HSBC in trouble?

[bakuten]

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.

beta testing, now put some news see how the reaction is like....
just like JPM chase that time...put abit news...if reaction no gd...den pull back...
do it a few times...ppl will think is cry wolf liao...den all bo chup...

ending depositors lose everything cuz this time wolf really come and nobody reacted.

 

[Shiny Things]

It's time for Money Mind's favourite gameshow, PUT YOUR MONEY WHERE YOUR MOUTH IS!

I'll show anyone 20-1 odds against HSBC defaulting in the next three years. You pay me $x, and if HSBC has any sort of credit event any time in the next three years, I'll pay you 20 times X. I'll even do X in ounces of gold if you'd like, so you can get repaid in shiny shiny yellow stuff when the world monetary system collapses instead of filthy fraudulent fiat currency.

beta testing, now put some news see how the reaction is like....
just like JPM chase that time...put abit news...if reaction no gd...den pull back...
do it a few times...ppl will think is cry wolf liao...den all bo chup...

ending depositors lose everything cuz this time wolf really come and nobody reacted

So just to be absolutely clear, you're saying that this is not a customer protection measure: it's HSBC taking a deliberate step toward defaulting on its deposits. Is that right?

 

[kaichee]

You can google search and see that previously they are fined for not stopping money laundering activities(meant when you bank in large amt or bank out large amt bank keep quiet)

Now It is more of adhering to anti money laundering rules.
But if more people believe this story of bank insolvency, HSBC will close down because of one article and stupid communication from their British branch staffs.

Such irony.
Originally HSBC didn't restrict and monitor money laundering, thereby drug cartels etc put many money inside. They got loads of cash but got found out by monetary authority and got fined heftily for this last year.

Now they have to impose restrictions on cash withdrawal (to filter out those drug cartels already banked in and also make sure the bank not in trouble with authority)...

And now rumour amiss that the bank is in financial trouble.(although they might have loads of cash esp drug cartel money)...

What is next? (Most likely)
Ppl panic and ppl go withdraw. HSBC short term cannot supply such huge sum.. More ppl panic and withdraw. HSBC close shop.

This is what I term as self fulfilling prophecy.q

 

[goldsilver]

Today I walked in and withdraw 10k, no problems, however...there were larger than usual crowd and the branch ran out of $100 notes. even $1k notes are running short. I feel people are panicking and starting to move their funds elsewhere. Also there were more than usual bank consultants on the floor greeting customers, I think it is a PR stunt to have damage control to prevent a stampede.Hope HSBC survives this situation because I have been banking with them since forever.....

 

[anfielder]

Today I walked in and withdraw 10k, no problems, however...there were larger than usual crowd and the branch ran out of $100 notes. even $1k notes are running short. I feel people are panicking and starting to move their funds elsewhere. Also there were more than usual bank consultants on the floor greeting customers, I think it is a PR stunt to have damage control to prevent a stampede.Hope HSBC survives this situation because I have been banking with them since forever.....

Maybe is just CNY crowd?

 

[tk]

Maybe is just CNY crowd?

CNY crowd usually dun got for $1k and $100 notes lah.. Think some pple panicking n playing safe..

 

[itedino]

Yr money there. Will u worry. Ask yrself this question. Learn from vietnam, put the money inside biscult tin inside their home.

 

[wahkao3]

what happen to HSBC? why are they asking reason

 

[tk]

Yr money there. Will u worry. Ask yrself this question. Learn from vietnam, put the money inside biscult tin inside their home.

Just spread savings across different banks $50k each.. guaranteed safe by govt..

 

[iridrium]

Just spread savings across different banks $50k each.. guaranteed safe by govt..

I think it is lump sum $50k regardless of bank right?

Meaning if i have $50k each in DBS, OCBC, UOB and HSBC , only $50k is guaranteed by the govt? no?

 

[makav31i]

I think it is lump sum $50k regardless of bank right?

Meaning if i have $50k each in DBS, OCBC, UOB and HSBC , only $50k is guaranteed by the govt? no?

Please read here and don't spout something you are not sure about...

https://www.sdic.org.sg

 

[derrickgoh]

SDIC guarantees up to S$50,000 per bank for savings ac, current ac and FD only. If you have $50,000 or less with HSBC then no worries even if it does go bankrupt.

I don't know about HSBC in Singapore but there are rumours online that HSBC overseas is not allowing people to withdraw large amounts of money. You must give reason and they must approve. Apparently many ppl KPKB 'cos they say its their money so what right does HSBC have to disallow withdrawal.

If that is true, then I think HSBC is really in trouble. Why else would they be disallowing people to withdraw their money?

 

[Shiny Things]

I don't know about HSBC in Singapore but there are rumours online that HSBC overseas is not allowing people to withdraw large amounts of money.

So this whole thing started when HSBC in the UK started asking people to give reasons for large cash withdrawals. That's not a rumour! That actually happened!

But note the key word there: cash. You can withdraw as much as you like by bank transfer or wire transfer. You can wire your whole account out if you want to. That's how you know there's no problem with HSBC. If they were stopping wire transfers, that would be interesting.

The policy change happened back in November. The BBC reported on it earlier this week, and suddenly it's spun into "oh my god HSBC is suddenly stopping people from withdrawing money". They are not. HSBC is fine. The whole thing's a giant, stupid game of Telephone, and we're all getting stupider by participating in this thread. Any chance we can get a mod to close it?

 

[audiovideo]

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.

so do you believe now?

 

[Tyrian]

HSBC collapse? it'll be very interesting to see it unfolding here in Singapore and it's impact throughout the world

 

[torrentfiber]

Maybe is just CNY crowd?

Might as well draw from posb if its about stuffing cash into red packets

 

[alexchia01]

so do you believe now?

No, do you?

If you believe in this, I really have to laugh at your gullibility.