It seems that the war on cash continues. Take a look at the latest reports about this below.

The war on cash continues

A bank based in the UK, with $28 billion in assets under management, is requesting customers to provide a valid reason for withdrawing cash. If the reason is not satisfactory, the bank may require additional documentation to prove that the withdrawal is legitimate.

This measure is taken to safeguard customers from potential scams.

“Cash withdrawals are the least secure way of making payments given the number of other alternative options available through our Online Banking and Mobile App services…” the bank said.

The bank continued and said the following:

“Our primary aim is to keep customers safe and secure, and our branches follow our processes carefully to achieve this. This will include asking you questions about the purpose of your cash withdrawal, and in some cases, for supporting documentation such as an invoice. This helps us validate the withdrawal as genuine and protect you against fraud and scams.”

NatWest says it will block customers from withdrawing cash if they believe there’s an issue.

“In some instances, we may decline the cash withdrawal based on the information provided surrounding the transaction. This would only ever be in situations where we need to safeguard our customers.”

US banks to restrict cash withdrawals

Macro guru Hugh Hendry has just addressed the US banking system amid lingering turmoil in the financial sector.

In a new interview on Stansberry Research with Daniela Cambone, the hedge fund manager said the Fed’s tight monetary policy has increased the probability that banking customers could one-day face restrictions on the amount of cash they can pull out.

“If we went back a year ago, the probability you would assign to that would be almost zero. And all I’m saying is that probability, like mercury, is rising.”