6.02.2014 BY ESTER ABRAHAM
A shocking and potentially very harmful trend may be quietly sweeping America and the rest of the globe.
Many banks are now refusing to allow customers to make large withdraws.
Account holders at HSBC banks, the second largest bank in the world, have been met with surprising resistance when attempting to withdraw money from their own accounts, for example.
It’s unclear exactly what is going on, but some experts believe banks are starting to take desperate measures to hoard their customers’ cash in case of a potential crisis.
The Washington Times, for example, reports the story of Stephen C., who tried to withdraw cash from his HSBC savings account to pay back a $11,500 loan from his mother.
The bank refused his request—saying they needed proof of what the money was being used for.
He was then forced to negotiate with the bank in order to access his own money, and could only withdraw a fraction of his money.
Perhaps even worse, HSBC admitted in a statement, reported by the BBC, that it did not inform customers of this change in policy.
While the bank argues such policies are for the protection of their clients, others believe there may be ulterior motives.
Banks limiting cash withdrawals is often a sign of an insolvent banking system. Historically, banks institute capital controls like this when cash on hand isn’t sufficient to supply withdrawals.
Reports of banks refusing to customers to withdraw large sums of cash are quietly trickling in…
In Atlanta, for example, a Bank of America branch reportedly refused one customers’ request of an $11,800 withdrawal. They would only allow him to withdraw $2,000.
JP Morgan Chase enacted a similar policy of limiting cash withdrawals.
Dr. Steve Sjuggerud, financial analyst at Stansberry & Associates, wonders whether or not these are the beginning signs of another banking crisis.
Dr. Sjuggerud reported the same problems when he tried to withdraw money from his hometown bank near Jacksonville, FL.
He went to his local branch of a major national bank to withdraw $15,000 in cash. The teller looked confused.
She then excused herself to confer with another teller and then the bank manager—all in hushed tones.
Finally, the told Dr. Sjuggerud, “Sir, we can’t do this.”
The most the bank was prepared to give him right then: A paltry $2,000.
Dr. Sjuggerud said soon after: “I think every American needs to find out for himself: How much cash can YOU take out of YOUR bank?”
“I'm not asking you how much the bank says it can give you on the phone,” he says. “I'm asking how much cash they would give you when faced with a real request. I found out last week. And the answer was not what I wanted to hear!”
Dr. Sjuggerud wondered what would happen if there was another REAL crisis? What if we had a situation like a quickly developing hurricane – or a power outage or even something far worse – where there was a line of people out the door trying to get money?
Dr. Sjuggerud’s recommendation: “I think every American should do two things, immediately.”
“First: Go to your bank and try to take out a large amount of your savings in cash now. We are not in any kind of crisis right now. But for your own peace of mind, find out how much cash your bank is capable of getting you. Withdraw some of it now, and hide it in a safe place. It'll give you a cushion at home for emergencies...
“And second,” says Dr. Sjuggerud, “I think every American should have some of his savings in something that’s basically beyond the reach of any government or corporation.”
Editor’s Note: Dr. Sjuggerud unique way to safeguard your money revealed in this shocking presentation
Dr. Sjuggerud’s favorite way to do this?
Something he calls America’s “secret currency.”
See the proof: Get the full presentation now
This secret currency is totally anonymous, and completely backed by either gold or silver. It allows you to carry anywhere from $500 to over $1 million in your pocket… and has the potential to return 500% or more in the coming years.
In fact, this “secret currency” has been used by some of the richest families in America… folks like the Morgans, Adams, Duponts, Lillys, Rothschilds, and more.
Dr. Sjuggerud states that he and his team have probably done more research on this “alternative currency” than anyone else in the financial world, and that every American should have at least a small stake.
For more information check out the slide show presentation Dr. Sjuggerud and his team have put together. You can check it on their website, free of charge, here…
Editor’s Note: For a limited time, Stansberry & Associates is showing the full presentation of this “Secret Currency”. Go here to view it now.