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No You Cant Have Your Cash Back!


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HOLA441

Yeah, I noticed it with Natwest about 15 years ago.

I popped in one lunchtime and asked for around £500 cash to by pay the mortgage and buy food and fuel for the month.

I was told that I couldn't withdraw that amount without phoning in first because it was not my branch. I explained I had phoned in the previous day so could I have the cash because I was in a hurry (lunch break). I was told there was no record of my phone call so I couldn't have it. Getting a little angry at this stage I responded "I'd like to close my account down now please and have all the money out" (about £2k in a current account). There was a few moments silence while this was running through her head and eventually, as our eyes met, I continued .... and can you close my business account down now as well.

She looked a little astonished and uttered " what are the details of your business account?

So I gave her the details and she typed them in and responded something like "I think we can give you the £500 sir, if you still wish to close the business account maybe you should speak to your branch manager first"

Amazing what a years earnings (pre tax) sitting in a business account can do :lol:

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HOLA442
Off down Natwest.Grand some of £1264.00.Id like to leave in £1 please.Sorry you can only have £500.No il have it all thanks.Once again "advisor" comes over.Why do you want it in cash?.Because your bankrupt thanks.Get it after wrangling.

been there, done that 3 weeks ago.

took my dad to them. withdrew his 14k current account balance.

said it wasnt anything personal, he had always received a fair service, but RBS was in serious trouble and we were not prepared to take the risk. they hit me with the compensation scheme, but i reminded them of the equitable life compensation scheme, wasnt prepared to risk it.

wanted to transfer into coop bank. they wanted £25 to transfer.

i said fine, we will proceed. then despite personally knowing my elderly dad they INSISTED on us going back for his passport as ID and delay tactic, so i said to them - we will take cash instead - so get counting.

went back with passport 15 mins later. emptied account in cash.

made them count it all out for making us go back home for the passport.

took it by hand to coop.

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HOLA443
I've now got a total of 50 quid in UK banks. The rest is in Malaysian currency (US dollar linked) tax free earning 6.75% and guaranteed by the national bank up to US$60K per account.

I can recommend it! Especially as sterling has dropped 30% against the local currency in the last 10 months.

:P

Just pray that Malaysia doesn't do "an Argentina" on you and revalue its currency overnight. If you want something linked to USD, try USD. Much safer in my opinion.

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HOLA444
I was goingto post a thread about this. Everyone should open an account with HSBC. 24 hours notice for unlimited amounts.

I rang up the branch and asked. All they need is 24 hours, 2 forms of ID eg passport and driving license and about half an hour in the back office. no paperwork other than handing over the loot. You can transfer cash from other accounts in 2 hours (UK based, certainly tescos).

Girl asked how much I wanted to pull. I said all of it. She said "all of it?" I said "all of it. All 47 thousand pounds worth please in used 20's"....

I have wanted to say that for such a long time !!! :lol::lol::lol:

To be stashed in an undisclosed very safe location.

Just noticed your comments on HSBC so forgive me if this is redundant.

But here in Malaysia, people regularly take out very large amounts of cash from their accounts. A 7 Series BMW (sales UP 17% in 2008) will cost you in excess of 100K sterling and most buyers pay in cash.

So, the banks here are well used to it. They take you into a nice secure lounge whilst they get the dosh and RHB bank will give it to you in a nice, new Louis Vouiton bag free of charge!

Of course, here in KL people have real money to buy stuff like that - not debt.

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HOLA445
Just pray that Malaysia doesn't do "an Argentina" on you and revalue its currency overnight. If you want something linked to USD, try USD. Much safer in my opinion.

Many thanks for the advice:

Quite clearly a comment from a man with an extensive knowledge of ASEAN fiscal and monetary policy as well as in-depth research on Malaysia's economy.

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HOLA446
Should I pay down the mortgage? If we get bad inflation then as long as I've still got a job and the wages keep pace then my debt will shrink and thus overpaying the mortgage now would be foolish.

If you have a mortgage surely this is the best place to put the money?

If we do get bad inflation interest rates on your mortgage will soar and you'll be really pleased you reduced it.

I don't know why you are all surprised by the £500 limit - banks have always wanted more notice if you want more than this in cash.

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HOLA447
If you have a mortgage surely this is the best place to put the money?

If we do get bad inflation interest rates on your mortgage will soar and you'll be really pleased you reduced it.

I don't know why you are all surprised by the £500 limit - banks have always wanted more notice if you want more than this in cash.

I would say hold onto the cash until inflation is a cert or happening. I think there will be a fair old amount of deflation headed our way first, so no point using up your cash straight away. First sign of soaring inflation, start making maximum overpayment because as the poster above alludes to, Interest rates will follow.

Personally, I am holding out until I can buy a honda Jazz for five quid. :P

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HOLA448
I would say hold onto the cash until inflation is a cert or happening. I think there will be a fair old amount of deflation headed our way first, so no point using up your cash straight away. First sign of soaring inflation, start making maximum overpayment because as the poster above alludes to, Interest rates will follow.

Personally, I am holding out until I can buy a honda Jazz for five quid. :P

Personally, I am holding out until I earn £5 million an hour...

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HOLA449
Many thanks for the advice:

Quite clearly a comment from a man with an extensive knowledge of ASEAN fiscal and monetary policy as well as in-depth research on Malaysia's economy.

Yes, it was a flippant comment, but the only thing that is guaranteed to track the USD 100% is the USD. Have you forgotten the Asian crisis in 1997? Malaysia's currency collapsed by 50% relative to the USD. In any case, I thought that Malaysia's fixed exchange rate policy disappeared in 2005/6? So, one doesn't have to go back too far in history to see that Malaysia has the possibility of "doing an Argentina" regardless of what their stated policy is today - events can overtake policy.

Edited to add: I take your point that Malaysia has tried hard to prevent the problems that arise in the 90s from happening again, but they don't have a long history. If one was to take a punt and say that Malaysia is well managed and is going to get through this mess better than others and MYR will be allowed to appreciate against the USD, then that would be a sensible position, but to argue that it is tied to the USD and that therefore it is safe is complacent in my opinion.

Edited by D'oh
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HOLA4410
Yes, it was a flippant comment, but the only thing that is guaranteed to track the USD 100% is the USD. Have you forgotten the Asian crisis in 1997? Malaysia's currency collapsed by 50% relative to the USD. In any case, I thought that Malaysia's fixed exchange rate policy disappeared in 2005/6? So, one doesn't have to go back too far in history to see that Malaysia has the possibility of "doing an Argentina" regardless of what their stated policy is today - events can overtake policy.

Yes: Of course only USD is USD. And what you say about 1997 is 100% correct.

Actually the current banking system here developed as a direct result of the experience of the Asian crisis of 1997. It is seared like branding on a steer into the minds of the public, the business community, the property sector and the government.

Typical LTVs for residential property hardly ever exceed 80%. The National bank has 138 trillion US dollars reserves. Import coverage is 3 times. The banking sector is very conservative. The Governor of the National Bank is Datin Zeti who rules with an iron hand-bag - no matter what those naugty boy politicians might want to do. She just stopped Maybank taking over BII in Indonesia.

The Ringgit "tracks" the dollar. You are right - Mahattir pinned it at 3.80 after the crisis (a total Thatcherist response). As the economy improved after the carnage...it now floats between 3.4 and 3.6 - but it's managed.

If the UK and others bit the bullet as the ASEAN economies did the end of this mess may be sooner albeit with more blood on the carpet.

As for your comment: "events can overtake policy" - you don't need to look to Malaysia for that. It's staring you right in the face in the UK. :P

Finally, I'd like to thank you for your interest. Malaysia does not appear on most people's radar screens - more fool them (IMO).

If people looked beyond the bleeding obvious, they find more opportunity.

Oops: For 138 trillion US$ read 138 trillion MYR

Edited by Luke Skywalker
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HOLA4411
Actually the current banking system here developed as a direct result of the experience of the Asian crisis of 1997. It is seared like branding on a steer into the minds of the public, the business community, the property sector and the government.

Typical LTVs for residential property hardly ever exceed 80%. The National bank has 138 trillion US dollars reserves. Import coverage is 3 times. The banking sector is very conservative. The Governor of the National Bank is Datin Zeti who rules with an iron hand-bag - no matter what those naugty boy politicians might want to do. She just stopped Maybank taking over BII in Indonesia.

The Ringgit "tracks" the dollar. You are right - Mahattir pinned it at 3.80 after the crisis (a total Thatcherist response). As the economy improved after the carnage...it now floats between 3.4 and 3.6 - but it's managed.

If the UK and others bit the bullet as the ASEAN economies did the end of this mess may be sooner albeit with more blood on the carpet.

As for your comment: "events can overtake policy" - you don't need to look to Malaysia for that. It's staring you right in the face in the UK. :P

Finally, I'd like to thank you for your interest. Malaysia does not appear on most people's radar screens - more fool them (IMO).

If people looked beyond the bleeding obvious, they find more opportunity.

It does sound as if Malaysia has taken a proper response to 1997 (btw, I suspect that it is 137 billion USD in reserve, not trillion..if it is the latter I'm on the next flight.) If only the rest of the world was so sensibly managed.

As for events overtaking policy, well the greater proportion of my wealth has not been denominanted in GBP for the past 12 months. What really annoys me is that I closed my GBP/JPY short in March 08 (for a healthy profit :lol: ) but, for various reasons - none of them good, never reopened it after the mid-year bounce. :( What a muppet. :angry:

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HOLA4412

last year my old man wanted his £14k savings put into his current account so he could buy a car cash (well, swipe of his debit Card)

got asked what do you want the money for "to buy a car" they told him it would take up to 4 days to process (even though it was HSBC to HSBC) which he was fine with, they then said that he would have to wait upto 48 hours tfor approval that he is allowed to do the transfer?!!? and they said that he could get £14k in 3 hours if he took out one of their "favourable" loans,

he was discusted with it

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HOLA4413
last year my old man wanted his £14k savings put into his current account so he could buy a car cash (well, swipe of his debit Card)

got asked what do you want the money for "to buy a car" they told him it would take up to 4 days to process (even though it was HSBC to HSBC) which he was fine with, they then said that he would have to wait upto 48 hours tfor approval that he is allowed to do the transfer?!!? and they said that he could get £14k in 3 hours if he took out one of their "favourable" loans,

he was discusted with it

1. Probably not HSBC to HSBC ;p

2. Get way of selling financial products

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HOLA4414
.Why do you want it in cash?.Because your bankrupt thanks.Get it after wrangling.

Brilliant! :lol:

You do realise Gordon knows where you live?

Tescos have got tuna and pasta half price again. They're definately giving the informed a chance to build up their supplies. Beats 1% interest.

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HOLA4415
I would say hold onto the cash until inflation is a cert or happening. I think there will be a fair old amount of deflation headed our way first, so no point using up your cash straight away. First sign of soaring inflation, start making maximum overpayment because as the poster above alludes to, Interest rates will follow.

Yes I think waiting till soaring inflation is the thing to do. I have an offset mortgage and can overpay anything I like (and also take something like a 12 month payment holiday) so I think I need to keep my powder dry and see how things pan out. Trouble is the redundancy fear and needing to 'disappear' our savings from the prying eyes of the DSS. I wouldn't feel safe having nearly £50K at home in a safe. Maybe I should buy gold and bury it in several places / countries.

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HOLA4416
Brilliant! :lol:

You do realise Gordon knows where you live?

Tescos have got tuna and pasta half price again. They're definately giving the informed a chance to build up their supplies. Beats 1% interest.

So have Morrisons and Sainsburys. Even in Spring Water. Price matching going on there I think.

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HOLA4417
Decided today to empty several bank and building society accounts so trotted off down the high street.

First Brittania grand sum of £1956.00.Sorry you can only have £500 :blink: I want it all thankyou.So over comes "advisor" asking why i wanted it ?.0.3% thats why thankyou safer with me than you.In the end got it all.

Off down Natwest.Grand some of £1264.00.Id like to leave in £1 please.Sorry you can only have £500.No il have it all thanks.Once again "advisor" comes over.Why do you want it in cash?.Because your bankrupt thanks.Get it after wrangling.

Off to Halifax.Grand sum of £2231.00.Same again,you can only have £500.Ended up getting it all bar £1.

Into Barclays (current account) to pay in cash so i can invest it straight away far from sterling.Asked if id like some account paying about 1%.No thanks im emptying account later,and can i have an ISA transfer form please.

Her reply,"yeah anywhere is safer than a bank eh" :o

Anyone else noticed this?Seems to me banks are doing everything to stop people turning their computer digits to cash.

I used some to buy a years supply of basics like sugar,tins,tea,coffee,rice etc as i figure inflation in imported food will be much higher than the 0.8% i was getting on the cash.

Good way to spend a quid :lol:

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HOLA4418
It does sound as if Malaysia has taken a proper response to 1997 (btw, I suspect that it is 137 billion USD in reserve, not trillion..if it is the latter I'm on the next flight.) If only the rest of the world was so sensibly managed.

As for events overtaking policy, well the greater proportion of my wealth has not been denominanted in GBP for the past 12 months. What really annoys me is that I closed my GBP/JPY short in March 08 (for a healthy profit :lol: ) but, for various reasons - none of them good, never reopened it after the mid-year bounce. :( What a muppet. :angry:

Sorry, yes it was billion. Tried to correct just after I clicked "POST". Anyway, I must say I have quite a lot of respect from the way the Bank Negara here is run.

What I did was take some of the dosh and put it into KL property for capital gains. I don't mean the silly ramped stuff the stick on the Internet but carefully researched affordable quality units. That's been quite good because it's making about 15% per annum; it's a MYR denominated asset; CGT was abolished in 2007 and it's freehold with no restrictions on foreign ownership or cash transfers in/out.

Some I kept in sterling in a Multi-Currency account (based here in KL). So cheap and easy to switch currencies.

Some I put into fine Bordeaux wines (Investment Grade 2000's and 2005's)

Anyway, I think in the current maelstrom Malaysia is a pretty good place to sit out the storm, have a good life and wait for things to turn-around - or monitor new opportunities.

Wish I'd got into JPY when you did but I was put off by the 0% IR. Really stupid now when you think about it.

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HOLA4419
It does sound as if Malaysia has taken a proper response to 1997 (btw, I suspect that it is 137 billion USD in reserve, not trillion..if it is the latter I'm on the next flight.) If only the rest of the world was so sensibly managed.

As for events overtaking policy, well the greater proportion of my wealth has not been denominanted in GBP for the past 12 months. What really annoys me is that I closed my GBP/JPY short in March 08 (for a healthy profit :lol: ) but, for various reasons - none of them good, never reopened it after the mid-year bounce. :( What a muppet. :angry:

Sorry, yes it was billion. Tried to correct just after I clicked "POST". Anyway, I must say I have quite a lot of respect from the way the Bank Negara here is run.

What I did was take some of the dosh and put it into KL property for capital gains. I don't mean the silly ramped stuff the stick on the Internet but carefully researched affordable quality units. That's been quite good because it's making about 15% per annum; it's a MYR denominated asset; CGT was abolished in 2007 and it's freehold with no restrictions on foreign ownership or cash transfers in/out.

Some I kept in sterling in a Multi-Currency account (based here in KL). So cheap and easy to switch currencies.

Some I put into fine Bordeaux wines (Investment Grade 2000's and 2005's)

Anyway, I think in the current maelstrom Malaysia is a pretty good place to sit out the storm, have a good life and wait for things to turn-around - or monitor new opportunities.

Wish I'd got into JPY when you did but I was put off by the 0% IR. Really stupid now when you think about it.

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HOLA4420
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HOLA4421

For those worried about having dosh at home...buy two safes, one cheap on e argas or wherever and put this somewhere obvious( to burglars), like in a cupboard or something with £150ish in it.

the other safe, the good on have sunken into the floor under a trap door, which is under laid carpet and is fixed in such a way that only an industrial jackhammer would remove, and put the rest of the stash there.

Your average drug hunting thief may find the first but won't bother anyway because if properly fixed into place it will be too hard to open.

A semi professional may open it and you lose £150, if he found the second it will be because you have blabbed to someone about your stash. ;)

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HOLA4422

RBS have erected a new barrier to transferring your money on their digital banking service. Once upon a time you could just add a new payment yourself. Now they require you to order a card reader FFS before you can even set up a new transfer and then to actually use it.

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HOLA4423
Yes I think waiting till soaring inflation is the thing to do. I have an offset mortgage and can overpay anything I like (and also take something like a 12 month payment holiday) so I think I need to keep my powder dry and see how things pan out. Trouble is the redundancy fear and needing to 'disappear' our savings from the prying eyes of the DSS. I wouldn't feel safe having nearly £50K at home in a safe. Maybe I should buy gold and bury it in several places / countries.

Why do you feel the need to "disappear" your money? I am in a similar boat myself. I am very worried about redundancy, but I would rather live off my savings than claim from the DSS under fraudulent circumstances. Why take the chance? If you are really that worried, why not spend it on some sort of retraining, or on a plot of land to grow veggies or something.

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HOLA4424
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HOLA4425

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