The HSBC explained in its statement that it has “an obligation to protect our customers, and to minimize the opportunity for financial crime.”
Check it out:
Think your bank deposits are safe, just because the FDIC now insures accounts up to $250,000?
Better think again.
Until customer complaints forced a reversal of policy, the British multinational bank HSBC unilaterally imposed a restriction blocking customers from withdrawing large amounts of money from their own accounts, unless they could provide the bank with a “good reason” for it.
After the uproar in London when the BBC reported the new policy, HSBC issued a statement claiming the concern was money laundering. The bank notified customers that it would “not necessarily” deny depositors the ability to withdraw large amounts of cash from their accounts.