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Why Are You Taking Money Out, And Can We Have Some Of It?
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HSBC, the Britain-based bank, has apologized to customers after it began to ask customers why they were withdrawing money when the amounts were large. They even asked for evidence of what the customers planned to do with the money. And the amounts didn't have to be that outrageously large -- 5,000 pounds triggered the demand. Now, in the U.S., banks are required to report transactions over $10,000 to the feds, but they don't block the transactions and the feds only get involved if there's evidence that something's up. In the HSBC case, they said they were guarding against money laundering. But I can imagine some customers reacting by taking their business to a less nosey bank. (New York Times)
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