A UK-centered financial institution with $28 billion in property beneath administration is demanding prospects clarify why they’re withdrawing money.
NatWest financial institution says if the reply just isn’t passable, it can power prospects to supply documentation proving there’s a official cause for taking their cash out.
The financial institution says the procedures are designed to guard its prospects from scams.
“Money withdrawals are the least safe method of constructing funds given the variety of different different choices obtainable by way of our On-line Banking and Cell App providers…
Our main purpose is to maintain prospects secure and safe, and our branches observe our processes rigorously to attain this. This may embrace asking you questions concerning the goal of your money withdrawal, and in some instances, for supporting documentation similar to an bill. This helps us validate the withdrawal as real and defend you towards fraud and scams.”
NatWest says it can block prospects from withdrawing money in the event that they imagine there’s a difficulty.
“In some situations, we might decline the money withdrawal primarily based on the data supplied surrounding the transaction. This is able to solely ever be in conditions the place we have to safeguard our prospects.”
Along with outlining the small print on its web site, NatWest can be posting notices on its brick-and-mortar branches.
NatWest says it additionally requires prospects who wish to withdraw greater than £20,000 alert the financial institution forward of time and provides three-days discover.
For withdrawals between £5,000 and £19,999, the financial institution says it’s “advisable” for patrons to offer 24 hours discover.
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