Nationwide Bank drama 5k withdrawal.
- Thread starter wellington
- Start date
- Status
These monkeys are too comfortable with denying people access to their money. I could never understand the lack of empathy these individuals hold and the amount of delusions of grandeur the average bank monkey has.
Would be the UKs equivalent if BSA -
freeze order I guess - he appears to be politically leaning to the right - enough for the bank to de bank, and also something about 20/28 homes they or someone I guess close to him has which they financed by charging per person (1000) a month (x5) persons in the home which reminded me of university co-sharing - but in the UK might be considered Dubious and potentially connected to money laundering - as the UK has rather draconian unexplained wealth processes and utilizing the financial system to their advantage be it political or other - usually they can't do anything unless the balance is more than 1,000 pounds in the account at which point they can go to town.
It's worse than that. Basically BoE made the banks partially "responsible" for scam compensation, so every time you try to do anything "unusual" with your bank account - it will be marked and possible temporarily frozen and you will be asked to re-confirm your identity and possible visit the branch (good luck). "Unusual" can be paying with your card abroad or using it on some small website or just transferring funds directly to a tradesman.
I had that happening to me so many times that for anything but basic direct debits and credit cards I ended up using either Revolut or a private banker (for anything bigger than £10k).
The dude on video probably tried to withdraw the big amount of cash and for bank it's a red flag - probably they assumed the person is under duress and can't make sane decisions. Happens a lot with elderly and people with addictions.
I had that happening to me so many times that for anything but basic direct debits and credit cards I ended up using either Revolut or a private banker (for anything bigger than £10k).
The dude on video probably tried to withdraw the big amount of cash and for bank it's a red flag - probably they assumed the person is under duress and can't make sane decisions. Happens a lot with elderly and people with addictions.
It's always advisable to have some amount of cash laying around which is not in the bank. Things are getting more and more ridiculous.
Toggle signature
Toggle signature
Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Withdrawing 5,000 GBP is nothing and won't be an issue, if you have a pattern of doing so.
It's also less likely to raise alarms if it represents a small portion of the client's wealth.
Withdrawing 5,000 GBP out of nowhere raises questions. AFAIK, we don't know what happened prior to this video recording started. He might have said things that gave the bank genuine cause for concern.
The bank as a whole doesn't care about a 5,000 GBP withdrawal. It's not like there's a run on the banks that they are preventing by refusing this guy in this way. When banks prevent bank runs, they usually just close the branches and refuse entry.
The bank cares about overzealous draconian regulations, imposed in the name of prevention of money laundering. They can get hit with fines that exceed the lifetime value of the account relationship for failing to do proper checks and, if reasonable suspicion exists, refuse a specific service.
Blaming banks for all of this is a little short sighted. The fault lies with regulators for creating this environment. Banks don't want it.
Last edited: Jul 3, 2024
Toggle signature
This is the probably the answer to your question.
It's also less likely to raise alarms if it represents a small portion of the client's wealth.
Withdrawing 5,000 GBP out of nowhere raises questions. AFAIK, we don't know what happened prior to this video recording started. He might have said things that gave the bank genuine cause for concern.
The bank as a whole doesn't care about a 5,000 GBP withdrawal. It's not like there's a run on the banks that they are preventing by refusing this guy in this way. When banks prevent bank runs, they usually just close the branches and refuse entry.
The bank cares about overzealous draconian regulations, imposed in the name of prevention of money laundering. They can get hit with fines that exceed the lifetime value of the account relationship for failing to do proper checks and, if reasonable suspicion exists, refuse a specific service.
Blaming banks for all of this is a little short sighted. The fault lies with regulators for creating this environment. Banks don't want it.
Last edited: Jul 3, 2024
Toggle signature
This is the probably the answer to your question.
What you really need is a offshore banking service provider with lower rates and then begin marketing into the UK - negates a lot of these restrictions as it's outside of the UK regulatory system (at least until they change the laws - but unenforceable generally speaking as they don't have eminence like the US)
How easy is it to take out a lump sum of cash from YOUR bank?
https://www.msn.com/en-gb/money/oth...a-lump-sum-of-cash-from-your-bank/ar-BB1oCFmx
In Dubai they just ask if you need a pallet to load it on smi(&%
Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
tried to signup recently with a like 4 of uk emis. They were all asking overly intrusive questions (not at the very first, but still at the beginning to be fair), and since I have a bunch of such things, I simply abandoned them midway.
Might be related to that sh!tduckery regarding not being able to withdraw such amounts. It would round up the picture well, like from the other thread where someone posted the uk ombudsman reply, paraphrasing "banking is a private business decision", completely omitting the fact they are pushing us hardcore style into the banking system.
Might be related to that sh!tduckery regarding not being able to withdraw such amounts. It would round up the picture well, like from the other thread where someone posted the uk ombudsman reply, paraphrasing "banking is a private business decision", completely omitting the fact they are pushing us hardcore style into the banking system.
London is dead.
Toggle signature
One-Stop Solutions
Payment Processing ✓ | Offshore Bank Accounts ✓ | ₿ Crypto On-Off Ramping Services ✓ | High-Risk Industries ✓
Let's connect: DM me on Telegram HERE
Russian, LATAM and MENA : SBP, Visa/MasterCard/JCB/MIR?/wallets available | local OTC/e-wallets available per request.
I guess we need the full story, but it doesn't look great.
Nationwide is one of the better banks, as it's not a bank but a building society, which is typically better run.
Looks like the tiktok that posted is no longer exists, so hard to get any more of an idea what happened.
Nationwide is one of the better banks, as it's not a bank but a building society, which is typically better run.
Looks like the tiktok that posted is no longer exists, so hard to get any more of an idea what happened.
Censorship?
Is this nationwide? London Stock Exchange | London Stock Exchange
If affirmative, who are their majority stock owners?
They aren't listed on a stock exchange; it's a building society, so member-owned. They don't pay shareholders. No dividends.
So while not perfect and you can make arguments for them not operating like a mutual (maybe members should have had a vote on the Virgin takeover for example (although Building Societys act doesn't require it technically), they are typically better run than a bank.
Branch manager looks like he's about to lactate. I think the guy who filmed the video should've gone to another branch and asked for the same, if they also refused he should've made a video.
My father lives in Canada, said he got questioned like crazy over withdrawaling 2k in cash from his bank. $2000 CAD is really not that much.
- Status