A top international bank has told customers that they must explain why they are withdrawing their own money before being allowed access to their cash.
Images have emerged on social media of signs inside NatWest bank branches that inform customers that they must have a valid reason to withdraw their funds.
NatWest is based in London but also has a few locations in Southern California.
The bank allegedly told its customers via signage that customers would now be asked questions about the purpose of their cash withdrawals.
According to the signs, NatWest claims that the restrictions are in order to keep customers “safe and secure.”
“We may also ask for supporting documentation such as an invoice,” the sign further warns.
“This helps us validate the withdrawal as genuine and protect you against fraud and scams.”
The signage at NatWest also allegedly informs customers that in order to withdraw “large cash,” a 24-hour notice must first be sent to the bank so preparations can be made.
The sign states that “large cash” amounts are withdrawals exceeding £2,000 ($2470).
“You can pre-advise us of your transaction via our customer contact team or in-branch,” the sign states.
“In some instances, we may choose to decline the cash withdrawal based on the information provided surrounding the transaction.
“This will be at the branch’s own discretion.”
A graphic display of the sign has been circulating on social media.
— Bitcoin Archive (@BTC_Archive) May 25, 2023
It was independently verified on the NatWest website, which contains the same small-print notice about the sudden change.
In Canada, this type of thing has already been happening for quite some time.
At least four big banks routinely ask their Canadian customers to explain why they are withdrawing cash in excess of a couple of thousand dollars.
Customers are free to tell them that this is none of their business.
However, many banking customers are unaware that they have the freedom to do this, as some likely fear that they have no choice but to answer any such line of questioning.
Even if no bank has yet to deny a person’s withdrawal for any reason, you can see that the groundwork is now being laid, with NatWest in tow, to normalize the probing of people’s purchasing decisions.
The International Monetary Fund (IMF) has just unveiled its CBDC called Unicoin.
The IMF says its CBDC is designed to replace all physical cash to become the single global digital currency used by all sovereign nations.
The globalized form of “digital cash” also seeks to protect “the financial integrity of the international banking system,” the IMF claims.
Critics of CBDCs are using strong words to express their opposition to the trend, with some calling it a path toward financial slavery that is always a handy companion to political tyranny.
More criticism has to do with CBDCs being seen as a way of introducing social credit scores and digital IDs, thus having individuals fully ceding to the government control over their own assets and/or the amount they spend.
Unlike cash and decentralized crypto, CBCDs are feared to spell the end of private financial affairs and usher in even more surveillance by the authorities.