HSBC have changed their cash withdrawals policy, severely limiting customer ability to access their money. What’s more, HSBC didn’t even afford their customers a proper notice about it, BBC reported earlier. In many cases, withdrawals between £5,000 and £10,000 have been rejected by the bank, quoting “unusually large amounts” as an alleged reason. The bank simply tries asking their customers to “withdraw smaller amounts only” and also asks for “further information” about the planned use. In some cases, documental evidence has been required. Basically, it would be in HSBC’s sole discretion if and when the costumers may or may not withdraw their money.
Unusual about this are not the amounts to be withdrawn but the fact that HSBC came up with such an exceptional and bold measure to secure what apparently and stretched capitalisation ratio.
Unilaterally changing essential terms of contract without the consent of their costumers is outside the scope of any Terms allowing for amendments and, therefore, constitutes both a breach of contract and also of trust. The latter may turn out worse for the bank.
Even more ridiculous are HSBC’s justification attempts for their new “policy” for occasional “large” cash withdrawals: the bank wanted to make sure it is the right way to make payment and to protect the costumer against guess who? The costumer himself.