Bank runs imminent? HSBC restricts large cash withdrawals

Tuesday, February 4, 2014
By Paul Martin

by: J. D. Heyes
Tuesday, February 04, 2014

A decision by a British banking giant to limit large cash withdrawals has some analysts worried that the financial institution, for some reason, is beginning to fear a run on money by the general public.

As reported by the BBC, a number of HSBC customers have recently been prevented from withdrawing larger sums because – and this is the disturbing part – “they could not provide evidence of why they wanted it.”

Apparently, the reason “Because it’s mine” isn’t good enough. More from BBC:

Listeners have told Radio 4’s Money Box they were stopped from withdrawing amounts ranging from 5,000 [pounds] to 10,000 [pounds].

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.

Last fall, you might remember, several things were occurring, financially, in Europe. As noted by The New York Times:

The Rest…HERE

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