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Banks Refuse Cash Withdrawals Over $2,000 of Their Own Account Holders




 

Now Banks Decide IF You Should Have Your Own Money & How Much...


 

 

 

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ATLANTA - Banks refuse to allow their own account holders to withdraw over $2,000 in cash unless they can provide both an urgent and convincing reason in hardcopy. 

This, according to several Gwinnett Daily Online sources as well as individuals who work for two such banks. 

Bank employees who agreed to explain to us the parameters of the new policies under condition of anonymity.  We were told that these new policies were originally implemented in November of 2013 in an effort to discourage wrong-doing or at least make it more difficult.

Furthermore, bank customers are not being notified of the new measures.  Only upon attempts to withdraw more than $2,000 in cash are customers being enlightened, according to our sources.

One Bank of America customer who attempted to withdraw $11,800 in cash on Friday, January 31st, was only allowed to withdraw $2,000 because, according to one source, the customer lacked hardcopy documentation for requiring their money in cash. 

Initially, the teller blamed the bank's lack of currency to the Federal Reserve's inability to make deliveries after the massive snowstorm that crippled the city days before.
However, the customer was quick to point out that less than 3 inches actually fell and that the federal currency depot is located here in Atlanta, only 15 miles from where the bank in question stood. 

Only then was a bank manager made available to explain the new restrictions on cash withdrawals to their customer.  The manager then apologized for the miscommunication and confusion of their teller.  The bank manager also added that, to their knowledge, the new policies existed world-wide.
More related content will be released as it becomes available.

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RELATED STORY:
Bank refuses to give customers their money unless they can prove a good reason for needing it

ATLANTA - International bank HSBC has been restricting its customers from withdrawing large sums of cash if they can’t provide a good enough reason for why they need it.
The policy was brought in to effect in November 2013 , but customers were not notified of it. The rule was uncovered after the BBC’s “Money Box” program began investigating complaints by customers that they were being refused access to their accounts unless they could demonstrate a need for their money.

One customer, Stephen Cotton, who wished to withdraw $11,000 to repay his mother said, “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.”
According to Cotton, nobody at the bank would tell him how much he could withdraw just that he could not have the $11,000. “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.’ “ Cotton was told that he could not return the same day to withdraw the same amount and that if he wanted anymore cash he would have to return the following day.

Angry, Cotton complained to HSBC and was told, “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.” Another customer who did not want to be identified related his story to “Money Box.” He wanted to withdraw $16,000 for travel expenses and to repay his sons. He even contacted the bank in advance to make sure that the cash would be on hand. A day later, he was contacted by HSBC with a request that he pay his sons by electronic bank payment and that he provide proof of his travel expenses for the remainder. A third customer wished to pay her builder for some construction work but was informed that she would have to provide the builder’s invoice.

Conservative Member of Parliament Douglas Carswell said, “All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilizes the customer. In a sense your money becomes pocket money and the bank becomes your parent.”

HSBC, in the face of the ensuing backlash, has now rescinded its policy, saying that, “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.”

In the second part of it’s statement, HSBC appears to apologize for its requirements from customers, saying, “The reason being we have an obligation to protect our customers, and to minimize 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 apologize to any customer who has been given incorrect information and inconvenienced.”                      
 

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