Nick Sorrentino

HSBC cc

“Yes, I’d like to take out $10,000 USD from my account.”

“I’m sorry sir but you may not have $10,000.”

“Oh I see. No US currency. I’ll take it in pounds. Euros are OK.”

“I’m sorry sir, I can’t give you pounds or euros either.”

“Why not?”

“You see sir, you haven’t provided me with a valid reason for such a large withdrawal.”

“I’m sorry. Did you say that I need to give you a reason why I want MY money?”

“That is correct sir.”

“The reason is I want MY money!”

“Sir, that is not a valid reason. Frankly sir you look like a drug dealer. Security? Please take Mr. Smith away. He has a problem with the bank’s new withdrawal policy.”

“This is outrageous.”

“Yes sir. Perhaps you should move your account to another bank.”

“OK, that’s a great idea. I’d like to withdraw the entire contents of my checking account!”

“I’m sorry Mr. Smith that isn’t a valid reason for withdrawal either. Have a nice day.”

(From The BBC)

Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box: “When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”

Click here for the article.

For more written by Nick Sorrentino, visit AgainstCronyCapitalism.org


Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org, and the CEO of Exelorix Consultants. A political and communications advisor with clients spanning the political spectrum and the business world, his work has been featured in many publications and across the Web. A graduate of Mary Washington College he lives just outside of Washington DC where he can keep an eye on Leviathan.