HSBC Bank Blocks Cash Withdrawals: Tells Customers to Prove they need their Money

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January 27, 2014 Posted by:

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HSBC Bank Customers are being told they will have to prove why they need their own money before being allowed to withdrawal it from their accounts.

Over the weekend, people who bank at HSBC in England were shocked to learn the bank had implemented a new policy blocking customers from making “large” withdrawals without evidence explaining why they needed the money. The news angered customers, and ignited fears and rumors of a bank run.

HSBC admitted they had not informed customers of the new rules, but insist they implemented the changes to protect their customers from financial fraud. But facing an uproar from clients who were unable to withdrawal money over the weekend, because they couldn’t give a satisfactory explanation of what the money was for, the bank says it’s reexamining the policy.

How Safe in your Money?

We’ve examined the risk associated with the banking systems many times in the past. From the cyber-attack that temporarily wiped out accounts at Chase last year, to the European union confiscating bank accounts in Cyprus, to the recent debit card breach at Target, the security of our banking system is anything but secure.

I’ve said it many times in the past, and I’ll say it again; you cannot count on always being able to get access to your banking account. That may sound odd, especially when it’s such a common part of our everyday lives; but the fact is, even a small-scale disaster, like a storm that knocks out the local power grid, can temporarily disrupt your ability to use your bank account. A large-scale financial collapse would be even more devastating, quickly causing banks to limit withdrawals and perhaps even igniting a run on the banks.

Are You Prepared for Financial Disasters?

What’s happening with HSBC should be a wake-up call for everyone. If a bank can tell their customers when and how much of their own money they can use, you really have to ask yourself: is the money in your bank account really yours?

After the financial crisis of 2008, where our country came damn near close to an economic collapse of the entire system, the security of the banking system has become a huge concern. Billions upon billions of dollars were thrown into a system that to this day still faces the same problems that lead to the crisis in 2008. Not one thing has changed; in fact, I would argue we are in much worse shape.

Since 2008 the government has piled on trillions of dollars in debt, we’ve had continuous skyrocketing unemployment, and the feds been printing money like there’s no tomorrow. At some point it’s going to come back to bite us in the ass.

If you haven’t started preparing for an economic collapse, what are you waiting for? In my opinion it’s one of the most likely and predictable disasters we’ll face. It doesn’t take a Wall Street economist to realize we’re in for some major trouble ahead.

Comments

Responses to " HSBC Bank Blocks Cash Withdrawals: Tells Customers to Prove they need their Money " Please share your thoughts...

  1. phoenix_fly14 says:

    A little off topic, but what exactly is going on in Ukraine, and what is the likelihood of that occurring here in the U.S.? Everywhere I try to read into the story is being blocked out by stupid stories such as Justin Beiber getting arrested, or the various awards shows. I just want to know what is going on in the world and how it affects us at home. Thanks.

    • zippity_17 says:

      In answer to the Ukraine question, check out James Corbett of Corbett Report for a detailed answer. Basically the country borrowed more than it could repay. It went to the Eu for a loan or a payback plan and was given one with huge strings attached. The prez declined and the people got mad. So now they want him to step down and someone else to accept the Eu’s offer.

      • phoenix_fly14 says:

        Thanks so much for the background info and suggestions! I’ll look into it now.

  2. Elvin says:

    Some say that it’s the next ‘revolution on order’ just like most of the Arab spring seems to be.

  3. fossilknight says:

    If you don’t have your money in the bank or in the stock market then it is not working for you. Of course there is risk involved but why let your money go to waste sitting under the mattress?

    • Dave says:

      That depends on your definition of money. It has been proven that numbers in a bank account under your name is not yours. It has been proven that stocks purchased through a broker are not yours. The only thing you own nowadays is precious metals.

      • sherman says:

        Yeah,like brass and lead

  4. Tim65616 says:

    Are you all serious with this? You yuppies are worried about money in your pocket when you need to be worrying about food in your storage. If this economy is together in a year from now then I am going to be surprised. It is like this and remember it; IF IT IS NOT INSIDE OF YOU THEN YOU POSESS IT YOU DONT OWN IT

  5. Bornagainbeliever777 says:

    Saying that I’m glad Jesus Christ is in me and I in Him.(In Christ)
    People say possession is 9/10ths of the law. Why do you
    Think the devil try’s to possess so many. But though Christ
    Your bought (owned) with a price. He bought me 100 percent with His Blood.
    I just trusted Him by Faith and Faith alone thru Grace.The price for sin was
    Purchased with Jesus Christs’ blood. I Cor.6:20, Eph.1:13,14.
    Acts 20:28. Do you ever wonder who possesses you? Trust Jesus
    Christ today. Romans 10:9-13, Acts 16: 30,31.

    • SNIPER says:

      AMEN.

    • 1MoreBoyScout says:

      AMEN! GOD is the side my family & I are on. Period. GOD will prevail, there is NO DOUBT.We just have to be as faithful as we can, & trust in GOD. TRUST ! BELIEVE ! I DO!!

      • 1MoreBoyScout says:

        And I DO PREP. “A prudent person forsee’s the danger ahead and takes precautions. The simpleton goes blindly on and suffers the consequences” Proverbs 27:12 Amen.

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