Bank Run Fears Escalate as Russian Lender Bans Cash Withdrawals
Bank Run Fears Escalate as Russian Lender Bans Cash Withdrawals
Fears of bank runs have escalated with the news that Russian lender ‘My Bank’ has banned all cash withdrawals until next week. …While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakened to 4-month wides at 192bps,” reports Zero Hedge.
Prove it: Bank blocking some customers from making large withdrawals without ‘evidence’ of spending need
If you bank at HSBC in England, don’t plan on making any large cash withdrawals. At least not without a good explanation. Or, maybe even a permission slip. That’s because a previously unannounced change in banking policy is blocking some customers from making large withdrawals without “evidence” explaining why they need the money from their accounts .