Jan 28, 2014

    HSBC 'sorry' for refusing withdrawals


    BRITISH bank HSBC has apologised after reports that some customers were prevented from withdrawing large sums of cash from their accounts.

    It said that, as part of a policy change put into effect in November, it began asking customers in some instances to show evidence of what they planned to do with large cash withdrawals.

    "It is not mandatory for customers to provide documentary evidence for large cash withdrawals, and, on its own, failure to show evidence is not a reason to refuse a withdrawal," the bank said in a statement. "We apologise to any customer who has been given incorrect information and inconvenienced."

    The change does not affect customers in Singapore.

    "All banking services, including cash withdrawals, are available to all customers as per normal," an HSBC spokesman told MyPaper.

    British Broadcasting Corporation's Radio 4 reported on Saturday that some customers were not allowed to withdraw amounts above £5,000 (S$10,500).

    The change was part of the bank's efforts to comply with anti-money-laundering rules, which require banks to report suspicious behaviour, such as withdrawing large amounts of cash.