HSBC restricts large cash withdrawals without “proof” of purpose

HSBC. Photograph by Brian Snelson

Some HSBC customers have been prevented from withdrawing large sums of cash because they could not prove why the wanted it.

Listener’s told BBC Radio 4’s Money Box programme that they had been prevented from withdrawing amounts over £5,000, and found that they could only withdraw £3,000 per day after some trial and error as staff would not tell them the limit.

HSBC admitted that it had changed its policy in November and not informed customers, but said that they had now changed their guidance to staff. They said that the change in policy was a result of trying to “protect” their customers.