Bill Burr - HSBC Bank Refuses To Let Customers Withdraw Large Sums

billburr.com/ and www.allthingsco...

[@Buddygrooveknight]

I'm taking my $2.76 out of my bank account right now!

[@Evangelionism]

@AesthDev _You can't fucking win, man. Smh. So sad._

[@moejoe987654321]

@AesthDev That louis C.K. bit it amazing

[@Cheers_Motherfucker]

Quit bragging ya bastard

[@Mckids1000]

They can create 9 times the deposit amount out of thin air through fractional reserve banking. They are only required to hold 10% in reserve by law.

[@mitragyninethespeciosa6891]

and boom prices go up

[@youloutha]

fractional reserve banking is such a joke even a comedian will explain it ;)

[@swaggkingg4536]

Jon Smith niiice

[@decentralizedplanet482]

Have you checked out Cryptocurrency yet? Bitcoin and such? :)

[@nickdipaolofan5948]

That hit home when Bill was talking about the people in the financial sector talking about investing in precious metals and growing gardens and stuff. I know lots of super successful people who are bankers and in finance. Many of them are very into purchasing gold, silver, and other things with tangible value. They are also very into staying out of debt and maintaining emergency supplies and food storage. They are not who you would consider "preppers" they just know how flimsy our monetary system is and they know that your money could be devalued in a heartbeat. So if you have $500,000 in your savings account, it could be worth almost nothing in no time. But if you have gold, silver, and usable items like guns, tools, ammo, etc. you are in good shape because those items will ALWAYS be in demand. In fact, many well off people I know actually look forward to recessions because they have made themselves recession proof and they look at a recession as a good time to buy properties and collectible things that usually go for a ton of money, sit on them for a few years until the recession is over, then sell them for a small fortune. Think about it, if you are hit by the recession and you have a babe ruth baseball card worth $100,000 and now you need the money and nobody is in the market to buy expensive collectibles during a recession, it is a buyers market. So if you have the money, you can buy shit like that for pennies on the dollar because you though ahead and can sell it when the economy gets better. There is a reason why the rich get richer, and it has nothing to do with privilege or someone holding you down, it is because they have to foresight to take advantage of every situation.

[@nickdipaolofan5948]

@Kkkk Bbbb as long as you can afford it that is a great idea. Don't put all your eggs in one basket though.

[@Andrew-ly6yf]

Great fucken comment dude. You got me thinking about what i invest in now

[@jessemedina4482]

Rich people are great at exploiting recessions and that's one big reason why wealth accumulates at the top over time in an unchecked capitalist economy. I openly hate on them for doing it but heartless as it may be.. I am secretly jealous of that strategy.

[@nickdipaolofan5948]

@@jessemedina4482 Hey, if you can't beat them, join them . I do this on a much smaller scale. I buy and sell collectible guns. When COVID hit us hard last year, I was in a position to buy many collectible guns. Some people needed money fast because they did not put aside a savings account for a rainy day like this. I bought quite a few guns for around $500 each give or take and have now started selling them for over $1,000 each give or take. I have already doubled my money easily AND decided to keep about five of the best ones.

[@jct3439]

this

[@CarlosPerez-wt8ff]

When I use to work for the bank, we used to have brain storm sessions on how to charge more fees. Charging someone to take thier own $ out.

[@TCt83067695]

That is unreal

[@jayinthebx]

Thats why i agree with bill. Banks are a big scam. But now espcially in New York. Alot of places stopped accepting cash all together. U have to pay with a card or one of the apps....

[@annother3350]

That's why we can't go cashless people. We need To be able to run on banks if they threaten to raid our accounts or if interest rates go into minus...

[@american_warrior724]

Ur full of shit, Carlos, but ur overall point is understood. And ur right

[@aaronsmith4775]

Fuck you carlos

[@brianfundytus6228]

That's fractional reserve banking you are talking about...and on that million, they can actually lend out 9 more million....

[@lukepowers9472]

so....?

[@chrischapman7026]

Luke Powers so they are inventing 8 million dollars that they don’t have. Basically if everyone went to get their money the bank would be 8 million short

[@seanmatthewking]

Chris Chapman That’s not how I understand it. How I understand is the customers put in 9 million, and they only keep 1 million at the bank. They aren’t inventing money, they’re just lending out the vast majority.

[@cocktailbarbelltender8067]

@@seanmatthewking Nope. They create it out of nowhere it with double entry accounting. Their only limit is the required % of reserves they are told to keep by the Central Bank (The Federal Reserve).

[@MrJoshcc600]

Bank of America does that too. Went in to get cash to buy a car (10k) and they told me no strait up. I have to make a appointment three to four weeks in advance. I closed all my accounts the next week and took my money to a local bank.

[@philorgneopolotin8762]

Fractional reserve banking just sounds like a Ponzi Scheme but with extra steps

[@mzebari]

It is a Ponzi scheme. By definition

[@applejacks8160]

Nothing will make you look over you shoulder like a “Bill Burr Bedtime Banking Session “

[@drewmurdaugh424]

bill is exactly right I went to my credit union years back because I was going on vacation and I asked I want $5,000 and I had over $15,000 in the bank and they said no we can't do that right now it took him 24 hours to get my cash together I have to come back the next day to pick it up unbelievable bill you are exactly right and so is your Banker friend banks are ripoff

[@stig]

Bill, they can redistribute up to 90% of your money!

[@TheNothing40]

"It's my money, and I want it now!"

[@greenfusecreations4325]

it's not actually

[@bignasty402]

Call JG Wentworth, 877-cashnow, CALL NOW!!

[@redroversk]

Said the bank, seeking "maintenance fees". 5/3 steals $5 from me every month because I don't make enough money to meet the threshold, and one time I let it sit overdrafted -$5.00(their maintenance fee) for a few days and I got a letter from them in the mail from them basically saying"we have collection agencies, we have many ways of getting that FIVE FUCKING DOLLARS from you if you don't comply.".

[@MilkT0ast]

It’s my money! And I want it now!!!!! ITS mY mOnEy & I wANT iT nOw!!!!! SHUT ..THE FUCK ....UP!!!!

[@Zimmsters]

Bill is right and you can withdraw all your money if you announce your intention one day in advance so they make sure to have enough cash for you and daily operations.

[@MrJoshcc600]

Bank of America does the same. December 2018 i tried to withdraw 10k to buy a car and they told me no, i have to make a appointment at least 3 weeks in advance. Eventually i got 5k from my own account with a balance around 40k and completely closed my account after making a appointment for 2 weeks ahead and just moved banks. I couldn't believe it.

[@thomasminot9799]

"What do you think about silver coins? What do you think about growing zucchini?" Hahahaha

[@mmakkann]

He's one of the rare smart people who can see reality in this society

[@silversasquatch79]

I kept hearing George Baily giving that speech in the savings and loan. " You got it all wrong, your money's not here, it's in joe's house, and bill's house!"

[@chuckHart70]

Yeah when you grow up when you see that part you throw up.

[@danielcropp8553]

Great movie! :)

[@jabba0975]

Same thing happening in the US of A with over $10K withdrawals. Just tell 'em you're going to vegas to spend it on strippers and whiskey. You can always change your mind once the cash is in your hand.

[@ItsAllAboutGuitar]

Here's how fractional reserve banking works. When $1 is deposited, $0.90 is loaned out. So $0.10 is in the bank, and $0.90 is outstanding. The $0.90 gets deposited and then $0.81 is loaned out. At this point there is $0.19 in the bank and $1.71 outstanding. When the $0.81 is deposited, $0.729 is loaned out. At this point $0.271 in the bank, and $2.431 outstanding. It ends up being the Maclaurin Series and I'll post the math in a different post. It calculates to 10 to 1 in the money supply.

[@arnesarnautovic3679]

ItsAllAboutGuitar I think it's more like this: when you deposit 1$ in the bank the bank creates 1$ in "credit" in your account. Now the state is 1$ in assets of the bank (paper money) and 1$ in credit(electronic money) on your account. So far so good. The bank is then allowed to "extend credit" by way of private debt. The bank can extend 100% - RESERVE RATIO of the assets. If the reserve ratio is 10% that would be 0.90$ in new credit for a borrower. However, the borrowers debt is now an asset of the bank as well so the game continues. New asset(debt) is 0.90$, so bank is allowed to extend 90% of it = 0.81$ of new credit for yet another borrower. This goes on and on until it reaches possible end. At the end maximum credit from 1$ would be = (1/(1/10))* INITIAL DEPOSIT = (1/(1/10)) * 1$ = 10$. So, 10$ in credit, 1$ in paper money and 9$ in private debt. Obviously, banks can't give you "your" money if more and more people are demanding their physical money because thre isn't enough. Most of the electronic money is backed by private debt. The difference between your example and mine is that in your example phisical money disappears but it deosn't really. The bank creates more electronic money and there isn't enough to meet demands in times of bank runs etc.

[@magicaltomatoes]

+Arnes Arnautović I heard there is no more required minimum percentage for banks and they have much less than 1% of their total assets in liquidity. That's just hearsay though I might be wrong.

[@kalphitekil]

Try and get back to us on that formula

[@Timberhawk]

+kalphitekil Here's the convergent series: ∑[n = 0:∞]{0.9^n} = 1.0 + 0.9 + 0.81 + 0.72 + ... = 10 Thus, in this case, the money supply added approaches 10 × from the original deposit.

[@ItsAllAboutGuitar]

Timberhawk Thanks for saying exactly what I said.

[@caesar349]

I love how much Billy Boy hates the banks

[@snarkwaupaca]

A friend of mine did this at an Indian bank, he withdrew $25K. They started with the Rupee equivalent of 50s, then 20s, the 10s, then 5s, 1s, finally some in 50 cents, and 25 cents. It filled 2 large duffel bags

[@justinreilly1]

Thanks Bill, for educating ppl on this and all the rest. Im a lawyer and I can't believe the "fractional" reserve system they get away with where, as you say, banks are allowed to essentially counterfeit money. I do want to quibble with you though- I think it's a good idea to get a mortgage, bc YOU will have the house and the money (at a low interest rate- dont do it if the interest rates go way up).

[@matthewcentner3831]

I took $3,500 out of my bank in cash and they yelled at me. I said if you don't give me my money you can close all my accounts here right now. I hate fucking banks.

[@MrLawalker]

It's how they prevent a run-on-the-bank and yes, Billistic Badass, you nailed it man.

[@darkblood626]

It's call 'fractional reserve banking'.

[@guyincognito2512]

+darkblood626 It is called BS and corrupt imaginations.

[@felix4790]

This happened to one of my friends at HSBC when he tried to withdraw £400 from the branch for a holiday. They told him no, we can only give you £50. After a LOT of arguing / debating he finally got £300. Seemed like a hollow victory at the time.

[@JayKay9112000]

Land, rental property, skills, tools, firearms, art, and hard commodities. Those are real investments you can see and touch and use.

[@mksmith713]

Land and rental property?......not so much. The other stuff?.......absolutely. My reasoning is this. In the U.S., it's well known that the government is run by the bankers. So.....you rush to pay off your home, rental property, etc. It's yours, free and clear, right? That's what most folks would assume. Guess what? You still have to pay property taxes. Who's the government in bed with?....The banks. What's to prevent the government from raising your annual property taxes to Ohhhhh, say $1 mil a year. Do you have that kind of cash laying around? I sure don't. Just some food for thought.

[@mksmith713]

Maurice Johnson So now the government takes your home in a tax foreclosure. They sell it at auction, it gets a mortgage and the banks make money again on the same house they made money on before.

[@TheMoni700]

Agree and guns in case the banks start knocking.

[@alikamel9545]

This is the first time I've heard bill talk about banks and be almost 100% correct and this is coming from an aspiring investment banker big shot

[@damo010]

Own your house and buy silver & gold to fuck the banks!!

[@coomcake]

The reason your local branch bank doesn’t have several hundred thousand just sitting around is because they tend to be robbery targets and keeping minimum cash on hand keeps losses down.

[@Brandon-vy6uw]

I have a safe. A big fucking safe might i add lol. Haven't put money in a bank account in years

[@elbitsz4961]

+Įncognîto S Cool, where do you live?

[@kimbonice]

+Įncognîto S And when the banks take your house, they'll take the safe with it lol

[@jarhead3571]

A safe full of pennies.

[@jarhead3571]

A safe full of pennies.

[@Mckids1000]

It doesn't matter. Because the new gets its value from the money already in existence, they can steal the value of your "vault money" without ever being near your home...

[@classytv7038]

"10 grand or 10 pounds"

[@tractorkid223]

put 25% in a national bank, 25% in a local bank, 25% cash/gold-silver in home safe, and the other 25% cash/precious metals in a storage unit. and don't use bank saftey deposit boxes.

[@frythespeakers]

Mouth breathers lol

[@jedibones5241]

I'm a contractor. I got fucked by my bank last year. So I have no bank accounts anymore. Straight fucken cash. Totally off the corperate grid

[@airjawcruz]

This is wild. Bill just gave an intro lesson to fractional reserve banking.

[@razdower]

HSBC was getting into trouble for being complicit in money laundering. Those restrictions were implemented because large withdrawals are commonly associated with criminal activity.

[@lac2500]

This stuff is scary, but what are you to do? Keep it under the mattress? One burglary or house fire and you're life is literally worthless.

[@bruce5868]

Nah, buy tangible things, like he said. Land, gold etc.

[@BeeBumper]

Gold

[@TaddiestMason]

Lac2900 you can Ron Swanson it and bury your wealth around town like I do. Are all 36 places gonna be burglarized or destroyed? Doubtful

[@filldrummin42]

Some of the best Monday Morning Podcast evah right heeyah dood! I imagine being a stand up comedian on the road makes you a most deep thinker. I know traveling as a musician did for me. At least I had band mates to bounce things off of once in a while. This poor bastard was all alone with himself. Most people can't handle that. Ooooohhhh Jeeeeeezuuusss. All that time to spend with yourself. You end up exploring more avenues and come to some pretty big realizations. Bigger than most ever get the time to even consider unless it's brought up to them by someone like a Bill Burr. Mad respect to all you solo flyers out there... going deep for all us, unwashed and still slugging it out in the trenches.

[@thedude8254]

Congrats to bill for finally figuring out how banks work.

[@sullimd]

Good for you Bill. At least someone else knows how it works. Ask 100 people about this and 99 will have no clue. Looks like most people here get it too. I didn't learn about fractional banking and the Fed until I was probably 27-28 years old.

[@SuperSpreeGaming]

I’m walking into the bank tomorrow to try and withdraw 100k.. All because this vid... Wish me luck.

[@user-zf3mb2rh9n]

It work at all?

[@pappppie]

Dude is so right.

[@sfincione2000]

The percentages are actually even more staggering than what you say Bill. Have a read of "Modern money mechanics" which was released by the Federal Reserve quite a while ago and it explains the mechanism. Scary shit.

[@SniperZaku]

They can lend like 10 times the deposit amount.

[@dah5096]

dude you're spot on. i believe it all but w/ the govt owning me via my student loans i just assume im basically already screwed.

[@zakthompson6312]

I appreciate Bill for this one.

[@publius5128]

Say what you want about Bill's rants, but his banker tirades are spot on. Avaricious mingers, the lot of them.

[@e3IZrZ]

This channel has a good taste of humor, been laughing my ass off to the selection of clips. My subscription and likes have definitely been earned, 10/10.

[@Scotishirony]

banks want debt they give loans with your money and pay outstanding debt with your money. it's economics

[@SKa-tt9nm]

Economics and banking are vastly different fields, Shawnie

[@Hunter2847]

That’s why you don’t keep your $ in a bank...where’s the incentive? They hold my money....offer basically zero interest for keeping it there. Charge me to keep it there basically with fines & fees periodically. Gotta drive my ass there & waste time & gas to utilize the $ & deposit/withdrawal. Tell me when & how much & blah blah blah...Why would I do this again? Lol

[@ctrguy9502]

This isn’t even comedy- BB is sadly 100% correct here!! When I got a small settlement from a suit and wanted my $60k in cash from the bank (B of A) that the check was from it was an act of God to get MY OWN DAMNED MONEY, and it took over a week, calling the corporate offices, going to multiple local branches!.. even then they literally told me that I wasn’t allowed to get my. own. cash… it’s was unbelievably bonkers!!! I have advanced degrees & dress in business attire- I can’t imagine how others are (mis)treated!! Our government gave these thieving bankers untold amounts of OUR money in the 2008 crash that simply went into their greedy ass pockets!.. yet no consequences.🤦🏼‍♂️🤦🏼‍♂️🤦🏼‍♂️

[@dominichowell779]

I love the Cougar reference. otherwise correct and somehow funny as well. thank again Bill. but yea Cougar sux and the bank and...

[@NuEnque]

Bill is right but he is wrong about HSBC (most of you probably never heard of this bank). I do personal and business banking with HSBC. They have what's called "Your daily limit" which is the amount of money you can withdraw in a single day. You probably are familiar with this on your Debit/ATM card. With HSBC all you have to do is submit a form to increase your daily limit which by default is £9,999. Like the US anything from $10,000 and above must be reported to the IRS (or HMRC in the UK). Clearly these people had not completed the form.

[@ginkamikaze2]

you obviously never read the Foundation trilogy by Isaac Asimov if you think humanoid robots can't take over the world :P

[@BevisFriend2010]

This happened to me in England about 20 years ago. I tried to draw £2000 out and had to wait 3 days for it.

[@cindyjune6490]

I worked in a Credit Union for 10 years there is a rule if you deposited $10,000 cash we has to fill out a certain piece of paper. So they would just divide up deposits. Same way if you want $10, 000 cash we want to know what for. Was in Burbank😉😃🤣😂😅by the studios😎😎😎

[@BeeBumper]

They can't prevent you from changing banks. It's your fucking money, who do they think they are? "Y-Y-Y-You're moneys in Bill's House, and Bob's house....."

[@Ymesgeno]

12:27 Alternative Relax Living = Luxury Apartments? Holy fuck!

[@jayr.4179]

THEY DONT HAVE IT PERIOD bro!! now with this digital BS....

[@dm17nc17]

Bill on the pay off your mortgage you are forgetting the fact that a house is one of the very few assets you can leverage. You cannot borrow to buy stocks for example. Sure if there is no way to can do something that can make more than your cost of capital, in this case your mortgage rate, sure pay it down. But otherwise do like every business does everyday, invest in things that can earn more than your cost of capital and make the spread. Just like the banks do on you. If you own $100K on a mortgage and have $100K you could always pay it off but why not invest it and make more. Also for normal people they forget you need income to get a loan. I have seen people pay off their house, think they are smart, lose their job and need money only to realize a bank won't le them do a cash out refi or something to get back some of that money because they don't have an income to lend against.

[@sepulmattica7649]

What banks did with mortgages 15 years ago was spelled right out on the paper that the borrower signed, but the borrower was either to stupid to ask the important questions one should ask when making that huge of an investment, or they didn’t care and just wanted the house. Fact is, the banks don’t care about you, just their bottom line. The law makers who deregulated shit were the real crooks, the bankers just did what they could within the parameters that were there at the time. What banks don’t care? What the fuck is new?! It’s been that way since the invention of currency!

[@tune6000]

The word u we're looking for at 7Mins was Ignorance

[@Hunter2847]

The war against cash!

[@Cheetorblz]

You really don't know what you are talking about and it isn't just a bad look but it is dangerous to spread this nonsense. Banks suck in trying to take money through fees and such, but fractional reserves is a well established process of funding economic growth.

[@CrFouquet]

You know and say what needs to be said on more levels than most if listening with an open mind

[@bryantppierce]

I invest a lot in Art and first-edition books, they are ALWAYS worth a fuck-ton and people will always pay it.

[@charlesholimon8690]

ITS MINE AND I WANT IT

[@infosneakr]

Hey Bill big fan. If it makes you feel any better, major Banks now have to have a living will type of plan if they fail that they have to submit to the government and it has to be acceptable by some committee or some shit. I thought it would make you feel better but as i was reading it back to myself i realized that it wouldn't

[@witsend-gb3mr]

the fake economy with the fake financials and fake interest rates we have generated is going to hit the fan. i'm saying year 3 of the Trump's next term. It's going to be bad. Be ready.

[@bryantppierce]

That’s what I’m saying, all these billionaires aren’t really billionaires, let them all go get their money at he same time, impossible, that much money doesn’t exist, it’s all fucking bullshit

[@alexnorcal3209]

Buy crypto, and don’t over invest, it’s the only way to lose. The ups and downs can be long and scary, as long as you can afford to keep your $ invested for over an year and a half you can weather any bitcoin swing

[@eLiFILMSinc]

That's why I keep all my cash with a guy in Newark

[@peterquinn2997]

Yeah, I got a guy in Jersey City.

[@IamSystemsbuster]

I hate to tell you, it's actually more like 9x the amount you deposit the banks then can make more out of thin air and loan that back out, if not more. Making interest on someone elses deposits and not paying the depositer Shit!

[@dustencross357]

How are banks aloud to change policy but not inform the people whose money they are in possession of???

[@BanishmensProduction]

My money is never in the bank. As soon as a check or payment goes in its bacl out again. I have cash and put the rest in gold/silver until i can buy a house.

[@FlowKio]

They’re just loansharking with extra steps

[@GWOSAPAT]

Nice one, Bill

[@jamesphillips3135]

If it’s your money, it’s your money. That’s why I don’t use a bank and only use cash

[@gibarjudah4722]

Everything is fine, go back to work and pay your taxes.

[@cocktailbarbelltender8067]

@7:33 replaying this part DYING LOL

[@Roust7]

If you hold the money in your hand in the US police can talk it without any proof under asset forfeiture.

[@mauricedoug314]

2:30 10:09 12:30

[@mauricedoug314]

.

[@jams4041]

You got it right, Bill.

[@SkylaneMusic]

Bill Burr is like the funny version of Alex Jones

[@stevohein2515]

Alex Jones isn't funny?

[@dominickjohn7762]

Ron Paultard you accidentally put a question mark on the end of that.

[@stevohein2515]

Dominick John Look, I know it may be morally wrong to laugh at a psychotic person, but he is still funny.

[@bigbofa1488]

He's psychotic, but u name yourself after one of the most evil pieces of shit on the planet?lol how does that work?

[@dominickjohn7762]

Who names themselves? And what the fuck are you talking about?

[@edpiv2233]

Lol. Pretty uninformed. Banks can loan 10x the amount of the deposits provided by Fanny and Freddy. How the hell can a bank make money loaning 50% of the deposits at 4%. Hah. 4% of 10x the deposits. That makes sense.

[@thegr8rambino]

+EdP IV its not our responsibility to worry about how they make money

[@sikajaperkele]

They dont need your money to give out loans. They just type it in and get the reserves later... But they do need your signature on the paper...

[@SKa-tt9nm]

They absolutely need your money to give out loans. And type “it” in? Type what in? And where?

[@WiperTF2]

This shit is why we need to switch to crypto, I wish Bill would hear about this

[@Kitty39643]

I'm 18, I really want to get rid of my bank all together and just have my money hidden around or something. But there is a major take away. My bills, I'd have to go to the building to make a in person payment during the day, when I work 9pm to 5am with no car. My bank doesn't call me even tho I have overdraft protection. I have paid off 620$ dollars this year in overdraft and not one person at my bank said "Oh she may need that 33$ for something, let's call her." Its easy to have a account and let my bills get instantly paid when I'm working graveyard shift

[@mzebari]

Find a local bank, a credit union. Tell them you need to not overdraft and want protection. Those fees will destroy you at that age. Stay away from big banks. I have an acct at a regional bank here, they call me when my acct is low.

[@montanastranger]

Read "the creature from Jekyll island "

[@patrickmassey418]

I was asked. I said I wanted to gamble.

[@SKBottom]

Bank of America forecloses on houses they don't even own!

[@BanishmensProduction]

The scary thing about this podcast tid bit hes completely right

[@jeffwhite459]

you are did on and paper money is useless.....buy real estate or gold and silver

[@MichaelOrr1984]

Fractional banking allows all you hardworking folk to get loans, mortgages, business financing etc to grow the economy. You can have another system if you’re happy to take a drop on living standards.

[@mzebari]

So it allows perpetual debt? Sounds good. :)

[@kylemothafuckinjoy]

its insane how spot on you are.. lol

[@HuiChyr]

LEARNT: British spelling. LEARNED: American Spelling. Learned means differently though. For example, a learned man. So the past tense for learn is spelt learnt. Just for 'spell' as well.

[@johncockinhand8770]

Fuck he is a funny funny man, even when he is saying some serious shit.

[@tylercooper1551]

Bill is quickly turning into Carlin 2.0

[@koslim]

Thats exactly why banks collapsed in europe-cyprus in 2012

[@twilightgardenspresentatio6384]

Setting up for another market crash, can’t have an independent populous