to want to close my bank account after this gross invasion of privacy?

[somanymiles]

I went to get cash out of my bank account this morning to pay the builders (£6,000) and was told I could not take that amount out without hard copy proof of what I was spending the money on eg an invoice. I was given no notice of this so of course did not have anything except a quote on my phone which they did not accept, even though I offered to email it to them. This was not a question of confirming my identity- it was that they have a new policy where you gave to prove what you are spending your cash on. When I asked what the threshold was for the new policy I was told they were not allowed to tell me. I am furious. Surely what I spend my money on us nobodies business but mine. It certainly isn't HSBC's business.I am thinking of closing my accounts there with all the hassle that will entail. AIBU?

Bollocks I say! I have never been asked what I am spending my own money on!

WTAF? That's ridiculous. I'd write and complain and ask them to explain the legal basis upon which they have the right to demand such information before you can access YOUR OWN money.

I have seen similar with an elderly lady in my bank. She had apparently been drawing out substantial amounts daily and they were doing this in order to protect her from abuse, I think. They did it very nicely and were clearly concerned.

I don't understand why your bank have done this with you though.

YANBU.

YANBU. It will be something to do with money laundering regs I think but it's still totally out of order. I know when we had money come in to our account from our house sale they wanted to know where it was from - even though it was transferred electronically by solicitors.

My friend is a cashier for the HSBC bank, I am going to ask her about this.

I know they do monitor accounts, especially those of elderly customers, the one's they're aware of. My friend has told me of many occasions when family members have come in trying to draw out large sums on their behalf

Yes I'd close my account but not until I dragged them through a complaints process

I got asked this once and said "alcohol and fine dining as you can't take it with you". Was about £5k if I remember. Cashier just handed the money over with a catsbum mouth.

Really?

We have never, ever had this when we've drawn large sums of money out, not ever.

That's incredible! What if you said you wanted it to spend it on sweeties? I'm often asked to give notice if I want to withdraw large sums but I've never had to tell anyone what I spend my own money on!

YANBU.

What if you just wanted to put it under your mattress, or go on a spending spree? You'd never be able to get your hands on your own money if they needed physical proof for something like that.

It may be enhanced money laundering procedures. £6000 in cash terms is a lot of money. My firm for example wouldn't accept £6000 in cash from a client. I can't recall the maximum we do accept and we are FSA regulated which means we have to be very strict about this.

HSBC may be thinking along lines of is the £6000 a cash in hand job which should really be £6000 plus VAT?

Why are you paying in cash? I never pay tradesmen in cash.

It's for money laundering regs as otherwise the cashier themselves could face an unlimited fine and also go to jail if you are found to be money laundering.

I work for a bank though so see this all the time. It isn't 'their business' but why not just say something like WoodBurnerBabe said?

I'm willing to bet it's zealous mis-interpretation of money-laundering rules by someone not having a clue/on a power trip.

And all banks are bound by the same money laundering regs so this would probably happen with any other bank.

i once put money into an account and was asked, quite rudely, where it had come from.
its just to ensure money laundering doesnt happen. 6K is a lot of cash. If nothing else, you should have let the bank know so they had that much paper to give you.

I found this with HSBC before? I agree very intrusive. They wouldn't let me pay a bill with cash once also and wanted me to pay it into my account and then write a cheque for the bill? FFS, they are a bank but didn't like me paying in cash?
I think it is to do with money laundering and monitoring though.
I changed my bank as I felt they were being intrusive as well.
I'm sure someone will come along with the reason but for heavens sake?

I suspect it's to do with money laundering regs. Didn't you ask? I a. Sure they'd explain.

Actually, I was once asked what I was going to spend the £1,000 on that I was withdrawing. I told the teller to mind her own business, and she apologised. She was just being nosy/trying to make small talk, and there was no question of her stopping the transaction if I didn't come up with a reasonable explanation!

I'm afraid it's all anti money laundering stuff. You will get it in any bank, particularly if you are drawing out large amounts of cash/ doing unusual transaction. The staff have a legal right to ask. Unfortunately because of how a few people behave everyone now gets treated with this mistrust. It's the world we live in.

It is for money laundering, I bet, and it's not that zealous. They're not questioning why you want to spend £6,000 on just the fact you want it in cash.

I thought the limit was 10k.

I suspect it is to do with money-laundering rules and the threshold may be £6000.
We had similar problems a while back.

I'd ask to speak to the bank manager. Personally, I don't really see this as an invasion of privacy.

I know the limit used to be 10.000Euro - and yes, this applied to cash withdrawals.