to get into the bank account to grab currency.

A kleptocracy run by Governor Moonbeam.

Jan 27, 2014 - 3:31pm

Depositing cash

At the Bank of Nova Scotia they had trouble accepting a US $4-5K deposit into my US account. When the teller said she could not accept more than 3K I asked for someone who could accept more. No go they wanted a receipt for the origin of the cash. I told them Las Vegas does not issue receipts and that resolved their problem.

Jan 27, 2014 - 5:48pm

Here's what works for me

Either give me my money, or close out my account and give me my money. Simple as that. There's another bank on the opposite corner.

Jan 28, 2014 - 12:55am

Get Real!!

People need to understand REAL QUICK as foolows:

  1. When you deposit money in a Bank, especially a TBTF Bank in Europe or The US, you become an UNSECURED creditor. That's all.
  2. Why keep your money in a TBTF Bank in Europe or The US because you are not getting interest anyway as a result of Financiial Repression. Doesn't "Under the mattress" sound asfer at present. Personally, I prefer the shiney yellow stuff stored OUTSIDE the Banking system.

Wise up folks, there isn't much time left!!

Jan 28, 2014 - 3:27am


Looks like trying to be the first to eliminate cash

Its being cited as technological progress.

TheGuyFromSweden Mantis
Jan 28, 2014 - 4:10am

Sweden -Mantis

And you can't be against technological progress can you? And against open borders and being pro-family? Of course you can't. Then you're bad!

Sweden is in every way the leader of the pack in the destruction of western society. In so many ways i really dont know where to begin. Another rant might be attempted for another thread.

Jan 28, 2014 - 6:10am

re Sweden, come on let er

re Sweden, come on let er rip. My image of Sweden (other than dastardly clever computing friends of mine, a very hot bottles of wine swigging Swedish ex) is

Abba - Money, Money, Money

ah now I get it. Abba, those bastards........

and this (excellent performance of this track live btw when I saw them)

Video unavailable
Jan 28, 2014 - 9:38am

@Bsquash; Hunting silver

When i got to the part where you said the teller gave a nervous laugh I instantly thought you were going to say you made a scene and caused a mini bank run!

That would be quite a sight.

These institutions always have us worried and jittery, maybe its time we make light of it a little and all start having some fun with them. It wont change anything, but maybe it will get some peon bank teller's wheels in his brain turning.

When I see the coin stacks at each tellers desk I always scan for silver, but as of yet have not found any. Out of curiosity I asked a teller once if she scanned for silver in her coins. She said, "Oh yeah. Lots of us do." I think many of them do realize some of the reality of the whole situation and could be woken up fully with a bit more pushing.

As an aside, metal detecting can net some serious silver coinage if you do your research. And the best part is all you need to do is dig it up. No LCS, taxes, premiums, etc., just the thrill of the hunt. I love it and have netted some nice silver to add to the stack.

Jan 28, 2014 - 10:30am

Re: what to say at the bank

He/She who asks the questions is in control, so I would always answer a question with a question?

It would go something like this:

Banker: Why are you withdrawing/depositing such a large amount of cash?

Me: Why do you ask?

Banker: What do you intend to do with the money?

Me: I don't know, what do you do with your money?

Banker: We need to verify its source to make sure it is legit?

Me: I don't think its source is legit to be quite honest, are you aware of how the federal reserve actually works?

transplanted baby
Jan 28, 2014 - 1:55pm

this might work

My father, who lived overseas, was also asked by his overseas bank what he planned to do with money that he transferred from his US account to his overseas account. His answer:

Wine, women and song.


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