Banks block access to your cash unless you can prove what it's for
Date published: 02nd February 2014
From The Mail
Under pressure to crack down on fraud, branch staff are increasingly demanding customers supply evidence of what they plan to spend their own money on.
Under pressure to crack down on fraud, branch staff are increasingly demanding customers supply evidence of what they plan to spend their own money on.
HSBC last year introduced new rules which allow staff to block a demand for cash unless you can prove what it’s for.
This could include booking receipts, an invoice, a quote for work or even a letter.
Lenders including Santander, Barclays and the Nationwide Building Society also now reserve the right for counter staff to request such proof if they fear the withdrawal could be linked to fraud.
Banks lose £475million to fraud each year, according to figures from the Financial Fraud Action UK trade body. In particular, a rise in scams such as ‘vishing’ has put many banks on high alert.
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