Monday, January 27, 2014

Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit

Graphic courtesy Max Keiser


http://www.maxkeiser.com/2014/01/furious-backlash-forces-hsbc-to-scrap-large-cash-withdrawal-limit/

Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit Posted on January 26, 2014 by Max Keiser

Following the quiet update that HSBC had decided to withhold large cash withdrawals from some if its clients – demanding to know the purpose of the withdrawal before handing over the customers’ money – it appears the anger among the over 60 thousand readers who found out about HSBC’s implied capital shortfall just on this website, has forced HSBC’s hands.

The bank issued a statement (below) this morning defending their actions – it’s for your own good – but rescinding the decision – “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.” After all the last thing the bank, which over the past few years has been implicated in aiding an abetting terrorists and laundering pretty much anything, wants is an implied capital shortfall to become an all too explicit one.


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