When I tried to withdraw £7,000 I had to provide an invoice to prove how I planned to use it
*I walked into HSBC and tried to withdraw £7,000. However, despite having sufficient funds and identification, I was told that I wasn't allowed the money unless I could provide an invoice to prove what I was spending it on. Apparently this would be the case if I wanted to withdraw any cash figure over the maximum limit from a cashpoint.*
*Why should I have to prove what I want to spend my money on? There could be a multitude of reasons why people want to withdraw cash rather than transfer money on line. I fear we're moving ever closer to a Big Brother state where our personal decisions are monitored and influenced by large corporations. *
*GP,* London
This certainly seems intrusive and obstructive if you are able to prove you are who you say you are, but HSBC says that its policy is to protect you. "When the transaction is large, unusual and out of keeping with the normal running of a customer's account, we may ask the customer to show us evidence of what the cash is required for to minimise the opportunity for financial crime," says a spokeswoman.
"Transactions involving large sums of cash have inherent security issues and leave customers with very little protection should things go wrong. So it's only correct that, when appropriate, we ask the right questions and explore whether an alternative payment method might be safer and more convenient." The Financial Ombudsman Service says that, while prior notice is a common requirement if large sums are to be withdrawn, it hasn't come across proof of intention being demanded. "If the terms and conditions have been changed to make this a blanket policy, the fact should be clearly highlighted," says a spokesman, "but if the quizzing is for security reasons – for instance a large sum of money arrived suddenly in an account and was equally suddenly withdrawn – then banks don't need to justify it."
*If you need help email Anna Tims at **your.problems@observer.co.uk** or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. * Reported by guardian.co.uk 2 hours ago.
*I walked into HSBC and tried to withdraw £7,000. However, despite having sufficient funds and identification, I was told that I wasn't allowed the money unless I could provide an invoice to prove what I was spending it on. Apparently this would be the case if I wanted to withdraw any cash figure over the maximum limit from a cashpoint.*
*Why should I have to prove what I want to spend my money on? There could be a multitude of reasons why people want to withdraw cash rather than transfer money on line. I fear we're moving ever closer to a Big Brother state where our personal decisions are monitored and influenced by large corporations. *
*GP,* London
This certainly seems intrusive and obstructive if you are able to prove you are who you say you are, but HSBC says that its policy is to protect you. "When the transaction is large, unusual and out of keeping with the normal running of a customer's account, we may ask the customer to show us evidence of what the cash is required for to minimise the opportunity for financial crime," says a spokeswoman.
"Transactions involving large sums of cash have inherent security issues and leave customers with very little protection should things go wrong. So it's only correct that, when appropriate, we ask the right questions and explore whether an alternative payment method might be safer and more convenient." The Financial Ombudsman Service says that, while prior notice is a common requirement if large sums are to be withdrawn, it hasn't come across proof of intention being demanded. "If the terms and conditions have been changed to make this a blanket policy, the fact should be clearly highlighted," says a spokesman, "but if the quizzing is for security reasons – for instance a large sum of money arrived suddenly in an account and was equally suddenly withdrawn – then banks don't need to justify it."
*If you need help email Anna Tims at **your.problems@observer.co.uk** or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. * Reported by guardian.co.uk 2 hours ago.