Bbc news business reporter stephen

These are external links and will open in a new window Close share panel Image copyright Reuters Image caption HSBC customers requiring large cash withdrawals may be asked what they want the money for Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

Bbc news business reporter stephen

These are external links and will open in a new window Close share panel Image copyright Reuters Image caption HSBC customers requiring large cash withdrawals may be asked what they want the money for Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November. The bank says it has now changed its guidance to staff. A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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: They wanted a letter from the person involved. As this was not a change to the Terms and Conditions of your bank account we had no need to pre-notify customers of the change HSBC customer letter He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. They all know me in there. Peter phoned up the day before to give HSBC notice and everything seemed to be fine. The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays.

Peter did not have any booking receipts to show. Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. Customer protection HSBC has said that following customer feedback, it was changing its policy: Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.

List of BBC newsreaders and reporters

However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that 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.

We are writing to apologise to any customer who has been given incorrect information and inconvenienced. They all said they reserved the right to ask questions about large cash withdrawals. But none of them said they would require evidence of what the money was being used for before paying out.

News Associates - Student Job Destinations

It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent. What has your experience been of trying to withdraw a large sum of cash from your bank?

Let us know your views.BBC News business reporter Some critics wanted to abolish the department altogether. As Shakespeare's Juliet once innocently asked: "What's in a name?" Well, quite a lot if you were a fan of the government department formerly known as the Department of Trade and Industry (DTI).

Stephen Alambritis, spokesman for the Federation of Small. BBC Radio 5 live sports extra The Doosra - Well played England, India – time for a change?

Indian wedding shopping and Bollywood Cricket movies return! Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt. Listeners have told Radio 4's.

BBC News is an operational business division of the British Broadcasting Corporation responsible for the gathering and broadcasting of news and current metin2sell.com department is the world's largest broadcast news organisation and generates about hours of radio and television output each day, as well as online news coverage.

bbc news business reporter stephen

BBC News provides trusted World and UK news as well as local and regional perspectives. Also entertainment, business, science, technology and health news.

Get news from the BBC in your inbox. Media captionThe BBC's John Sudworth asks North Korea's vice-foreign minister what message he has for Donald Trump. North Korea will continue to test missiles, a senior official has told the BBC.

North Korea 'will test missiles weekly', senior official tells BBC - BBC News