U.S. Dollar Weak, Bank Runs on the Way

Astonishingly, according to reports, HSBC clients have been denied the withdrawal of their own funds for a lack of good reason

By Shepard Ambellas

(INTELLIHUB) — In an attempt to illustrate what’s currently going on with HSBC bank, Nick Sorrentino wrote a hypothetical conversation between a bank teller and an account holder:

“Yes, I’d like to take out $10,000 USD from my account.”

“I’m sorry sir but you may not have $10,000.”

“Oh I see. No US currency. I’ll take it in pounds. Euros are OK.”

“I’m sorry sir, I can’t give you pounds or euros either.”

“Why not?”

“You see sir, you haven’t provided me with a valid reason for such a large withdrawal.”

“I’m sorry. Did you say that I need to give you a reason why I want MY money?”

“That is correct sir.”

“The reason is I want MY money!”

“Sir, that is not a valid reason. Frankly sir you look like a drug dealer. Security? Please take Mr. Smith away. He has a problem with the bank’s new withdrawal policy.”

“This is outrageous.”

“Yes sir. Perhaps you should move your account to another bank.”

“OK, that’s a great idea. I’d like to withdraw the entire contents of my checking account!”

“I’m sorry Mr. Smith that isn’t a valid reason for withdrawal either. Have a nice day.”

While it seems like an interesting plot to a new Hollywood film, it’s not. If you didn’t know already, we are currently living in highly volatile economic times and according to some, the end may be near.

Shockingly, absolutely startling reports have surfaced that show a rather shady side of the banking industry. This time the reports focus on HSBC bank and the fall of the U.S. dollar.

Right now all talks of recovery seem out of touch with reality as the U.S. government can’t be trusted. The middle-class is being squeezed to death and a recent fiasco with a man named Stephen Cotton proves it.

Astonishingly, Stephen Cotton and other HSBC clients have been denied the withdrawal of their own funds for a lack of good reason.

The BBC reported:

Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.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: “When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”

Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ “

He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.

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. “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 wrote.

Others have complained as well, signifying the beginning of the end for the U.S. dollar.

Bank runs are expected and may happen.

 

Writer Bio:
Ambellas, Shepard - Bio IconShepard Ambellas is the founder and editor-in-chief of Intellihub News and the maker of SHADE the Motion Picture. You can also find him on Twitter and Facebook.
For media inquires, interviews, questions or suggestions for this author, email: shepard@intellihub.com or telephone: (347) 759-6075.
Visit Shepard’s blog here.

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