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In Regulated Britain, Bank Robs You

Stephen Cotton had an instant access savings account with HSBC Bank in Britain, but when he tried to access it, it wasn’t so instant. “When we presented them with the withdrawal slip, they declined to give us the money,” he said. He wanted 7,000 pounds (US$11,750) to repay a loan from his mother. “They wanted a letter from the person involved.” He had to try several requests for lower amounts before he finally got less than half the money he wanted. HSBC admitted that it asks customers why they want large amounts of cash, and that it might sometimes request evidence. But it said it was “updating guidance” to “reiterate” that evidence isn’t required, and that “on its own, failure to show evidence is not a reason to refuse a withdrawal.” The bank cited its “obligation ... to minimize the opportunity for financial crime.” (AC/BBC) ...If you expect banks to police financial crimes, don’t be surprised when they interrogate you.