HSBC in trouble?

[FP_IFA]

Seems like there is a lot of negative news on the bank recently including stopping people from withdrawing. Anyone working in the bank with inside info to share?

 

[makav31i]

Seems like there is a lot of negative news on the bank recently including stopping people from withdrawing. Anyone working in the bank with inside info to share?

Firstly, you think those people working at HSBC would come here and tell you what is going on in the bank? It is a careeer suicide and have legal implication...

Secondly, they are not stopping you from withdrawing your money...they just put a cap on how much you can withdraw a day...Just like how you can only withdraw 2k a day at ATM..You need to call the bank to increase the limit...

Thirdly, bank run is a self-fulfilling prophecy and people starting to believe in rumours or news started to withdraw money from the bank, it would definitely cause a bank run...

Lastly, all bank account holders in Singapore are insured up to 50k by SDIC..

 

[Callow Guy]

It's your $$ in the bank and they limit a cap on withdrawal... just like CPF huh?

 

[tk]

why suddenly got withdrawal cap?

 

[makav31i]

It's your $$ in the bank and they limit a cap on withdrawal... just like CPF huh?

You can withdraw 100k in cash from your ATM in a day?

 

[makav31i]

why suddenly got withdrawal cap?

There has always a withdrawal cap not suddenly...

 

[tk]

There has always a withdrawal cap not suddenly...

have meh? if I have 100k in the bank I cannot walk in to withdraw 100k?

 

[iridrium]

HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent | The Real Singapore

 

[Shiny Things]

HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent | The Real Singapore

This is conspiracy-theorist rubbish.

Remember when Chase changed the wire transfer restrictions on some small-business accounts and people spun it into "the US is imposing exchange controls"? This is basically that. HSBC are asking people to verify the intended use of big cash withdrawals and suddenly it's "HSBC is having liquidity problems".

Utter cräp.

 

[alexchia01]

HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent | The Real Singapore

Let try this out. Today, go to HSBC bank and see if I can withdraw more than $3k.

You guys must understand the impact of HSBC collapse. It'll be greater than Lehman Brother.

Do you think the government and the world banks dare to take this risk?

 

[tk]

Let try this out. Today, go to HSBC bank and see if I can withdraw more than $3k.

Try 100k lah...

 

[rodimus_prime]

I just did an online txn >$10k. Smooth sailing.

 

[Majestic12]

Let's just say that you will only know the truth in the final hour - which is usually too late.

 

[audiovideo]

You can withdraw 100k in cash from your ATM in a day?

you are not doing a proper comparison

 

[jgyy1990]

you are not doing a proper comparison

not proper comparison but technically true

 

[audiovideo]

not proper comparison but technically true

atm got restriction is for security concern
HSBC attempt to stop client from withdrawing big amount, is uncalled for. No matter what, as a bank this should not happen

 

[alexchia01]

atm got restriction is for security concern
HSBC attempt to stop client from withdrawing big amount, is uncalled for. No matter what, as a bank this should not happen

Do you actually believe in that report?

There are millions of transactions going through the bank daily.

A simple business transaction can easily hit $3k.

If this is true, it will be on all the major news, not on this kind of small potato website.

 

[ProRick]

Bull crap news.

 

[Dyhalt]

Its a known fact that most major banks adopt factional reserve banking. No bank has sufficient cash to pay out if all its depositors decide to withdraw all at the same time.

In my humble opinion I think HSBC did a poor job by surprising and inciting fear into its customer while enforcing this new rule, but its nothing catastrophic.

If you want to be safe, keep some of your money under your bed or in tin cans... or physical gold /silver if you think even currency cannot be trusted.

Cheers.

 

[peterchan75]

The news is real. But why HSBC is doing this now ? No one knows.
BBC News - HSBC imposes restrictions on large cash withdrawals